BioSig Technologies Closes Private Placement
Company Receives Additional Capital for Commercialization Efforts
Santa Monica, CA, Aug. 17, 2018 (GLOBE NEWSWIRE) -- BioSig Technologies, Inc. (OTCQB: BSGM), a medical device company developing a proprietary biomedical signal processing platform designed to address an unmet technology need for the $4.6 billion electrophysiology (EP) marketplace, today announced that the Company has received final proceeds from an oversubscribed capital raise, totaling approximately $6,000,000.
Earlier this week the Company announced that it had secured $4,281,000 in financing. The Company has accepted additional funds from existing shareholders, as well as additional option and warrant exercises. The private placement officially closed as of today. BioSig has now raised approximately $12.5 million in 2018 and received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its PURE EP System.
“The oversubscription of funds positions the company well for our strategic growth plan,” commented Kenneth L. Londoner, Chairman and CEO of BioSig Technologies, Inc. “In addition to strengthening our balance sheet, the finances will assist in moving through the Nasdaq listing process we began in July, while also providing us with capital to commercialize and launch our PURE EP System that recently received 510(k) FDA clearance.”
About BioSig Technologies
BioSig Technologies is a medical device company developing a proprietary biomedical signal processing technology designed to improve the $4.6 billion electrophysiology (EP) marketplace (www.biosigtech.com). Led by a proven management team and a veteran, independent Board of Directors, Los Angeles-based BioSig Technologies is preparing to commercialize its PURE EP™ System. The technology has been developed to address an unmet need in a large and growing market.
The Company’s first FDA cleared product, PURE EP™ System, is a novel cardiac signal acquisition and display system that is engineered to assist electrophysiologists in clinical decision making during procedures to diagnose and treat patients with abnormal heart rates and rhythms. BioSig’s main goal is to ultimately deliver technology to improve upon catheter ablation treatments for the prevalent and potentially deadly arrhythmias, Atrial Fibrillation and Ventricular Tachycardia. BioSig has partnered with Minnetronix on technology development and is working toward initial commercial distribution of the PURE EP™ System.
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our product candidates on a commercial scale on our own, or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval to market our product candidates. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Contact: Natasha Russkina BioSig Technologies, Inc. VP, Business Development & Corporate Finance 12600 Hill Country Blvd R-275 Austin, TX 78738 firstname.lastname@example.org 512-329-2643
Released August 17, 2018