BioSig Technologies Receives $4.6 Million in Cash Warrant and Option Exercises
Santa Monica, CA, June 03, 2019 (GLOBE NEWSWIRE) -- BioSig Technologies, Inc. (NASDAQ: BSGM), a medical technology company developing a proprietary biomedical signal processing platform designed to address an unmet technology need for the electrophysiology (EP) marketplace, today announced that it received a total of $4.6 million in warrant and option exercises in Q1 and Q2 2019.
The Company received $1,150,780 in Q1 and $3,464,252 so far in Q2. These proceeds will be reflected in the Company’s financial statements for second quarter of 2019, which are expected to be released in July.
The Company intends to use the proceeds from these cash exercises to support clinical activities. The Company is in a process of receiving 15 new units of PURE EP™ System, its novel signal acquisition and processing technology, from our manufacturer partner, Minnetronix™ Medical, to be used in Q3 2019. These new systems will be evaluated by medical centers of excellence in the U.S., which are intended to support our sales and marketing activities going forward.
“The steady flow of quality capital supports our operational goals. These new proceeds further strengthen our balance sheet without unanticipated dilution. We are excited for what is yet to come in 2019 and beyond, as we seek to establish our clinical footprint in some of the best regarded medical centers in our country,” commented Kenneth L. Londoner, Chairman and CEO of BioSig Technologies, Inc. “BioSig has more cash on its balance sheet today than any other time in our 10 year corporate history, which should be sufficient to finance our operations for at least 12 months.”
BioSig’s recent progress includes successful human clinical experiences at Texas Cardiac Arrhythmia Institute in Austin, TX, Greenville Memorial Hospital in Greenville, SC and Indiana University School of Medicine. The Company participated in the Heart Rhythm Society’s 40th Annual Scientific Sessions on May 8-11, 2019 at Moscone Center in San Francisco, CA, an event, during which BioSig’s PURE EP™ System was presented to over 60 physicians. The Company recently announced its progress with the global IP strategy and added Jerome B. Zeldis, M.D., Ph.D, former Chief Medical Officer of Celgene, to its Board of Directors.
About BioSig Technologies
BioSig Technologies is a medical technology company developing a proprietary biomedical signal processing platform designed to improve the electrophysiology (EP) marketplace (www.biosig.com). Led by a proven management team and a veteran Board of Directors, 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 product, PURE EP™ System is a computerized system intended for acquiring, digitizing, amplifying, filtering, measuring and calculating, displaying, recording and storing of electrocardiographic and intracardiac signals for patients undergoing electrophysiology (EP) procedures in an EP laboratory. The system is indicated for use under the supervision of licensed healthcare practitioners who are responsible for interpreting the data. This novel cardiac signal acquisition and display system is engineered to assist electrophysiologists in clinical decision-making during electrophysiology procedures in patients with abnormal heart rates and rhythms. BioSig’s ultimate goal is to deliver technology to improve upon catheter ablation treatments for the prevalent and potentially deadly arrhythmias, Atrial Fibrillation and Ventricular Tachycardia. BioSig partnered with Minnetronix on technology development and received FDA 510(k) clearance for the PURE EP™ System in August 2018.
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 products and 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 products and 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.
Natasha Drapeau BioSig Technologies, Inc. Executive Vice President 12424 Wilshire Blvd, Ste 745 Los Angeles, CA 90025 firstname.lastname@example.org 310-620-9320
Released June 3, 2019