Source: BioSig Technologies, Inc.
BioSig Technologies, Inc. (OTCQB: BSGM),
a medical device company developing the PURE EP System, a proprietary
platform designed to improve the clinical outcomes of electrophysiology
procedures, today announced the Company closed a private placement with
net proceeds of $4,504,524. Laidlaw & Co (UK) Ltd. in New York
served as the sole placement agent.
The Company issued 3,003,016
common shares at a price of $1.50 per share and a half warrant with a
3-year expiration at a cash exercise price of $1.95.
Kenneth L.
Londoner, Chairman, stated, “We are pleased to have closed on this
growth capital, which will drive our clinical, technology, and
commercialization efforts forward. Our shareholder base has now
surpassed 650 shareholders of record and the Company continues to
deliver on its milestones as we advance toward commercial launch of the
PURE EP System.”
James Ahern, Laidlaw Managing Partner and Head
of Capital Markets commented, “Laidlaw has been with BioSig as placement
agent since its A round over five years ago and is very pleased with
the progression of the technology and management. Laidlaw looks forward
to future milestones and inflection points.”
About BioSig Technologies
BioSig
Technologies is a medical device company that is developing a
proprietary technology platform designed to improve the $4 billion EP
marketplace (1) (www.biosigtech.com). Led by a proven management team
and a veteran, independent Board of Directors, Minneapolis-based BioSig
Technologies is preparing to commercialize its PURE EP™ System.
The
PURE EP System is a surface electrocardiogram and intracardiac
multichannel signal acquisition and analysis system engineered to assist
electrophysiologists in making clinical decisions in real-time by
acquiring and displaying high-fidelity cardiac signal recordings and
providing clarity of data which may be used to guide the
electrophysiologists in identifying ablation targets - areas of tissue
to treat that otherwise create a heart rhythm disturbance (arrhythmia).
Analysts
forecast the global market for EP devices will grow at a 12.1 percent
compound annual growth rate, from $2.5 billion in 2012 to $5.5 billion
by 2019(1), making it one of the fastest growing medical device
segments. Just in the US, the number of Atrial Fibrillation (AF) and
Ventricular Tachycardia (VT) arrhythmia ablations is forecast to grow at
10.5 percent from 2012 to 2017(2).
BioSig has partnered with
Minnetronix on technology development and is working toward a FDA 510(k)
clearance for the PURE EP System. The Company has achieved proof of
concept validation and tested its prototype at the University of
California at Los Angeles (UCLA) Cardiac Arrhythmia Center; and, has
performed pre-clinical studies at Mayo Clinic in Minnesota.
Additionally, an Advanced Research Program at Mayo Clinic will launch in
June 2016. The Company is also collaborating with other prestigious
cardiac arrhythmia centers including Texas Cardiac Arrhythmia Institute,
UH Case Medical Center in Cleveland, Ohio and Mount Sinai Medical
Center in New York.
(1) Electrophysiology Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019
(2)
HRI 2013 "Global Opportunities in Medical Devices & Diagnostics"
report; triangulation of multiple sources; AF includes left atrial
tachycardia, left WPW, left atrial flutter.
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