BioSig Issues October 2020 Shareholder Update Letter

Rhea-AI Summary

BioSig Technologies, Inc. (NASDAQ: BSGM) announced notable advancements in its PURE EP™ System, demonstrating growing acceptance with new installations at leading medical centers. With a record cash balance of $36.9 million, the Company is well-positioned for future growth. Recent highlights include new installations at Massachusetts General Hospital and the Hospital of the University of Pennsylvania, along with the acceptance of substantial clinical data abstracts. Despite halting its ViralClear subsidiary's COVID-19 trials, BioSig remains optimistic about expanding its business and product pipeline into 2021.

Positive

• Achieved record cash balance of $36.9 million as of June 30, 2020.
• New installations of the PURE EP™ System at prestigious medical centers enhance credibility.
• Engagement with clinical sites and ongoing sales efforts pave the way for future revenues.
• Clinical data presented at significant medical conferences supports product efficacy.

Negative

• ViralClear subsidiary halted Phase 2 COVID-19 trial, indicating potential setbacks in that area.

Westport, CT, Oct. 28, 2020 (GLOBE NEWSWIRE) --

• Company’s PURE EP™ System’s data-driven commercialization is gaining acceptance through new evaluative installations at medical centers of excellence
• The strongest cash balance in its history positions the Company well to execute on its strategic goals.

BioSig Technologies, Inc. (NASDAQ: BSGM) (“BioSig” or the “Company”), a medical technology company commercializing a proprietary biomedical signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals, today announced that the Company had issued an October 2020 Letter to Shareholders providing highlights on the Company’s recent developments and updates.

Recent Company Highlights include:

• Updates on the PURE EP™ System, which was recently installed at Massachusetts General Hospital (MGH) and the Hospital of the University of Pennsylvania for evaluation – two major clinical and research hubs on the East Coast, regarded for their outstanding contributions to medical innovation. The company reports that several other clinical sites are due to receive BioSig’s technology in the coming months, and the Company is on track to install PURE EP™ in up to ten hospitals across the country by year-end.
• The Company’s experienced clinical and commercial team is paving the way towards sales and revenues, continuing to engage more clinical sites, conduct new installations for technology evaluations and clinical data collection, and drive physician engagement.
• BioSig recently announced the acceptance of two manuscripts, including a study abstract featuring robust clinical data collected with the PURE EP™ System. The data were reviewed in a blinded, independent analysis and presented at the European Society of Cardiology’s ESC Congress 2020.
• In 2020, BioSig raised $39 million and, as of June 30, 2020, had $36.9 million in cash on its balance sheet, placing it in the strongest financial position of its corporate history.
• Since this letter's original mailing, the Company announced that its ViralClear subsidiary halted its Phase 2 COVID-19 trial and that it will not continue the development of merimepodib; therefore much of the information regarding ViralClear in this letter is out of date.  Click here to read the full version of the October 26, 2020 announcement.

“We believe that BioSig is in a strong position to expand our business headed into 2021,” stated Kenneth L. Londoner, Founder, Chairman, and CEO of BioSig Technologies, Inc. “We entered the final stretch of 2020 with a healthy balance sheet with ample cash and no debt and notable corporate and clinical achievements, including new evaluative deployments of the PURE EP™ System at leading medical centers across the country. The strength of our sales and marketing team allows us to drive commercial adoption of the PURE EP™ System. At the same time, we continue developing an additional product pipeline to complement our core technology further and strengthen its competitive positioning for years to come. Our company demonstrated strong operational progress in some of the most challenging economic and social conditions, delivering on multiple catalysts in 2020 and building a foundation for robust growth in 2021.”

To view the Company’s Shareholder Letter in its entirety, please visit https://ir.biosig.com. 

About BioSig Technologies
BioSig Technologies is a medical technology company commercializing a proprietary biomedical signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals (www.biosig.com).

The Company’s first product, PURE EP (tm) 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.

Forward-looking Statements
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) the geographic, social and economic impact of COVID-19 on our ability to conduct our business and raise capital in the future when needed, (ii) our inability to manufacture our products and product candidates on a commercial scale on our own, or in collaboration with third parties; (iii) difficulties in obtaining financing on commercially reasonable terms; (iv) changes in the size and nature of our competition; (v) loss of one or more key executives or scientists; and (vi) 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. 

FAQ

What are the recent developments of BioSig Technologies (BSGM)?

BioSig Technologies has made significant advancements with its PURE EP™ System, including new installations at major medical centers and a strong cash balance.

How much cash does BioSig Technologies (BSGM) currently have?

As of June 30, 2020, BioSig Technologies reported a cash balance of $36.9 million.

What is the impact of BioSig's new installations on its business?

The new installations of the PURE EP™ System at leading hospitals are expected to enhance commercial adoption and drive future revenues.

What challenges is BioSig Technologies (BSGM) facing?

BioSig Technologies has halted its ViralClear subsidiary's COVID-19 trial, which may affect its development pipeline.