BioSig Technologies, Inc. Announces $3 Million Financing with Family Office
BioSig Technologies announced a definitive purchase agreement for the sale of $3 million in common stock and warrants, led by a family office specializing in small cap emerging growth investments. The agreement involves issuing 2,611,739 shares at $1.15 each, along with warrants to purchase the same number of shares at $1.40. Proceeds will support working capital and the commercialization of the PURE EP™ System. The offering is expected to close around March 23, 2022, pending customary conditions. This funding aims to provide sufficient operating capital for the company's ongoing business plan.
- Secured $3 million in funding to support working capital and commercialization of the PURE EP™ System.
- Financing led by a family office with expertise in small cap emerging growth investing, indicating confidence in the company's potential.
- Dependence on the successful closing of the offering, which is subject to customary conditions.
- Potential risks related to COVID-19 affecting business operations and capital raising in the future.
Westport, CT, March 22, 2022 (GLOBE NEWSWIRE) -- BioSig Technologies, Inc. (Nasdaq: BSGM) ("BioSig" or the "Company"), a medical technology company commercializing an innovative signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals, today announced that it entered in a definitive purchase agreement for the sale of
Under the terms of the financing agreement, the Company will issue 2,611,739 shares of its common stock at a price of
BioSig intends to use the net proceeds from the offering to fund working capital and continue commercialization activities related to the PURE EP™ System. This funding and its existing capital should provide sufficient operating capital for BioSig to execute its current business plan.
The offering is being made only by means of a prospectus supplement and accompanying base prospectus. The Company has filed a shelf registration on Form S-3 (File No. 333-251859) (including a base prospectus) with the U.S. Securities and Exchange Commission (“SEC”), which was declared effective on January 12, 2021. A final prospectus supplement and accompanying base prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website, located at www.sec.gov. Electronic copies of the prospectus supplement and the accompanying base prospectus for the offering may also be obtained, when available, by contacting BioSig Technologies, Inc., 55 Greens Farms Road, Westport, CT 06880, Attention: Lora Mikolaitis; lmikolaitis@biosigtech.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™ System is a computerized system intended for acquiring, digitizing, amplifying, filtering, measuring and calculating, displaying, recording, and storing 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 closing of the offering, (ii) the use of proceeds for the offering, (iii) the geographic, social and economic impact of COVID-19 on our ability to conduct our business and raise capital in the future when needed, (iv) our inability to manufacture our products and product candidates on a commercial scale on our own, or in collaboration with third parties; (v) difficulties in obtaining financing on commercially reasonable terms; (vi) changes in the size and nature of our competition; (vii) loss of one or more key executives or scientists; and (viii) 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.
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