HeartSciences Announces Canada Patent Grant Covering MyoVista® Wavelet Technology
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Insights
HeartSciences' announcement of a new patent grant in Canada represents a strategic advancement in their intellectual property portfolio, which could potentially bolster their competitive position in the AI-powered ECG market. With the ECG market projected to grow to $25 billion by 2032, securing patents in major markets is a critical move for the company. This could lead to increased investor confidence, potentially impacting the stock positively as it signals both innovation and market exclusivity. However, investors should consider the company's ability to commercialize this technology effectively and navigate the competitive landscape, which includes regulatory hurdles and the need for widespread adoption by healthcare providers.
The integration of AI in ECG analysis offers a significant leap in cardiac care, potentially enabling earlier and more accurate detection of heart diseases. HeartSciences' AI-ECG technology could disrupt the standard of care, leading to better patient outcomes and reduced healthcare costs. However, the translation from patent protection to market success depends on clinical validation and adoption by the medical community. Investors should evaluate the company's research and development pipeline, as well as any partnerships or collaborations that could accelerate adoption and enhance market penetration.
HeartSciences' extensive international intellectual property portfolio, covering key markets like China, Japan and the European Union, indicates a proactive approach to securing global market opportunities. Given the diverse regulatory environments and varying healthcare systems, the company's ability to navigate these complexities will be crucial. The patent grants also provide a timeframe for potential market exclusivity, which is essential for strategic planning and investment in innovation. Stakeholders should monitor the company's market entry strategies and the potential impact of these patents on its global market share and revenue growth.
Southlake, TX, March 06, 2024 (GLOBE NEWSWIRE) -- Heart Test Laboratories, Inc. d/b/a HeartSciences (NASDAQ: HSCS; HSCSW) (“HeartSciences” or the “Company”), an artificial intelligence (AI)-powered medical technology company focused on transforming ECGs/EKGs to save lives through earlier detection of heart disease, today announced that the Canadian Intellectual Property Office Application No. 3,000,369 has been granted by the Canadian Intellectual Property Office.
Andrew Simpson, Chief Executive Officer of HeartSciences, commented, “Millions of conventional ECG’s are performed worldwide every week and AI-ECG technology is set to change medicine by providing the opportunity to detect heart disease earlier and more effectively, while reducing treatment costs. We are pleased to receive this latest patent grant in Canada. Over recent years we have conscientiously built an extensive international intellectual property portfolio across major markets which we expect will provide competitive advantage and intrinsic corporate value as AI is set to drive significant growth in the ECG market to
The United States Patent and Trademark Office has issued eight utility patents and one design patent to HeartSciences, with patent expiration dates ranging from March 2031 through August 2040. In addition, HeartSciences has 14 international design registrations and 19 international utility patents granted in jurisdictions such as China, Japan, South Korea, the United Kingdom, France, Germany, Mexico, the United Arab Emirates, Brazil, and Australia, with expiration dates ranging from September 2036 through March 2037.
- - Precedence Research 2023
About HeartSciences
Heart Test Laboratories, Inc. d/b/a HeartSciences is a medical technology company focused on applying innovative AI-based technology to an ECG (also known as an EKG) to expand and improve an ECG's clinical utility. Millions of ECGs are performed every week and the Company's objective is to improve healthcare by making it a far more valuable cardiac screening tool, particularly in frontline or point-of-care clinical settings. HeartSciences has one of the largest libraries of AI-ECG algorithms and intends to provide these AI-ECG algorithms on a device agnostic cloud-based solution as well as a low-cost ECG hardware platform. Working with clinical experts, HeartSciences ensures that all solutions are designed to work within existing clinical care pathways, making it easier for clinicians to use AI-ECG technology to improve their patient's care and lead to better outcomes. HeartSciences' first product candidate for FDA clearance, the MyoVista® wavECG™, or the MyoVista®, is a resting 12-lead ECG that is also designed to provide diagnostic information related to cardiac dysfunction which has traditionally only been available through the use of cardiac imaging. The MyoVista® also provides conventional ECG information in the same test.
For more information, please visit: https://www.heartsciences.com. X: @HeartSciences
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company's future financial and operating performance. All statements, other than statements of historical facts, included herein are "forward-looking statements" including, among other things, statements about HeartSciences' beliefs and expectations. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. The expectations reflected in these forward-looking statements involve significant assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Potential risks and uncertainties include, but are not limited to, risks discussed in HeartSciences' Annual Report on Form 10-K for the fiscal year ended April 30, 2023, filed with the U.S. Securities and Exchange Commission (the "SEC") on July 18, 2023, HeartSciences’ Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2023, filed with the SEC on December 14, 2023, and in HeartSciences' other filings with the SEC at www.sec.gov. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Contacts:
HeartSciences
Gene Gephart
+1-682-244-2578 (US)
info@heartsciences.com
Investors
Gilmartin Group
Vivian Cervantes
investorrelations@heartsciences.com
FAQ
What patent has HeartSciences received from the Canadian Intellectual Property Office?
How many utility patents has HeartSciences received from the United States Patent and Trademark Office?
In which countries does HeartSciences hold international patents?
What is the projected value of the ECG market by 2032?
