HeartSciences Appoints David R. Wells to its Board of Directors, an Experienced Capital Markets and Finance Executive

Rhea-AI Summary

Heart Test Laboratories, Inc. d/b/a HeartSciences (NASDAQ: HSCS; HSCSW) appointed David R. Wells to its Board of Directors effective December 28, 2022, following Patrick Kanouff's resignation. CEO Andrew Simpson praised Wells for his extensive finance and capital markets experience, particularly in medical technology and startups. With over 30 years in senior financial management, Wells previously served as CFO at ENDRA Life Sciences and GHS Investments, bringing valuable expertise as the company advances toward commercialization of its AI-enhanced ECG product, MyoVista®.

Positive

• David Wells brings over 30 years of senior financial management experience.
• His track record includes roles at public and private companies, enhancing the board's expertise.
• Wells' experience in medical technology and startups is timely as HeartSciences approaches commercialization.

Negative

• The departure of Patrick Kanouff may lead to continuity concerns in leadership.

Southlake, TX, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Heart Test Laboratories, Inc. d/b/a HeartSciences (NASDAQ: HSCS; HSCSW) (“HeartSciences” or the “Company”), a medical technology company focused on saving lives by making an ECG (also known as an EKG) a far more valuable screening tool through the use of Artificial Intelligence (AI), today announced it has appointed David R. Wells to its Board of Directors, effective December 28, 2022. Patrick Kanouff has contemporaneously resigned from the Board of Directors.

Andrew Simpson, Chief Executive Officer of HeartSciences, stated, “We are pleased to welcome David Wells to our Board of Directors who has a track record working with, and as CFO for, public and private companies and brings considerable finance and capital markets experience. David has experience with medical technology, startups and rapid growth companies which will be important as we advance towards commercialization following completion of our validation study and FDA De Novo resubmission.”

Mr. Wells brings over 30 years of senior financial management experience. Most recently, he founded Atlas Bookkeeping, LLC, a technology-based financial services firm that provides bookkeeping and reporting services for emerging growth and small cap public and privately held companies. Prior to Atlas, Mr. Wells served as Chief Financial Officer of GHS Investments, LLC, a privately held “super value” fund focused on investing in small-to-mid cap companies. Mr. Wells also served as Chief Financial Officer of ENDRA Life Sciences (Nasdaq: NDRA), a publicly traded clinical diagnostics technology company. Mr. Wells directed ENDRA’s initial public offering and subsequently helped raise an additional $55 million across multiple transactions. Previously, David founded Wells Compliance Group, a technology-based services firm supporting the financial reporting needs of publicly traded companies and privately held firms. Additionally, David held numerous Chief Financial Officer, Vice President of Finance, and Senior Business Analyst positions. David began his career as a consultant to various start-up and growing companies. David holds a Master of Business Administration from Pepperdine University with a focus in Finance and a Bachelor of Science degree in Finance and Entrepreneurship from Seattle Pacific University.

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 usefulness. Millions of ECGs are performed every week and the Company’s objective is to improve healthcare by making an ECG a far more valuable cardiac screening tool, particularly in frontline or point-of-care clinical settings. 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. The business model, which involves the use of the MyoVista® device and consumables for each test, is expected to be “razor-razorblade” as the electrodes used with the MyoVista® are proprietary to HeartSciences, and new electrodes are required for every test performed.

For more information, please visit: https://www.heartsciences.com. Twitter: @HeartSciences

Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and are relating 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’ filings with the U.S. Securities and Exchange Commission 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.

For investor and media inquiries, please contact:
Investor Relations:
Crescendo Communications, LLC
Phone: (212) 671-1021
Email: HSCS@crescendo-ir.com

Company:
Gene Gephart
Phone: +1-737-414-9213 (US)
Email: investorrelations@heartsciences.com

FAQ

Who is David R. Wells and what is his experience related to HeartSciences?

David R. Wells is a newly appointed board member with over 30 years of financial management experience, including roles in medical technology and startups.

What led to Patrick Kanouff's resignation from HeartSciences' Board of Directors?

The press release did not specify the reasons for Patrick Kanouff's resignation from the Board.

How does David Wells' appointment impact HeartSciences?

Wells' extensive experience in finance and medical technology is expected to strengthen the board as HeartSciences moves toward commercialization of its ECG technology.

When was David R. Wells appointed to the Board of Directors of HeartSciences?

David R. Wells was appointed to the Board of Directors effective December 28, 2022.

What is the focus of HeartSciences' technology?

HeartSciences focuses on enhancing ECG testing through AI to improve diagnostic capabilities and healthcare outcomes.