HeartSciences Closes Non-Dilutive Financing to Increase its Cash Runaway Ahead of Upcoming FDA Submission
HeartSciences (NASDAQ: HSCS), an AI-powered medical technology company focusing on early heart disease detection through ECG/EKG transformation, has secured $1.9 million in net proceeds through a non-dilutive financing. This unsecured loan note has an 18-month maturity. Additionally, the company recently extended a $500,000 loan note to September 2025. CEO Andrew Simpson highlighted that these financial moves have extended the company's capital runway by $2.4 million since late August, providing significant opportunities to achieve valuable commercial milestones. The financing comes ahead of upcoming FDA submissions, positioning HeartSciences for potential growth in the medical technology sector.
HeartSciences (NASDAQ: HSCS), un'azienda di tecnologia medica potenziata dall'IA focalizzata sulla rilevazione precoce delle malattie cardiache attraverso la trasformazione ECG/EKG, ha ottenuto 1,9 milioni di dollari in proventi netti tramite un finanziamento non diluitivo. Questa nota di prestito non garantita ha una scadenza di 18 mesi. Inoltre, l'azienda ha recentemente prorogato una nota di prestito di 500.000 dollari fino a settembre 2025. Il CEO Andrew Simpson ha evidenziato che queste mosse finanziarie hanno esteso la disponibilità di capitale dell'azienda di 2,4 milioni di dollari dalla fine di agosto, offrendo opportunità significative per raggiungere importanti traguardi commerciali. Il finanziamento arriva prima delle prossime presentazioni all'FDA, posizionando HeartSciences per una potenziale crescita nel settore della tecnologia medica.
HeartSciences (NASDAQ: HSCS), una empresa de tecnología médica impulsada por IA que se enfoca en la detección temprana de enfermedades cardíacas a través de la transformación de ECG/EKG, ha asegurado 1.9 millones de dólares en ingresos netos mediante un financiamiento no dilutivo. Esta nota de préstamo no garantizada tiene un vencimiento de 18 meses. Adicionalmente, la empresa recientemente extendió una nota de préstamo de 500,000 dólares hasta septiembre de 2025. El CEO Andrew Simpson destacó que estos movimientos financieros han ampliado la disponibilidad de capital de la empresa en 2.4 millones de dólares desde finales de agosto, proporcionando oportunidades significativas para alcanzar hitos comerciales valiosos. El financiamiento llega antes de las próximas presentaciones a la FDA, posicionando a HeartSciences para un crecimiento potencial en el sector de la tecnología médica.
HeartSciences (NASDAQ: HSCS)는 ECG/EKG 변환을 통해 심장병 조기 발견에 중점을 둔 AI 기반의 의료 기술 회사로, 1.9백만 달러의 순수익을 확보했습니다. 이 무담보 대출 증서는 18개월 만기입니다. 또한, 회사는 최근에 50만 달러의 대출 증서를 2025년 9월까지 연장했습니다. CEO 앤드류 심슨은 이러한 금융 조치가 회사의 자본 여유를 240만 달러로 연장했다고 강조하며, 이는 중요한 상업적 이정표를 달성할 수 있는 상당한 기회를 제공합니다. 이 자금 조달은 다가오는 FDA 제출을 앞두고 이루어져, HeartSciences의 의료 기술 분야 성장 가능성을 높이고 있습니다.
HeartSciences (NASDAQ: HSCS), une entreprise de technologie médicale alimentée par l'IA qui se concentre sur la détection précoce des maladies cardiaques grâce à la transformation ECG/EKG, a sécurisé 1,9 million de dollars de produits nets par le biais d'un financement non dilutif. Cette note de prêt non garantie a une durée de 18 mois. De plus, l'entreprise a récemment prolongé une note de prêt de 500 000 dollars jusqu'en septembre 2025. Le PDG Andrew Simpson a souligné que ces mouvements financiers ont prolongé la piste de capital de l'entreprise de 2,4 millions de dollars depuis la fin août, offrant des opportunités significatives pour atteindre des jalons commerciaux précieux. Ce financement intervient avant les prochaines soumissions à la FDA, plaçant HeartSciences dans une position favorable pour une croissance potentielle dans le secteur de la technologie médicale.
HeartSciences (NASDAQ: HSCS), ein KI-gestütztes Medizintechnikunternehmen, das sich auf die frühzeitige Erkennung von Herzerkrankungen durch die Umwandlung von EKG/ECG konzentriert, hat 1,9 Millionen US-Dollar an Nettoproven aus einer nicht verwässernden Finanzierung gesichert. Diese ungesicherte Anleihe hat eine Laufzeit von 18 Monaten. Darüber hinaus hat das Unternehmen kürzlich eine 500.000-Dollar-Anleihe bis September 2025 verlängert. CEO Andrew Simpson hob hervor, dass diese finanziellen Maßnahmen die Kapitalbasis des Unternehmens um 2,4 Millionen Dollar verlängert haben seit Ende August, was erhebliche Möglichkeiten bietet, bedeutende kommerzielle Meilensteine zu erreichen. Die Finanzierung kommt vor bevorstehenden Einreichungen bei der FDA und positioniert HeartSciences für potenzielles Wachstum im Medizintechniksektor.
- Secured $1.9 million in non-dilutive financing
- Extended $500,000 loan note to September 2025
- Increased cash runway by $2.4 million
- Upcoming FDA submissions indicate potential product approval
- Non-dilutive nature of financing preserves shareholder value
- Taking on additional debt with new loan note
- Reliance on external financing may indicate cash flow challenges
HeartSciences' recent
The non-dilutive nature of this financing is particularly noteworthy. It allows HeartSciences to access capital without diluting existing shareholders' equity, which is often a concern with traditional equity fundraising. This approach suggests management's confidence in the company's near-term prospects and potential FDA approval.
However, investors should note that while this financing extends the cash runway, it also increases the company's debt obligations. The success of HeartSciences will largely depend on the outcome of the FDA submissions and subsequent commercialization efforts.
HeartSciences' focus on AI-powered ECG/EKG technology for early heart disease detection positions it at the forefront of a critical medical need. The company's upcoming FDA submissions represent a pivotal moment that could significantly impact its market potential. The additional capital secured through this non-dilutive financing is important for supporting these regulatory efforts.
The AI-driven approach to ECG interpretation has the potential to revolutionize cardiovascular diagnostics by improving accuracy and enabling earlier detection of heart disease. If successful, this technology could lead to better patient outcomes and reduced healthcare costs. However, the FDA submission process is rigorous and approval is not guaranteed.
Investors should closely monitor the progress of HeartSciences' FDA submissions, as a positive outcome could be a game-changer for the company and the field of cardiology diagnostics. The extended cash runway provides a buffer for navigating the often lengthy and unpredictable regulatory process.
Southlake, TX, Sept. 12, 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 the close of a non-dilutive financing, with
Andrew Simpson, CEO of HeartSciences, said, “We have extended our capital runway by
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 is developing AI-ECG solutions to be made available on either a hardware agnostic cloud-based platform or its proprietary MyoVista® wavECG™ device, to help identify cardiovascular disease in any care setting worldwide in a manner to best suit different care providers. 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://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 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' Annual Report on Form 10-K for the fiscal year ended April 30, 2024, filed with the U.S. Securities and Exchange Commission (the "SEC") on July 29, 2024 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
info@heartsciences.com
Investors
Gilmartin Group
Vivian Cervantes
investorrelations@heartsciences.com
FAQ
How much non-dilutive financing did HeartSciences (HSCS) secure in September 2024?
What is the maturity date of HeartSciences' (HSCS) new unsecured loan note?
How much has HeartSciences (HSCS) extended its capital runway since late August 2024?
What upcoming milestone is HeartSciences (HSCS) preparing for with this financing?
