HeartSciences Receives Two New Patent Allowances, Expanding its International Patent Portfolio

Rhea-AI Summary

HeartSciences, an AI-powered medical technology company, has been issued new patents in Brazil and the UAE, bringing its total patent portfolio to 33 international patents and 9 US patents. CEO Andrew Simpson expects AI to drive significant growth in the ECG market to $25 billion per year by 2032. HeartSciences also recently signed agreements with Mount Sinai to expand its cardiovascular disease screening capabilities.

Positive

• HeartSciences' patent portfolio continues to grow, strengthening its position in the AI-based ECG market.
• Agreements with Mount Sinai are expected to lead to significant expansion in ECG cardiovascular disease screening.

Negative

• None.

Patents Cover MyoVista® Wavelet Technology Utilizing AI for Early Detection of Heart Disease

Southlake, Texas, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Heart Test Laboratories, Inc. d/b/a HeartSciences (Nasdaq: HSCS; HSCSW) (“HeartSciences” or the “Company”), an AI-powered medical technology company focused on transforming ECGs/EKGs to save lives through earlier detection of heart disease, today announced that it has been issued a notice of patent allowance from the Brazilian Patent and Trademark Office (Number BRI 12018005982-0) and the United Arab Emirates (UAE) Ministry of Economy, Intellectual Property Protection Department (Number P6000433/18).  These new patent awards increase HeartSciences’ patent portfolio to now include 33 international granted or allowed patents and 9 US granted patents covering well over 100 claims.

Andrew Simpson, Chief Executive Officer of HeartSciences, commented, “AI is now in daily use in healthcare and is expected to reinvent the ability of an ECG to screen for heart disease. We are pleased to further strengthen our extensive intellectual property portfolio as AI is expected to drive significant growth in the ECG market to $25 billion per year by 2032¹. HeartSciences is a leader in AI-based ECG technology being used in everyday clinical practice, and with the recent signing of agreements with Mount Sinai, a top-ranked hospital in cardiology, we expect to significantly expand our ECG cardiovascular disease screening capabilities.”

1. -     Precedence Research

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® wavECGTM, 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, 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, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 18, 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.

For Investor and Media Inquiries, please contact:
Contacts:

HeartSciences

Gene Gephart
+1-737-414-9213 (US)
info@heartsciences.com

Investors

Gilmartin Group
Vivian Cervantes

investorrelations@heartsciences.com