BioSig AI Sciences Receives $2.2 Million in Seed Funding to Advance Development of Artificial Intelligence Applications
Deal to create additional value through subsidiary to advance Artificial Intelligence strategy without dilution to BioSig Technologies Shareholders
Westport, CT, July 25, 2023 (GLOBE NEWSWIRE) -- BioSig Technologies, Inc. (NASDAQ: BSGM) (“BioSig” or the “Company”), a medical technology company delivering unprecedented accuracy and precision to intracardiac signal visualization, today announced the completion of a seed funding round raising $2.2 million for BioSig AI Sciences, Inc. (“BAIS”), a subsidiary of the Company. BAIS intends to join BioSig’s world class technology team with external partners and collaborators to advance the research and development of an artificial intelligence (“AI”) medical device platform.
“The integration of AI and machine learning in electrophysiology devices is powering substantial expected growth for this market, and we intend to be a leader in developing applications of these technologies,” said Ken Londoner, Chairman, CEO and Founder of BioSig. “Our current platform and relationships have created interest and excitement and our development team are making demonstrations for early adopters” added Londoner.
BioSig and Reified Labs’ initial AI collaboration, which began in 2019, has resulted in multiple patent applications to date and a research publication on AI-enhanced electrocardiogram lead placement mapping. The renewed collaboration, BAIS, is also looking into the application of Chat-GPT like large language models and how they apply to helping our hospital partners leverage such technology to solve the myriad of challenges they currently face.
According to Data Bridge Market Research, the market for artificial intelligence in healthcare, estimated at $9.6 billion in 2022, is expected to reach $272.9 billion by 2030, at a CAGR of 51.9% during the forecast period.1
About BAIS
BAIS, a majority-owned Delaware C Corporation subsidiary of BioSig, is developing AI solutions for the hospital marketplace utilizing structured, semi-structured, and unstructured data.
About BioSig Technologies
BioSig Technologies is an advanced medical technology company bringing never-before-seen insights to the treatment of cardiovascular arrhythmias. Through collaboration with physicians, experts, and healthcare leaders across the field of electrophysiology (EP), BioSig is committed to addressing healthcare’s biggest priorities—saving time, saving costs, and saving lives.
The Company’s first product, the PURE EP™ Platform, an FDA 510(k) cleared non-invasive class II device, provides superior, real-time signal visualization allowing physicians to perform insight-based, highly targeted cardiac ablation procedures with increased procedural efficiency and efficacy.
The global EP market is projected to reach $16B in 2028 with an 11.2% growth rate.2
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 geographic, social and economic impact of COVID-19 on our ability to conduct our business and raise capital in the future when needed, (ii) our inability to manufacture our products and product candidates on a commercial scale on our own, or in collaboration with third parties; (iii) difficulties in obtaining financing on commercially reasonable terms; (iv) changes in the size and nature of our competition; (v) loss of one or more key executives or scientists; and (vi) 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.
1 Data Bridge Market Research. Global Artificial Intelligence in Healthcare Market – Industry Trends and Forecast to 2030. January 2023.
2 Global Market Insights Inc. March 08, 2022
Andrew Ballou BioSig Technologies, Inc. Vice President, Investor Relations 55 Greens Farms Road Westport, CT 06880 aballou@biosigtech.com 203-409-5444, x133
Released July 25, 2023
