BioSig Technologies, Inc. (BSGM) Completes Private Placement
Capital Designated to Drive Company Toward Commercialization
Minneapolis, MN, May 02, 2016 (GLOBE NEWSWIRE) -- BioSig Technologies, Inc. (OTCQB: BSGM), a medical device company developing the PURE EP System, a proprietary platform designed to improve the clinical outcomes of electrophysiology procedures, today announced the Company closed a private placement with net proceeds of $4,504,524. Laidlaw & Co (UK) Ltd. in New York served as the sole placement agent.
The Company issued 3,003,016 common shares at a price of $1.50 per share and a half warrant with a 3-year expiration at a cash exercise price of $1.95.
Kenneth L. Londoner, Chairman, stated, “We are pleased to have closed on this growth capital, which will drive our clinical, technology, and commercialization efforts forward. Our shareholder base has now surpassed 650 shareholders of record and the Company continues to deliver on its milestones as we advance toward commercial launch of the PURE EP System.”
James Ahern, Laidlaw Managing Partner and Head of Capital Markets commented, “Laidlaw has been with BioSig as placement agent since its A round over five years ago and is very pleased with the progression of the technology and management. Laidlaw looks forward to future milestones and inflection points.”
About BioSig Technologies
BioSig Technologies is a medical device company that is developing a proprietary technology platform designed to improve the $4 billion EP marketplace (1) (www.biosigtech.com). Led by a proven management team and a veteran, independent Board of Directors, Minneapolis-based BioSig Technologies is preparing to commercialize its PURE EP™ System.
The PURE EP System is a surface electrocardiogram and intracardiac multichannel signal acquisition and analysis system engineered to assist electrophysiologists in making clinical decisions in real-time by acquiring and displaying high-fidelity cardiac signal recordings and providing clarity of data which may be used to guide the electrophysiologists in identifying ablation targets - areas of tissue to treat that otherwise create a heart rhythm disturbance (arrhythmia).
Analysts forecast the global market for EP devices will grow at a 12.1 percent compound annual growth rate, from $2.5 billion in 2012 to $5.5 billion by 2019(1), making it one of the fastest growing medical device segments. Just in the US, the number of Atrial Fibrillation (AF) and Ventricular Tachycardia (VT) arrhythmia ablations is forecast to grow at 10.5 percent from 2012 to 2017(2).
BioSig has partnered with Minnetronix on technology development and is working toward a FDA 510(k) clearance for the PURE EP System. The Company has achieved proof of concept validation and tested its prototype at the University of California at Los Angeles (UCLA) Cardiac Arrhythmia Center; and, has performed pre-clinical studies at Mayo Clinic in Minnesota. Additionally, an Advanced Research Program at Mayo Clinic will launch in June 2016. The Company is also collaborating with other prestigious cardiac arrhythmia centers including Texas Cardiac Arrhythmia Institute, UH Case Medical Center in Cleveland, Ohio and Mount Sinai Medical Center in New York.
(1) Electrophysiology Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019
(2) HRI 2013 "Global Opportunities in Medical Devices & Diagnostics" report; triangulation of multiple sources; AF includes left atrial tachycardia, left WPW, left atrial flutter.
Contact: Investor Relations: Brian McLaughlin BioSig Technologies, Inc. bmclaughlin@biosigtech.com 917-370-9817 Robert Haag Managing Director IRTH Communications BSGM@irthcommunications.com 866-976-4784
Released May 2, 2016
