TORONTO, May 3 /PRNewswire-FirstCall/ - Biosign Technologies Inc. (TSXV: BIO) ("Biosign") provided a corporate update today, subsequent to reporting its
financial and operating results to SEDAR for the fiscal year ended
December 31, 2010. The company's audited financial statements and Management's Discussion and Analysis are available at www.sedar.com.
"2010 was a fast-paced, transformative year for the company", stated Dr.
Radu Leca, Founder and CEO of Biosign. "We evolved from having an R&D
focus to being a commercially viable entity providing the world's first
ISO-certified online health monitoring system, UFIT®. We obtained
marketing clearance in Europe for the addition of blood glucose for our
online medical measurement services, launched a comprehensive
distribution channel partner program, completed two strategic
acquisitions of Cloud Diagnostic and Healthanywhere, listed our stock
on the TSX Venture Exchange, and started manufacturing and sales for
UFIT. These major accomplishments give Biosign tremendous confidence as
we move forward."
Biosign anticipates strong performance in 2011, driven by a rapidly
growing demand for online, intelligent medical measurement applications
intended for general, unsupervised use. The company is well-positioned
to address this demand with its recently deployed platform (VIMIS) for
monitoring common health risks, such as hypertension, arrhythmia, and
In 2010, Biosign received clearance in the European Union to market an
application for online measurement of blood pressure and blood glucose.
The UFIT® TEN-20 application is intended for adults interested in
monitoring their cardiovascular and metabolic response to diet,
exercise, and medication. The company is preparing to present UFIT®
TEN-20 this month, at an international symposium on medical
measurements and applications. "This conference will allow Biosign to
demonstrate how UFIT® monitoring can lower costs by making medical
diagnosis and treatment more precise. In addition, we believe that
UFIT® will enable a shift of high quality care from hospitals to homes,
as well as from doctor to nurse to assistant to patient," noted Dr.
Leca. Biosign anticipates that the UFIT® TEN-20 product will be ready
for commercial launch in the second quarter of fiscal 2011.
Biosign plans to vastly expand its health monitoring services in a study
conducted in collaboration with McMaster University. The study is
designed to allow real-time assessment of the system's real-life
performance by regulatory agencies worldwide. This collaboration seeks
to develop a standard certification program for devices generating
digital health data. Among other things, the study will also help
Biosign clarify its immediate sales objectives in the United States.
The company plans to seek market clearance for its medical devices in
the United States as soon as the changes to the FDA's medical device
clearance program become effective.
Biosign will continue to support the momentum gained by its distributors
in Canada and the Middle East while improving its sales network in
European medical markets, particularly in Britain, Germany, France, and
Italy. Biosign plans to run a comprehensive pilot with a network of US
hospitals to test whether UFIT home monitoring reduces the hospital
readmission rate. The company will also pursue partnerships to embed
UFIT into the fast growing healthcare trends involving crowd-sourcing,
social-media, and distributed-expertise. On another track, Biosign will
engage health benefit providers that have a sizable interest in
evaluating the safety and efficacy of their clients' health plans.
Biosign has recently announced the addition of Colley Clarke to its
management team as interim Chief Financial Officer. Mr. Clarke has
served as CFO of several publicly traded companies. His remarkable
financial and operational experience will enable Biosign to efficiently
execute its ambitious marketing plan. The company is currently
recruiting executives for top management positions and expects to
nominate a director shortly. Biosign would like to recognize the
accomplishments of Peter Tassiopoulos, Scott Worthington, and former
Senator Alfonse D'Amato for their contributions to the company.
As of December 31, 2010, Biosign had cash and cash equivalents of almost
$3 million, an increase of over $2 million compared to December 31,
2009. The company also improved its balance sheet in 2010 by increasing
assets to $9.8 million, a nearly tenfold increase from 2009. Biosign
expects to complete its manufacturing ramp-up by the third quarter of
"We expect to earn meaningful multi-million dollar product revenues from
the sales of UFIT in 2011," stated Mr. Colley Clarke, Biosign's CFO.
"We anticipate providing visibility regarding our commercial sales
expectations and revenue projections in future quarters as we gain
greater insight on the market adoption of our products."
Biosign expects to keep its annual cash expenditures relatively flat
over the next two years, although it is anticipated that quarterly
fluctuations of its expenses will occur with certain marketing and
manufacturing activities. "Based on committed distributor revenue and
our long-range financial projections, we do not plan to raise
significant capital to fund existing operations at this time. However,
we will be opportunistic and access the capital markets if there are
compelling reasons that facilitate Biosign's growth." noted Mr. Clarke.
About Biosign Technologies Inc.
Biosign Technologies Inc. (TSXV: BIO) provides biomedical systems. Key
applications include intelligent systems for noninvasive monitoring of
common health risks associated with blood pressure, glucose, and
medication. The core technology combines measurement, analysis, and
rapid knowledge formation to support health monitoring across global
markets. The UFIT® medical device technology powers quality data
collection and analytics for clinical diagnostics, self-care, wellness,
disease state evaluation & management, and remote patient monitoring.
For more information on Biosign, please visit www.biosign.com
This release contains forward-looking statements. Forward-looking
statements, without limitation, may contain the words believes,
expects, anticipates, estimates, intends, plans, or similar
expressions. Forward-looking statements are not guarantees of future
performance. They involve risks, uncertainties and assumptions and
Biosign's actual results could differ materially from those
anticipated. Forward looking statements are based on the opinions and
estimates of management at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
projected in the forward-looking statements. In the context of any
forward-looking information please refer to risk factors detailed in,
as well as other information contained in, Biosign's filings with
Canadian securities regulators (www.sedar.com).
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Biosign Technologies Inc.