The Company closed a private placement of $4,281,000.
Santa Monica, CA, Aug. 13, 2018 (GLOBE NEWSWIRE) -- BioSig Technologies, Inc. (OTCQB: BSGM), a medical device company developing a proprietary biomedical signal processing platform designed to address an unmet technology need for the $4.6 billion electrophysiology (EP) marketplace, today announced that the Company closed a private placement of $4,281,000.
Combined with the closing of its February 2018 and May 2018 placements, the Company raised approximately $11,000,000 in 2018. Included in the proceeds were approximately one million dollars of cash warrant and stock option exercises. The Company priced unregistered common stock at $2.28, which included a one-quarter cash warrant at $1.50 exercisable for nine months, and a one-quarter cash warrant at $2.74 exercisable for three years. Substantially all of the investment proceeds came from existing shareholders.
The Company believes it has now met its final Nasdaq listing requirement of minimum shareholder equity. The Company submitted its application to Nasdaq in July 2018 and believes that this raise, combined with the advancement of the application process, positions BioSig well for an uplisting in the near term.
“This latest placement has brought us to our strongest financial position since the Company’s foundation in February 2009,” commented Kenneth L. Londoner, Chairman and CEO of BioSig Technologies, Inc. “We have been building a very strong and loyal base of shareholders since going public in October 2014. Our top 25 shareholders control approximately 70% of the common stock of our Company, and we are all aligned for the long-term growth of our business and shareholder value. Our entire team looks forward to our next phase of development – commercialization.”
The Company believes that its capital position allows for commencement of targeted commercialization upon FDA clearance. The Company submitted its FDA 510(k) application in late March 2018.
Laidlaw & Co. (UK) Ltd. in New York participated in the private placement.
About BioSig Technologies
BioSig Technologies is a medical device company developing a proprietary biomedical signal processing technology designed to improve the $4.6 billion electrophysiology (EP) marketplace (www.biosigtech.com). Led by a proven management team and a veteran, independent Board of Directors, Los Angeles-based BioSig Technologies is preparing to commercialize its PURE EP(TM) System. The technology has been developed to address an unmet need in a large and growing market.
The Company’s first product, PURE EP(TM) System, is a novel cardiac signal acquisition and display system which is engineered to assist electrophysiologists in clinical decision making during procedures to diagnose and treat patients with abnormal heart rates and rhythms. BioSig’s main goal is to deliver technology to improve upon catheter ablation treatments for the prevalent and potentially deadly arrhythmias, Atrial Fibrillation and Ventricular Tachycardia. BioSig has partnered with Minnetronix on technology development and is working toward FDA 510(k) clearance for the PURE EP System.
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) our inability to manufacture our product candidates on a commercial scale on our own, or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval to market our 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.
Contact: Natasha Russkina BioSig Technologies, Inc. VP Business Development & Corporate Finance nrusskina@biosigtech.com +41 (0) 76 823 7527
