BioSig‘s Subsidiary NeuroClear Technologies, Inc. Raises $3.7 million
September 05 2019 - 6:52AM
BioSig Technologies, Inc. (NASDAQ: BSGM), a medical
device company developing a proprietary biomedical signal
processing platform designed to address an unmet technology need
for the electrophysiology (EP) marketplace, today announced that
its subsidiary, NeuroClear Technologies, Inc., raised $3.7 million
in an initial seed round.
Founded in November 2018, NeuroClear Technologies, Inc. aims to
address some of the biggest challenges in bioelectronic medicine,
including, but not limited to, targeted nerve stimulation and a
closed feedback loop system to provide appropriate stimulation.
NeuroClear intends to build up on the core competencies in
recording and analysis of intracardiac, surface ECG and neuronal
signals, which have been already validated by BioSig, and develop a
dedicated product line to address and/or advance current therapies
within a number of markets, such as cognitive disorders and
nephrology.
The proceeds of this offering are intended to be used to fund
the development of the product candidates, initial pre-clinical
studies, development of intellectual property portfolio and for
general corporate purposes. In addition, Kenneth L. Londoner, the
Chairman and CEO of BioSig, also serves as Chairman and CEO of
NeuroClear.
“We are very pleased to begin the work on additional
applications, which could advance so many challenging and costly
diseases. Through years of research we learned that our biomedical
signal processing capabilities can be a key to detecting small,
high frequency, low amplitude signals, which are often critical to
development and delivery of effective therapies. We are driven by a
passion for innovation, and we look forward to applying our
knowledge and expertise to new areas of medicine and drive
shareholder value by developing new products to address a rapidly
growing field of bioelectronics,” stated Kenneth L. Londoner,
Founder, Chairman and CEO of NeuroClear Technologies, Inc. and
BioSig Technologies, Inc.
About BioSig TechnologiesBioSig Technologies is
a medical technology company developing a proprietary biomedical
signal processing platform designed to improve the
electrophysiology (EP) marketplace (www.biosig.com). Led by a
proven management team and a veteran Board of Directors, 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 computerized system intended for acquiring, digitizing,
amplifying, filtering, measuring and calculating, displaying,
recording and storing of electrocardiographic and intracardiac
signals for patients undergoing electrophysiology (EP) procedures
in an EP laboratory. The system is indicated for use under the
supervision of licensed healthcare practitioners who are
responsible for interpreting the data. This novel cardiac signal
acquisition and display system is engineered to assist
electrophysiologists in clinical decision-making during
electrophysiology procedures in patients with abnormal heart rates
and rhythms. BioSig’s ultimate 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 received FDA 510(k) clearance for the PURE EP(tm)
System in August 2018.
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 products and
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 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.
Natasha Drapeau
BioSig Technologies, Inc.
Executive Vice President
54 Wilton Road, 2nd floor
Westport, CT 06880
ndrapeau@biosigtech.com
203-409-5444, x119
BioSig Technologies (NASDAQ:BSGM)
Historical Stock Chart
From Mar 2024 to Apr 2024
BioSig Technologies (NASDAQ:BSGM)
Historical Stock Chart
From Apr 2023 to Apr 2024