BioSig Technologies today announced that it is partnering with Summit Blue Capital to implement a leasing and finance program for the company’s Pure EP system.
Minneapolis-based Summit Blue Capital offers tailored leasing and financing for partners and clients in healthcare, manufacturing, hospitality, technology and more. Through the partnership, BioSig will be able to offer a pathway to purchase its Pure EP signal processing platform for electrocardiogram (ECG) and intra-cardiac signals.
“We believe that partnering with Summit Blue Capital will have considerable benefits to our commercial plans. We intend to take advantage of the Summit team’s expertise, flexibility, and financial solutions as a leasing partner,” BioSig Technologies CEO Kenneth Londoner said in a news release. “Summit Blue Capital came highly recommended by one of the largest money center U.S. financial institutions. We believe this relationship will help take friction out of the sales cycle and advance our timeline while allowing BioSig to get paid upfront per installation. The team at Summit Blue Capital is expected to also help us launch a subscription-based revenue model for our software.”
Pure EP is an FDA 510(k) cleared non-invasive device that is designed to drive procedural efficiency in cardiac electrophysiology, according to BioSig Technologies. Clinical data results from a multi-center study of Pure EP showed 93% consensus across blinded reviewers with a 75% overall improvement in intracardiac signal quality and confidence in interpreting Pure EP signals over conventional sources.
“BioSig has made significant improvements to the EP market, and they have a unique technology offering with their Pure EP,” said Adam Drill, president of Summit Blue Capital. “Summit Blue Capital is excited to partner with BioSig and execute on a strategic financing and leasing program that we believe will benefit their customer rollout and help position them as a leader in medical technology. We look forward to helping each other and building a solid foundation for the future.”
The partnership follows the company’s $3 million offering in common stock last week. Proceeds from that offering were earmarked to fund working capital and continue commercialization activities related to Pure EP.
“The pathway to purchase is always of great consideration in the capital equipment forum. We anticipate that partnering with Summit Blue Capital will impact our ability to expedite Pure EP’s entrance into new electrophysiology labs across the United States,” said Gray Fleming, chief commercial officer.