BioSig reduces workforce again, will ‘substantially’ cut operations

BioSig Technologies (Nasdaq:BSGM) announced today that it terminated “a significant number of its employees.”

Shares of BSGM were up 3.1% to 64¢ apiece in mid-morning trading today following the announcement.

With this latest workforce reduction, the company says it expects to “substantially reduce business operations.” Today’s announcement marks the company’s second significant headcount cut in less than one month.

Westport, Connecticut-based BioSig announced at the end of January that it enacted a workforce reduction to reduce cash burn. The company at the time did not disclose the number of employees affected by the reduction. As of the company’s last annual report on March 30, 2023, it had 47 full-time employees.

See the full list of layoffs in medtech since mid-2022 here.

During the previous round of layoffs, BioSig announced a shift in its business model. The company deve…

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BioSig announces layoffs as part of cost-cutting effort

BioSig Technologies (Nasdaq:BSGM) announced today that it enacted a workforce reduction in an effort to reduce cash burn.

Westport, Connecticut-based BioSig did not disclose the number of employees affected by the reduction. As of the company’s last annual report on March 30, 2023, it had 47 full-time employees.

Shares of BSGM fell 4.3% to 21¢ apiece in early-morning trading today.

See the full list of layoffs in medtech since mid-2022 here.

The company says the action intends to reduce annual cash burn by 50%. It expects to complete the internal workforce reduction by Jan. 31.

Additionally, BioSig announced a shift in its business model. BioSig develops a biomedical signal processing platform for electrocardiogram (ECG) and intra-cardiac signals. Its Pure EP system combines hardware and software to enable the real-time acquisition of raw signal data. The technology achieves this absent of unnecessary noise or interference.

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BioSig expands R&D for machine learning, AI for cardiac arrhythmia treatment

BioSig Technologies (Nasdaq:BSGM) announced that it entered a collaboration with Reified Labs to advance its R&D efforts.

The collaboration with Reified Labs, a technical advisory partner, advances the R&D of an AI-based medical device platform. BioSig plans to base the foundational machine learning model for the device on integrated healthcare datasets. That starts with ECG and IECG data acquired by BioSig’s Pure EP platform.

Electrophysiology-focused technological solutions developed under the collaborations may integrate into Pure EP for potential commercial applciation.

Pure EP system combines hardware and software to enable the real-time acquisition of raw signal data. The technology achieves this absent of unnecessary noise or interference.

According to BioSig, Pure EP allows physicians to make informed clinical decisions based on clear and precise data. Pure EP heightens visualization of active signals to facilitate personaliz…

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BioSig Technologies regains Nasdaq compliance

BioSig Technologies (Nasdaq:BSGM) announced today that it received notice from the Nasdaq market that it regained compliance.

Westport, Connecticut-based BioSig regained compliance with the minimum bid price requirement. Shares of BSGM closed at or above $1 apeice for a period of 10 consecutive days earlier this month. The compliance period took place between Feb. 6 and Feb. 17.

Shares of BSGM currently sit at $1.29 apiece.

Additionally, Nasdaq notified the company that it complies with its listing rule by meeting an alternative standard. That standard relates to the market value of listed securities (MVLS). BioSig’s MVLS stood at $35 million or greater for a period of 11 consecutive business days (Jan. 31, 2023, to Feb. 17, 2023).

Per the notices, Nasdaq considers both matters closed, BioSig said in a news release

BioSig develops a biomedical signal processing platform for electrocardiogram (ECG) and intra-cardiac signals. Its Pure E…

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BioSig expects to raise $3.5M from public offering

BioSig Technologies (Nasdaq:BSGM) announced today that it priced a previously announced public offering at $3.5 million.

Westport, Connecticut-based BioSig’s best efforts, underwritten public offering totals up to 4,666,667 shares of its common stock, $0.001 par value per share, at a price to the public of $0.75 per share, bringing the gross proceeds to $3.5 million.

According to a news release, the company expects the offering to close on June 28, 2022, subject to customary closing conditions. Laidlaw & Company (UK) Ltd. is acting as the sole book-running manager for the offering.

BioSig, which develops a biomedical signal processing platform for electrocardiogram (ECG) and intra-cardiac signals, intends to use the net proceeds from the offering for commercialization activities related to its Pure EP system, including additional support for organizational development. Funds are also earmarked for working capital and for general corporate purpo…

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BioSig Technologies partners with Summit Blue Capital to provide leasing and for Pure EP signal processing system

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 …

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BioSig Technologies announces $3M offering

BioSig Technologies (Nasdaq:BSGM) announced today that it entered into a definitive purchase agreement to sell $3 million in common stock.

Westport, Connecticut-based BioSig agreed to sell $3 million in common stock and warrants in the agreement led by a family office with expertise in small-cap emerging growth investing.

Under the agreement, BioSig will issue 2,611,739 shares of its common stock at a price of $1.15 per share and warrants to purchase 2,611,739 shares of the company’s common stock at $1.40 per share.

According to a news release, BioSig, which develops a biomedical signal processing platform for electrocardiogram (ECG) and intra-cardiac signals, expects the offering to close on or about March 23. Proceeds are earmarked to fund working capital and continue commercialization activities related to its Pure EP system.

BioSig said the funding, combined with existing capital, should constitute sufficient operating capital for the co…

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BioSig Technologies appoints former Abbott executive as chief operating officer

BioSig Technologies (NSDQ:BSGM) today announced that it has appointed John Sieckhaus as chief operating officer.

Sieckhaus joins the company with 30 years of experience in the healthcare industry. He has served in numerous leadership roles at St. Jude Medical and Abbott Labs, including senior VP and general manager. Most recently, Sieckhaus was VP of field clinical affairs for Abbott where he created a field clinical and monitoring team to support clinical trials across multiple business units in Abbott’s Cardiovascular portfolio.

“I am very excited to join this team and look forward to building upon the foundation of the Pure EP system and its capabilities. Focusing in the area of electrophysiology by providing better solutions in identifying and treating complex arrhythmias for our clinical customers and patients will be extremely rewarding,” Sieckhaus said in a news release.

“We are pleased to welcome John to the team as we bui…

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BioSig Technologies appoints chief commercial officer

BioSig Technologies today announced that it has appointed Gray Fleming as chief commercial officer.

Most recently, Fleming served as chief commercial officer at Carecube, which is developing a temporary and scalable negative pressure isolation technology.

“I am extremely excited to be returning to the electrophysiology arena and, most importantly, dedicating effort and energy towards supporting the fight against AFib. My experience offers me the luxury of understanding that without the signal, the procedure cannot be possible. I look forward to leading the team that can provide the cleanest signal in every electrophysiology laboratory in the world,” Fleming said in a news release.

Fleming has more than 20 years of experience in the healthcare industry. Prior to joining the company, he worked at Abbott Laboratories and St. Jude Medical. He held numerous commercial leadership positions at Abbott, including VP of cardiac sales.

“We are pleased to wel…

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BioSig, Mayo Clinic announce AI development partnership

The Pure EP system [Image courtesy of BioSig Technologies]BioSig Technologies (NSDQ:BSGM) will work with the Mayo Foundation for Medical Education and Research to develop next-gen, AI-powered software for its  Pure EP system, which is meant to take electrophysiology to the next level.

The Mayo Clinic has already been an important investor and development partner for the Westport, Conn.–based company. BioSig signed a 10-year collaboration agreement with Mayo Clinic in March 2017, signing three new patent and know-how license agreements with the Mayo foundation in November 2019.

Get the full story on our sister site Medical Design & Outsourcing. 

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BioSig closes $17.5m offering

BioSig Technologies (NSDQ:BSGM) announced today that it closed a registered direct offering of common stock worth $17.5 million.

The Westport, Conn.-based company and its majority-owned subsidiary, ViralClear Pharmaceuticals, sold nearly 2.2 million shares of common stock at $8 per share, closing the offering on June 26.

Proceeds from the offering reached $17.5 million before deducting placement agent fees and other expenses payable by BioSig, which intends to use the proceeds to support commercialization and for working capital, plus other general corporate purposes, according to a news release.

The Special Equities Group, a division of Bradley Woods & Co., acted as the placement agent for the offering.

“Our business performance remained strong in the second quarter of this year despite the challenging economic environment,” BioSig chairman & CEO Ken Londoner said in the release. “We are pleased to see a growing demand f…

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