Minneapolis, MN, July 19, 2016 (GLOBE NEWSWIRE) -- BioSig Technologies, Inc. (OTCQB: BSGM), a medical device company developing the PURE EP(TM) System, a novel cardiac electrophysiology information system, today announced it has issued a letter to the Company’s shareholders.
Highlights and Recent Developments:
- The Company recently announced the completion of a $4.5 million private placement. Insiders including members of the Board and Management purchased $630,000, or approximately 12.5% of the deal.
- Management announced a new Advanced Research Initiative with Mayo Clinic based on the success of preclinical trials throughout 2015. Nine additional trials have been scheduled through Q2 2017.
- BioSig’s PURE EP(TM) System is designed to address the widespread cardiac electrophysiology (EP) marketplace, which is growing at 12.1% CAGR and is the fastest growing segment of cardiology.
- World-class management team, Board of Directors and scientific advisory board from market leaders including: Texas Cardiac Arrhythmia Institute, Mayo Clinic, Mount Sinai, UCLA, Boston Scientific, Medtronic, St. Jude Medical, Johnson & Johnson, J.P. Morgan and other Fortune 500 companies and elite institutions.
- BioSig expects to “uplist” to a national exchange in the next 6-12 months.
Supporting Market Data
- The Center for Disease Control estimates as many as 6.1 million people in the United States have Atrial Fibrillation (AFib), and it costs the United States approximately $6 billion each year, $26 billion adding indirect costs.
- Medical costs for people who have AFib are about $8,705 higher per year than for people who do not suffer with the condition. Additionally, it leads to more than 750,000 hospitalizations every year, while contributing to an estimated 130,000 deaths.
- There have been several major acquisitions made in the industry during the past 18 months, including: Abbott (NYSE: ABT) bought Topera for $350 million, Medtronic (NYSE: MDT) bought Cardio Insight for $272 million; AtriCure (NASDAQ: ATRC) bought nContact for $149 million.
The complete shareholder letter is available at: biosigtech.com
About BioSig Technologies
BioSig Technologies is a medical device company that is developing a proprietary technology platform designed to improve the $4 billion EP marketplace (1) (biosigtech.com). Led by a proven management team and a veteran, independent Board of Directors, Minneapolis-based BioSig Technologies is preparing to commercialize its PURE EP System.
The PURE EP(TM) System is a surface electrocardiogram and intracardiac multichannel signal acquisition and analysis system engineered to assist electrophysiologists in making clinical decisions in real-time by acquiring and displaying high-fidelity cardiac signal recordings and providing clarity of data which may be used to guide the electrophysiologists in identifying ablation targets - areas of tissue to treat that otherwise create a heart rhythm disturbance (arrhythmia).
Analysts forecast the global market for EP devices will grow at a 12.1 percent compound annual growth rate, from $2.5 billion in 2012 to $5.5 billion by 2019(1), making it one of the fastest growing medical device segments. Just in the US, the number of Atrial Fibrillation (AF) and Ventricular Tachycardia (VT) arrhythmia ablations is forecast to grow at 10.5 percent from 2012 to 2017(2).
BioSig has partnered with Minnetronix on technology development and is working toward a FDA 510(k) clearance for the PURE EP System. The Company has achieved proof of concept validation and tested its prototype at the University of California at Los Angeles (UCLA) Cardiac Arrhythmia Center; and has performed pre-clinical studies at Mayo Clinic in Minnesota. Additionally, an Advanced Research Program at Mayo Clinic began in June 2016. The Company is also collaborating with other prestigious cardiac arrhythmia centers including Texas Cardiac Arrhythmia Institute, UH Case Medical Center in Cleveland, Ohio and Mount Sinai Medical Center in New York.
(1) Electrophysiology Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019
(2) HRI 2013 "Global Opportunities in Medical Devices & Diagnostics" report; triangulation of multiple sources; AF includes left atrial tachycardia, left WPW, left atrial flutter.