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BioSig Technologies issues October 2020 Letter to Shareholders providing highlights on the company’s recent developments and updates

“We believe that BioSig is in a strong position to expand our business headed into 2021,” Kenneth L. Londoner, founder, chairman, and CEO

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BioSig is a medical technology company commercializing a proprietary biomedical signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals

BioSig Technologies, Inc. (NASDAQ:BSGM) has issued an October 2020 Letter to Shareholders providing highlights on the company’s recent developments and updates.

The letter updates on the PURE EP System, which was recently installed at Massachusetts General Hospital (MGH) and the Hospital of the University of Pennsylvania for evaluation – two major clinical and research hubs on the East Coast, regarded for their outstanding contributions to medical innovation.

The company also reported that several other clinical sites are due to receive BioSig’s technology in the coming months, and the company is on track to install PURE EP in up to ten hospitals across the country by year-end.

READ: BioSig opts to shelve coronavirus trial of merimepodib in combination with remdesivir

“We believe that BioSig is in a strong position to expand our business headed into 2021,” Kenneth L. Londoner, founder, chairman, and CEO of BioSig Technologies said in the update.

 “We entered the final stretch of 2020 with a healthy balance sheet with ample cash and no debt and notable corporate and clinical achievements, including new evaluative deployments of the PURE EP System at leading medical centers across the country. The strength of our sales and marketing team allows us to drive commercial adoption of the PURE EP System.

"At the same time, we continue developing an additional product pipeline to complement our core technology further and strengthen its competitive positioning for years to come. Our company demonstrated strong operational progress in some of the most challenging economic and social conditions, delivering on multiple catalysts in 2020 and building a foundation for robust growth in 2021.”

BioSig is a medical technology company commercializing a proprietary biomedical signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals.

BioSig said its experienced clinical and commercial team is paving the way towards sales and revenues, continuing to engage more clinical sites, conduct new installations for technology evaluations and clinical data collection, and drive physician engagement.

BioSig recently announced the acceptance of two manuscripts, including a study abstract featuring robust clinical data collected with the PURE EP System. The data were reviewed in a blinded, independent analysis and presented at the European Society of Cardiology’s ESC Congress 2020.

In 2020, BioSig raised $39 million and, as of June 30, 2020, the group had $36.9 million in cash on its balance sheet, placing it in the strongest financial position of its corporate history.

Since this letter's original mailing, the company announced that its ViralClear subsidiary had halted its Phase 2 COVID-19 trial and that it will not continue the development of merimepodib; therefore much of the information regarding ViralClear in the letter is out of date, the group added.

To read the full version of the October 26, 2020 announcement, click here.

The company’s first product, PURE EP 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.

Contact the author at [email protected]

Quick facts: BioSig Technologies, Inc.

Price: 4.64 USD

NASDAQ:BSGM
Market: NASDAQ
Market Cap: $140.35 m
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