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BioSig Technologies Closes Private Placement
LOS ANGELES, CA–(Marketwired – Apr 1, 2015) – BioSig Technologies (OTCQB: BSGM), a medical device company developing PURE EP™, a proprietary technology platform designed to improve the clinical outcomes of electrophysiology (EP) procedures, today announced the Company closed a private placement of $4.009 million. Laidlaw & Co (UK) Ltd. served as the sole placement agent.
The Company issued approximately 1.6 million shares at a price of $2.50 per share: one warrant at $3.75, and a flash warrant at $2.50 exercise price expiring on July 30, 2015.
Greg Cash, BioSig CEO, said, “We are very pleased to have closed this private placement. Proceeds will be used to support our growth initiatives at BioSig Technologies.”
Kenneth L. Londoner, Co-founder and Executive Chairman added, “The proceeds provided by this private placement will permit our team to move forward with our near and longer term clinical, regulatory and commercialization plans.”
About BioSig Technologies
BioSig is a medical device company that has developed a proprietary technology platform designed to greatly improve the $3 billion electrophysiology (EP) marketplace(1), (www.biosigtech.com). Led by a proven management team and a veteran, independent Board of Directors, Los Angeles-based BioSig is preparing to commercialize its PURE EP System.
PURE EP is a next-generation surface electrocardiogram and intracardiac multichannel recording and analysis system designed to assist electrophysiologists in making clinical decisions in real-time by acquiring and displaying high-fidelity cardiac signal recordings and providing guidance in identifying ablation targets — areas of tissue to destroy 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 intends to seek FDA 510(k) approval for the PURE EP System. The Company has already achieved proof of concept validation through UCLA EP & Animal Labs, and is collaborating with several of the nation’s most prestigious cardiac arrhythmia centers including Texas Cardiac Arrhythmia Institute, UCLA Cardiac Arrhythmia Center, and Mayo Clinic.