NEW YORK, NY / ACCESSWIRE / June 12, 2017 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced it has issued an update note on BioSig Technologies, Inc. (OTCQB: BSGM).
The report is available here: BSGM June 2017 Update Note.
BioSig Technologies, Inc. (OTCQB: BSGM, "BioSig") is an innovative medical device company based in Minneapolis, MN. Led by its flagship product line, the PURE EP™ System (Precise Uninterrupted Real-time evaluation of Electrograms), BioSig is developing products with the potential to improve outcomes for patients with complex cardiac arrhythmias (heart rhythm disturbances). BioSig is focused on commercializing products for the $4 billion global market for electrophysiology (EP), a growing market which analyzes electrical activity in the heart to identify the cause and nature of arrhythmias.
Additional highlights from the update include the following:
Mayo Clinic, BioSig expand collaboration with 10-year deal
BioSig announced that it had struck a significantly expanded agreement with the prestigious Mayo Clinic. In our view the relationship adds to the credibility and reputation of BioSig in the industry - and clearly the prior deals have led to positive studies and articles published in key peer-reviewed articles in the sector. We see the expanded collaboration as a significant achievement by the company. The expanded technology and clinical development partnership, according to BioSig's April 2017 investor presentation, has a 10-year term, includes cash warrants and licensing opportunities, and joint intellectual property filings.
BSGM still aiming for FDA clearance in 2017
Importantly BioSig continues to forge ahead with plans for its flagship PURE EP™ System. The PURE EP™ System is designed to improve the process of identifying catheter ablation targets - areas of tissue to destroy that otherwise create a cardiac arrhythmia. BioSig now expects to submit a 510(k) application for clearance to commercialize the PURE EP ™ by 3Q17, with hopes that it will receive approval by the end of the year. We would view this as a major accomplishment by management, and a potential valuation catalyst. The PURE EP™ appears to be establishing itself as a promising new tool for arrhythmia treatments, market, with favorable peer reviews and scientific collaborations at prestigious institutions including the Mayo Clinic and Mount Sinai, and UCLA, among others.
BioSig targeting Nasdaq CM listing by year-end 2017
BioSig recently issued an upbeat shareholder update, highlighting the considerable achievements by the company over the last year and opportunities that lie ahead as BioSig targets the $4 billion global market for electrophysiology devices. In particular, we were pleased to see that BioSig is forging ahead with plans for an up-listing to a national exchange, likely the Nasdaq CM, which is targeted for 4Q17. If accomplished, an uplisting would likely be a positive event for BioSig, which would raise its profile in the industry and widen its potential investor base. The update noted that the company recently completed a $4.3mn private placement with Laidlaw & Co, with funds intended to advance regulatory submissions for PURE EP and fund operations. We note that we believe the company will seek to continue to raise additional funds through year-end, possibly with a larger transaction linked to the potential uplisting.
$3.53 price target for BioSig
We have been encouraged by the progress made by BioSig since our initiation of coverage in February 2016 and note that shares have risen by more than 30% in that time. We see several opportunities ahead for BioSig and are leaving our target unchanged at this time.
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About BioSig Technologies, Inc.
BioSig Technologies is a medical device company developing a proprietary technology platform designed to improve the $4 billion electrophysiology (EP) marketplace (www.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(TM) System.
BioSig's technology has been developed to address an unmet need in a large and growing market. The PURE EP System is a novel cardiac signal acquisition and display system which is engineered to assist electrophysiologists in clinical decision making during procedures to diagnose and treat patients with abnormal heart rates and rhythms. BioSig's main goal is to deliver technology to improve upon catheter ablation treatments for the prevalent and deadly arrhythmias, Atrial Fibrillation and Ventricular Tachycardia.
Data from the 2016 HRI Global Opportunities in Medical Devices & Diagnostics report shows the global Electrophysiology (EP) market revenues is expected to grow nearly 10% annually, from currently $4 billion to approximately $6 billion by 2020 with accompanying procedure growth close to 10% annually, from 865,000 patients in 2015 to 1,350,000 in 2020. Procedure growth in the United States alone is projected at an 11.0% annual rate, from 250,000 in 2015 to 422,000 in 2020; accompanied by an 11.7% growth in revenues, from $1.85 billion in 2015 to $3.220 billion in 2020.
BioSig has partnered with Minnetronix on technology development and is working toward FDA 510(k) clearance and CE Mark 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 and Mount Sinai Hospital in NY. The company continues to perform research and development studies in the form of an Advanced Research Program at Mayo Clinic which began in June 2016. Other prestigious cardiac arrhythmia centers including Texas Cardiac Arrhythmia Institute and UH Case Medical Center in Cleveland also play an important role in the PURE EP technology.
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SeeThruEquity
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SOURCE: SeeThruEquity