BEAT - InvestorNewsBreaks - HeartBeam Inc. (NASDAQ: BEAT) Releases Q1 2023 Financial Report Corporate Updates
HeartBeam (NASDAQ: BEAT), a cardiac technology company that has developed the first and only 3D-vector electrocardiogram ("VECG") platform for heart attack detection anytime, anywhere, is reporting its operational and financial results for the first quarter 2023, the period ended March 31, 2022. Key takeaways from the report include that the company closed on a $26.5million with a public offering and registered direct offering, raising funds that BEAT anticipates using to execute on upcoming clinical, regulatory and commercial milestones as well as extend cash runway into late 2024. In addition, the report noted that HeartBeam has adjusted its strategic focus to support timely delivery of the company’s game-changing, ambulatory VECG products — HeartBeam AIMI(TM) and HeartBeam AIMIGo(TM) — as well as completed the acquisition of substantially all assets from LIVMOR, a digital health solutions company providing a patient-engaging remote monitoring system including the FDA-cleared Halo+(TM) Atrial Fibrillation Detection System. Earlier this year, senior medical technology executive Robert Eno became president of the company as well. “In the first quarter of 2023 we continued to position the company for the expected clearances and commercialization of the HeartBeam AIMIGo 12-Lead 3D vector electrocardiogram device,” said HeartBeam CEO and founder Branislav Vajdic, PhD. “We recently closed $26.5 million in common stock-only financings to fund operations into late 2024. Proceeds will be used to fund development and regulatory work for the HeartBeam AIMIGo VECG device and to ready the product for initial commercialization during 2024. Our strategic focus is to enable timely delivery of our ambulatory VECG products, our key future value drivers, by first obtaining an FDA 510(k) clearance for the HeartBeam AIMIGo VECG device. We expect to submit this application in the coming days. This will be followed by a second FDA application on the system’s ability to synthesize a 12-lead electrocardiogram (ECG). We currently estimate that we will submit this second application to the FDA in late 2023 and pursue initial commercialization in 2024.”
To view the full press release, visit https://ibn.fm/xJVvU
About HeartBeam Inc.
HeartBeam is a cardiac technology company that has developed the first and only 3D-vector ECG platform for heart attack detection anytime, anywhere. By applying a suite of proprietary algorithms to simplify vector electrocardiography (“VECG”), the HeartBeam platform enables patients and their clinicians to determine quickly and easily if symptoms are due to a heart attack so care can be expedited if required. HeartBeam has two patented products in development. HeartBeam AIMI(TM) is software for acute care settings that provides a 3D comparison of baseline and symptomatic 12-lead ECG to identify a heart attack more accurately. HeartBeam AIMIGo(TM) is the first and only credit-card-sized, 12-lead output ECG device coupled with a smartphone app and cloud-based diagnostic software system to facilitate remote heart-attack detection. HeartBeam AIMI and AIMIGo have not yet been cleared by the U.S. Food and Drug Administration (“FDA”) for marketing in the United States or other geographies. For more information, visit www.HeartBeam.com.
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