HeartBeam (NASDAQ: BEAT), a cardiac technology company that has developed the first and only credit card-size 3D-vector electrocardiogram (“VECG”) platform for patient use at home, is reporting its financial and operational results for the second quarter ended June 30, 2023. Highlights of the report include the closing of a $25 million secondary offering and $1.5 million registered direct offering, resulting in gross proceeds for HeartBeam of $26.5 million; the announcement in the “Journal of American College of Cardiology: Advances” of a foundational study evaluating the ability of the company’s VECG technology platform to detect the presence of coronary artery occlusions; the addition of three members to the company’s board of directors along with the announcement of Deborah Castillo, PhD, as VP of regulatory affairs; receiving an automated cardiac detection patent from the United States Patent and Trademark Office for the AIMIGo(TM) System; and the submission of a 510(k) application to the U.S. Food and Drug Administration (“FDA”) for version 1 of the HeartBeam AIMIGo System.
“The second quarter of 2023 was highlighted by continued progress and validation of our technologies, the publication of our first, and foundational, study demonstrating the ability of our VECG platform, and several key additions to the team,” said HeartBeam CEO and founder Branislav Vajdic, PhD, in the press release. “Our strategic focus is to enable timely delivery of our ambulatory VECG products, which are our key future value drivers. . . . We recently closed $26.5 million in common stock-only financings to fund operations into late 2024. Proceeds are being used to fund development and regulatory work for the HeartBeam AIMIGo VECG device and to ready the product for limited market release during the second half of 2024. The product and regulatory efforts include first obtaining an FDA 510(k) clearance for the HeartBeam AIMIGo VECG device. We submitted this application to the FDA in May. This will be followed by a second FDA application on the system’s ability to synthesize a 12L ECG. We look forward to providing updates on our progress in the months ahead.”
To view the full press release, visit https://ibn.fm/tSWqX
About HeartBeam Inc.
HeartBeam is a cardiac technology company that has developed the first and only 3D-vector ECG platform intended for patient use at home. 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 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 evaluation of cardiac symptoms. By collecting 3D signals of the heart’s electrical activity, HeartBeam AIMIGo has the potential to provide unparalleled data for the development of AI algorithms. HeartBeam AIMIGo has not yet been cleared by the US Food and Drug Administration (“FDA”) for marketing in the United States or other geographies. For more information, visit www.HeartBeam.com.
NOTE TO INVESTORS: The latest news and updates relating to BEAT are available in the company’s newsroom at https://ibn.fm/BEAT
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