BioSig Technologies, Inc Closes $17.5 Million Common Stock Offering
June 29 2020 - 8:18AM
BioSig Technologies, Inc. (Nasdaq: BSGM) (“BioSig” or the
“Company”) and its majority-owned subsidiary, ViralClear
Pharmaceuticals, Inc., today announced that it has closed on the
sale of 2,187,500 shares of the Company’s common stock, at a
purchase price of $8.00 per share, in a registered direct
offering. The closing of the offering occurred on June 26, 2020.
The gross proceeds to the Company from this offering were $17.5
million, before deducting placement agent fees and other offering
expenses payable by the Company. The Company intends to use the net
proceeds from this offering to support commercialization, for
working capital and general corporate purposes.
Ken Londoner, Chairman and CEO of BioSig Technologies, Inc.,
stated, "Our business performance remained strong in the second
quarter of this year despite the challenging economic environment.
We are pleased to see a growing demand for PURE EP Systems, with
several centers awaiting installations. Our ViralClear
subsidiary made tremendous progress with commencing the patient
enrollment into Phase II clinical trial at a number of sites and is
on track with the plan shared with investors on recent investor
calls. These additional funds will allow us to continue to create
shareholder value through timely execution.”
The Special Equities Group, LLC, a division of Bradley Woods
& Co. LTD, acted as the placement agent for this
transaction.
The shares of common stock were offered by the Company pursuant
to a "shelf" registration statement on Form S-3 (File No.
333-230448) previously filed with the Securities and Exchange
Commission (the "SEC") on March 22, 2019, and declared
effective by the SEC on March 29, 2019. The offering of the
securities was made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement. A final prospectus supplement and accompanying
prospectus relating to the securities being offered will be filed
with the SEC. Electronic copies of the final prospectus supplement
and accompanying prospectus may be obtained, when available, by
contacting The Special Equities Group, LLC, a division of Bradley
Woods & Co. LTD, 805 Third Ave., 18th Floor, New York, NY,
10022, at (212) 826-9191, or at the SEC's website
at http://www.sec.gov .
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction. About BioSig
Technologies BioSig Technologies 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 (www.biosig.com).
The Company’s first product, PURE EP(tm) 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.
About Viral Clear Pharmaceuticals and Merimepodib
(MMPD) BioSig’s subsidiary, ViralClear Pharmaceuticals,
Inc., is seeking to develop a novel pharmaceutical called
merimepodib to treat patients with COVID-19. Merimepodib is
intended to be orally administered, and has demonstrated
broad-spectrum in vitro antiviral activity, including strong
activity against SARS-CoV-2 in cell cultures. Merimepodib was
previously in development as a treatment for chronic hepatitis C
and psoriasis by Vertex Pharmaceuticals Incorporated (Vertex), with
12 clinical trials (7 in phase 1 and 5 in phase 2) with over 400
subjects and patients and an extensive preclinical safety package
was completed. A manuscript titled, “The IMPDH inhibitor
merimepodib provided in combination with the adenosine analogue
remdesivir reduces SARS-CoV-2 replication to undetectable levels in
vitro”, was submitted to an online peer-reviewed life sciences
journal. This manuscript is authored by Natalya Bukreyeva, Rachel
A. Sattler, Emily K. Mantlo, John T. Manning, Cheng Huang and
Slobodan Paessler of the UTMB Galveston National Laboratory and Dr.
Jerome Zeldis of ViralClear Pharmaceuticals, Inc. (“ViralClear”) as
a corresponding author. This article highlights pre-clinical data
generated under contract with Galveston National Laboratory at The
University of Texas Medical Branch.
Forward-looking Statements
This press release contains “forward-looking statements.” Such
statements may be preceded by the words “intends,” “may,” “will,”
“plans,” “expects,” “anticipates,” “projects,” “predicts,”
“estimates,” “aims,” “believes,” “hopes,” “potential” or similar
words. Forward- looking statements are not guarantees of future
performance, are based on certain assumptions and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the Company’s control, and cannot be predicted or
quantified and consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, without limitation, risks and
uncertainties associated with (i) the geographic, social and
economic impact of COVID-19 on our ability to conduct our business
and raise capital in the future when needed, (ii) our inability to
manufacture our products and product candidates on a commercial
scale on our own, or in collaboration with third parties; (iii)
difficulties in obtaining financing on commercially reasonable
terms; (iv) changes in the size and nature of our competition; (v)
loss of one or more key executives or scientists; and (vi)
difficulties in securing regulatory approval to market our products
and product candidates. More detailed information about the Company
and the risk factors that may affect the realization of
forward-looking statements is set forth in the Company’s filings
with the Securities and Exchange Commission (SEC), including the
Company’s Annual Report on Form 10-K and its Quarterly Reports on
Form 10-Q. Investors and security holders are urged to read these
documents free of charge on the SEC’s website at
http://www.sec.gov. The Company assumes no obligation to publicly
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
Andrew Ballou
BioSig Technologies, Inc.
Vice President, Investor Relations
54 Wilton Road, 2nd floor
Westport, CT 06880
aballou@biosigtech.com
203-409-5444, x133
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