BioSig and Mayo Clinic Collaborate on New R&D Program to Develop Transformative AI and Machine Learning Technologies for its ...
February 02 2021 - 8:00AM
- Global market for AI in healthcare is estimated to
reach $45.2 billion by 2026
BioSig Technologies, Inc. (NASDAQ: BSGM) (“BioSig” or the
“Company”), a medical technology company commercializing an
innovative signal processing platform designed to improve signal
fidelity and uncover the full range of ECG and intra-cardiac
signals, today announced a strategic collaboration with the Mayo
Foundation for Medical Education and Research to develop a
next-generation AI- and machine learning-powered software for its
PURE EP™ system.
The new collaboration will include an R&D program that will
expand the clinical value of the Company’s proprietary hardware and
software with advanced signal processing capabilities and aim to
develop novel technological solutions by combining the
electrophysiological signals delivered by the PURE EP™ and
other data sources. The development program will be conducted under
the leadership of Samuel J. Asirvatham, M.D., Mayo Clinic’s
Vice-Chair of Innovation and Medical Director, Electrophysiology
Laboratory, and Alexander D. Wissner-Gross, Ph.D., Managing
Director of Reified LLC.
The global market for AI in healthcare is expected to grow from
$4.9 billion in 2020 to $45.2 billion by 2026 at an estimated
compound annual growth rate (CAGR) of 44.9%1. According to
Accenture, key clinical health AI applications, when combined, can
potentially create $150 billion in annual savings for the United
States healthcare economy by 20262.
“AI-powered algorithms that are developed on superior data from
multiple biomarkers could drastically improve the way we deliver
therapies, and therefore may help address the rising global demand
for healthcare,” commented Kenneth L Londoner, Chairman and CEO of
BioSig Technologies, Inc. “We believe that combining the clinical
science of Mayo Clinic with the best-in-class domain expertise of
Dr. Wissner-Gross and the technical leadership of our engineering
team will enable us to develop powerful applications and help pave
the way toward improved patient outcomes in cardiology and
beyond.”
“Artificial intelligence presents a variety of novel
opportunities for extracting clinically actionable information from
existing electrophysiological signals that might otherwise be
inaccessible. We are excited to contribute to the advancement of
this field,” said Dr. Wissner-Gross. BioSig announced its
partnership with Reified LLC, a provider of advanced artificial
intelligence-focused technical advisory services to the private
sector in late 2019. The new research program builds upon the
progress achieved by this collaboration in 2020, which included an
abstract for ‘Computational Reconstruction of Electrocardiogram
Lead Placement’ presented during the 2020 Computing in Cardiology
Conference in Rimini, Italy, and the development of an initial
suite of electrophysiological analytics for the PURE
EP™ System.
BioSig signed a 10-year collaboration agreement with Mayo Clinic
in March 2017. In November 2019, the Company announced that
it signed three new patent and know-how license agreements with the
Mayo Foundation for Medical Education and Research.
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 EPä 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.
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.
1 Artificial Intelligence in Healthcare Market with COVID-19
Impact Analysis by Offering, Technology, End-Use Application, End
User and Region – Global Forecast to 2026; Markets and Markets
2 Artificial Intelligence (AI): Healthcare’s New Nervous System
https://www.accenture.com/us-en/insight-artificial-intelligence-healthcare%C2%A0
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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