BioSig AI Sciences Receives $2.2 Million in Seed Funding to Advance Development of Artificial Intelligence Applications
July 25 2023 - 8:30AM
BioSig Technologies, Inc. (NASDAQ: BSGM) (“BioSig” or the
“Company”), a medical technology company delivering unprecedented
accuracy and precision to intracardiac signal visualization, today
announced the completion of a seed funding round raising $2.2
million for BioSig AI Sciences, Inc. (“BAIS”), a subsidiary of the
Company. BAIS intends to join BioSig’s world class technology team
with external partners and collaborators to advance the research
and development of an artificial intelligence (“AI”) medical device
platform.
“The integration of AI and machine learning in electrophysiology
devices is powering substantial expected growth for this market,
and we intend to be a leader in developing applications of these
technologies,” said Ken Londoner, Chairman, CEO and Founder of
BioSig. “Our current platform and relationships have created
interest and excitement and our development team are making
demonstrations for early adopters” added Londoner.
BioSig and Reified Labs’ initial AI collaboration, which began
in 2019, has resulted in multiple patent applications to date and a
research publication on AI-enhanced electrocardiogram lead
placement mapping. The renewed collaboration, BAIS, is also looking
into the application of Chat-GPT like large language models and how
they apply to helping our hospital partners leverage such
technology to solve the myriad of challenges they currently
face.
According to Data Bridge Market Research, the market for
artificial intelligence in healthcare, estimated at $9.6 billion in
2022, is expected to reach $272.9 billion by 2030, at a CAGR of
51.9% during the forecast period.1
About BAISBAIS, a majority-owned Delaware C
Corporation subsidiary of BioSig, is developing AI solutions for
the hospital marketplace utilizing structured, semi-structured, and
unstructured data.
About BioSig TechnologiesBioSig
Technologies is an advanced medical technology company
bringing never-before-seen insights to the treatment of
cardiovascular arrhythmias. Through collaboration with physicians,
experts, and healthcare leaders across the field of
electrophysiology (EP), BioSig is committed to addressing
healthcare’s biggest priorities—saving time, saving costs, and
saving lives.
The Company’s first product, the PURE EP™ Platform, an FDA
510(k) cleared non-invasive class II device, provides superior,
real-time signal visualization allowing physicians to perform
insight-based, highly targeted cardiac ablation procedures with
increased procedural efficiency and efficacy.
The global EP market is projected to reach $16B in 2028 with an
11.2% growth rate.2
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 Data Bridge Market Research. Global Artificial
Intelligence in Healthcare Market – Industry Trends and Forecast to
2030. January 2023.
2 Global Market Insights Inc. March 08, 2022
Andrew Ballou
BioSig Technologies, Inc.
Vice President, Investor Relations
55 Greens Farms Road
Westport, CT 06880
aballou@biosigtech.com
203-409-5444, x133
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