BioSig Technologies Improves Balance Sheet, Announces Reduction in Outstanding Payables during Q2 2024
July 25 2024 - 1:57PM
BioSig Technologies, Inc. (OTCQB: BSGM) or (“BioSig” or "Company"),
a medical technology company delivering unprecedented accuracy and
precision to intra-cardiac signal visualization, is pleased to
announce that it has successfully negotiated with multiple vendors
an initial reduction in accounts payable of approximately $1.5
million during the second quarter of 2024 since new management has
taken leadership.
One substantial savings recognized is for the successful
termination of the office lease expense for the former headquarters
in Westport, Connecticut as of July 15, 2024 which was set to end
on December 31, 2024.
The Company also plans to work with additional vendors to
continue this reduction going forward and will update shareholders
appropriately. The reduction will profoundly impact the Company's
financial standing and improve its balance sheet substantially.
BioSig’s CEO, Anthony Amato stated, “Maintaining a strong and
flexible balance sheet is a priority for our new management team.
In a difficult market for companies like ours, we look for other
ways to help our company and its shareholders. This reduction will
provide more flexibility in evaluating opportunities that arise. We
appreciate the time and patience of our vendors and acknowledge
their help in putting BioSig in a much better financial
position."
About BioSig Technologies, Inc. (OTCQB: BSGM)
BioSig Technologies is a medical technology company focused on
deciphering the body’s electrical signals, starting with heart
rhythms. By leveraging a first of its kind combination of hardware
and software, we deliver unprecedented cardiac signal clarity,
ending the reliance on ‘mixed signals’ and ‘reading between the
lines.’ Our platform technology is addressing some of healthcare’s
biggest challenges—saving time, saving costs, and saving lives.
The Company’s 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 highly targeted
cardiac ablation procedures with increased procedural efficiency
and efficacy.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. 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) our cost
reduction plan and associated workforce reduction or other
cost-saving measures not reaching the targeted reduction of cash
burn by 50%; (ii) the geographic, social, and economic impact of
pandemics or worldwide health issues on BioSig’s ability to conduct
its business and raise capital in the future when needed; (iii)
BioSig’s inability to manufacture its products and product
candidates on a commercial scale on its own, or in collaboration
with third parties; (iv) difficulties in obtaining financing on
commercially reasonable terms; (v) changes in the size and nature
of BioSig’s competition; (vi) loss of one or more key executives or
scientists; and (vii) difficulties in securing regulatory approval
to market BioSig’s products and product candidates. For a
discussion of other risks and uncertainties, and other important
factors, any of which could cause BioSig’s actual results to differ
from those contained in forward-looking statements, see BioSig’s
filings with the Securities and Exchange Commission (“SEC”),
including the section titled “Risk Factors” in BioSig’s Annual
Report on Form 10-K, filed with the SEC on April 16, 2024.
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, except as required by law.
Todd Adler
BioSig Technologies, Inc.
Investor Relations
12424 Wilshire Blvd Ste 745
Los Angeles, CA 90025
tadler@biosigtech.com
203-409-5444, x104
Anthony Amato
Chief Executive Officer
aamato@biosigtech.com
203-409-5444 ext. 102
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