Closed $26.5 Million with a Public Offering and
Registered Direct Offering to Enable Company to Execute on Upcoming
Clinical, Regulatory and Commercial Milestones and Extend Cash
Runway into Late 2024
Strategic Focus on Becoming the Global Leader
in Ambulatory Vectorcardiography, the Highest Resolution ECG
Monitoring Platform
Management to Host Webcast and Conference Call
Today At 4:30 p.m. ET
HeartBeam, Inc. (NASDAQ: BEAT), a cardiac technology
company that has developed the first and only 3D vector
electrocardiogram (VECG) platform for heart attack detection
anytime, anywhere, has reported its financial and operational
results for the first quarter ended March 31, 2023.
First Quarter and Subsequent 2023 Operational
Highlights
- Closed a secondary offering of $25.0 million and Registered
Direct Offering of $1.5 million in May 2023 for gross proceeds
totaling $26.5 million to enable the Company to execute on upcoming
clinical, regulatory and commercial milestones, and extend cash
runway into late 2024
- Adjusted strategic focus to enable timely delivery of
HeartBeam’s breakthrough ambulatory VECG products, the company’s
key future value drivers
- Completed a strategic acquisition of substantially all assets
from LIVMOR, a digital health solutions company providing a
patient-engaging remote monitoring system including the FDA-cleared
Halo+™ Atrial Fibrillation Detection System
- Appointed senior medical technology executive Robert Eno as
President
Management Commentary
“In the first quarter of 2023 we continued to position the
Company for the expected clearances and commercialization of the
HeartBeam AIMIGo 12-Lead 3D vector electrocardiogram device,” said
Branislav Vajdic, PhD, Chief Executive Officer and Founder of
HeartBeam.
“We recently closed $26.5 million in common stock-only
financings to fund operations into late 2024. Proceeds will be used
to fund development and regulatory work for the HeartBeam AIMIGo
VECG device and to ready the product for initial commercialization
during 2024.
“Our strategic focus is to enable timely delivery of our
ambulatory VECG products, our key future value drivers, by first
obtaining an FDA 510(k) clearance for the HeartBeam AIMIGo VECG
device. We expect to submit this application in the coming days.
This will be followed by a second FDA application on the system’s
ability to synthesize a 12-lead electrocardiogram (ECG). We
currently estimate that we will submit this second application to
the FDA in late 2023 and pursue initial commercialization in
2024.
“During the first quarter of 2023, we announced the acquisition
of LIVMOR’s intellectual property and technology, including
LIVMOR’s 3 US patents and the Halo+™ Atrial Fibrillation Detection
System. This extends our reach into remote monitoring, which we
believe will be important after we have a commercial telehealth
version of HeartBeam AIMIGo on the market, expected in 2024.
“We are building on our global intellectual property portfolio,
and plan to partner with PatentVest, a unified technology
development and patent law firm focused on creating IP leadership
for development stage technology companies, with the goal of
creating clear leadership in the area of ambulatory VECG cardiac
detection.
“Operationally, we announced the appointment of Robert Eno to
the newly created position of President. Robert has extensive
experience bringing innovative medical technology products to
market and has already become invaluable as we move forward with
plans to broaden our product portfolio pipeline. We are also adding
world leading Key Opinion Leaders to our Medical Advisory Board to
help guide our clinical and regulatory development. These Advisory
Board members will be announced in the near future.
“We look forward to providing updates on our progress in the
months ahead,” concluded Dr. Vajdic.
First Quarter 2023 Financial Results
Research and development expenses for the first quarter of 2023
were $1.7 million, compared to $0.7 million for the first quarter
of 2022.
General and administrative expenses for the first quarter of
2023 were $2.5 million compared to $1.4 million for the first
quarter of 2022.
Net loss for the first quarter of 2023 was $4.1 million,
compared to a net loss of $2.1 million for the first quarter of
2022.
Cash totaled approximately $990,000 as of March 31, 2023. In May
2023, the Company closed Common Stock financings with net proceeds
of approximately $24.6 million.
First Quarter 2023 Results Conference Call
HeartBeam CEO and Founder Branislav Vajdic, PhD, President
Robert Eno, and CFO Richard Brounstein will host the conference
call, followed by a question-and-answer period. The conference call
will be accompanied by a presentation, which can be viewed during
the webcast or accessed via the investor relations section of the
Company’s website here.
To access the call, please use the following information:
Date:
Thursday May 11, 2023
Time:
4:30 p.m. Eastern time (1:30 p.m. Pacific
time)
Dial-in:
1-844-826-3035
International Dial-in:
1-412-317-5195
Conference Code:
10178249
Webcast:
https://viavid.webcasts.com/starthere.jsp?ei=1611445&tp_key=13a316a5f0
A telephone replay will be available approximately two hours
after the call and will run through August 11, 2023, by dialing
1-844-512-2921 from the U.S., or 1-412-317-6671 from international
locations, and entering replay pin number: 10178249. The replay can
also be viewed through the webcast link above and the presentation
utilized during the call will be available in the company’s
investor relations section here.
About HeartBeam, Inc.
HeartBeam, Inc. (NASDAQ: BEAT) is a cardiac technology company
that has developed the first and only 3D-vector ECG platform for
heart attack detection anytime, anywhere. By applying a suite of
proprietary algorithms to simplify vector electrocardiography
(VECG), the HeartBeam platform enables patients and their
clinicians to determine if symptoms are due to a heart attack,
quickly and easily, so care can be expedited, if required.
HeartBeam has two patented products in development. HeartBeam AIMI™
is software for acute care settings that provides a 3D comparison
of baseline and symptomatic 12-lead ECG to more accurately identify
a heart attack. HeartBeam AIMIGo™ is the first and only credit
card-sized 12-lead output ECG device coupled with a smart phone app
and cloud-based diagnostic software system to facilitate remote
heart attack detection. HeartBeam AIMI and AIMIGo have not yet been
cleared by the US Food and Drug Administration (FDA) for marketing
in the USA or other geographies. For more information, visit
HeartBeam.com.
Forward-Looking Statements
All statements in this release that are not based on historical
fact are "forward-looking statements." While management has based
any forward-looking statements included in this release on its
current expectations, the information on which such expectations
were based may change. Forward-looking statements involve inherent
risks and uncertainties which could cause actual results to differ
materially from those in the forward-looking statements, as a
result of various factors including those risks and uncertainties
described in the Risk Factors and in Management’s Discussion and
Analysis of Financial Condition and Results of Operations sections
of our in our Forms 10-K, 10-Q and other reports filed with the SEC
and available at www.sec.gov. We urge you to consider those risks
and uncertainties in evaluating our forward-looking statements. We
caution readers not to place undue reliance upon any such
forward-looking statements, which speak only as of the date made.
Except as otherwise required by the federal securities laws, we
disclaim any obligation or undertaking to publicly release any
updates or revisions to any forward-looking statement contained
herein (or elsewhere) to reflect any change in our expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
HEARTBEAM, INC.
Balance Sheets
(Unaudited)
(In thousands, except share
data)
March 31, 2023
December 31,
2022
Assets
Current Assets:
Cash and cash equivalents
$
990
$
3,594
Prepaid expenses and other assets
471
445
Total current assets
$
1,461
$
4,039
Liabilities and Stockholders’
Equity
Current Liabilities:
Accounts payable and accrued expenses
(includes related party $1 and $2 respectively)
2,320
1,665
Total Liabilities
2,320
1,665
Stockholders’ Equity (Deficit)
Preferred stock - $0.0001 par value;
10,000,000 authorized; 0 shares outstanding at March 31, 2023 and
December 31, 2022
—
—
Common stock - $0.0001 par value;
100,000,000 shares authorized; 8,227,074 and 8,009,743 shares
issued and outstanding at March 31, 2023 and December 31, 2022
1
1
Additional paid in capital
25,462
24,559
Accumulated deficit
(26,322
)
(22,186
)
Total Stockholders’ Equity (Deficit)
$
(859
)
$
2,374
Total Liabilities and Stockholders’ Equity
and (Deficit)
$
1,461
$
4,039
HEARTBEAM, INC.
Statements of Operations
(Unaudited)
(In thousands, except share
and per share data)
Three months ended March
31,
2023
2022
Operating Expenses:
General and administrative
$
2,475
$
1,414
Research and development
1,681
734
Total operating expenses
4,156
2,148
Loss from operations
(4,156
)
(2,148
)
Other Income
Interest income
20
2
Total other income
20
2
Loss before provision for income taxes
$
(4,136
)
$
(2,146
)
Income tax provision
$
—
$
—
Net Loss
$
(4,136
)
$
(2,146
)
Net loss per share, basic and diluted
$
(0.50
)
$
(0.27
)
Weighted average common shares
outstanding, basic and diluted
8,222,416
8,081,804
HEARTBEAM, INC.
Statements of Cash Flows
(Unaudited)
(In thousands)
Three months ended March
31,
2023
2022
Cash Flows From Operating
Activities
Net loss
$
(4,136
)
$
(2,146
)
Adjustments to reconcile net loss to net
cash used in operating activities
Stock-based compensation expense
393
159
Changes in operating assets and
liabilities:
Prepaid expenses and other current
assets
(26
)
(734
)
Accounts payable and accrued expenses
655
382
Net cash used in operating
activities
(3,114
)
(2,339
)
Cash Flows From Financing
Activities
Proceeds from sale of equity, net of
issuance costs
494
348
Proceeds from exercise of warrants
16
—
Net cash provided by financing
activities
510
348
Net decrease in cash
(2,604
)
(1,991
)
Cash and Cash Equivalents – Beginning
of period
3,594
13,192
Cash and Cash Equivalents – Ending of
period
$
990
$
11,201
Supplemental Disclosures of Cash Flow
Information:
Taxes paid
$
—
$
—
Supplemental Disclosures of Non-cash
Financing Activities:
Issuance of common stock and warrants to
settle accrued expenses
$
—
$
456
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230511005753/en/
Investor Relations Contact: Chris Tyson Executive Vice
President MZ North America Direct: 949-491-8235 BEAT@mzgroup.us
www.mzgroup.us
Media Contact: media@heartbeam.com
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