Business
HeartSciences Provides Business Update and Reports Fiscal 2023 Financial Results
Southlake, Texas, July 19, 2023 (GLOBE NEWSWIRE) -- Heart Test Laboratories, Inc. d/b/a HeartSciences (Nasdaq: HSCS; HSCSW) (“HeartSciences” or the
About this update from Heartsciences Inc.
[{"type":"text","content":"Southlake, Texas, July 19, 2023 (GLOBE NEWSWIRE) -- Heart Test Laboratories, Inc. d/b/a HeartSciences (Nasdaq: HSCS; HSCSW) (“HeartSciences” or the “Company”), an artificial intelligence (AI)-based medical technology company focused on transforming ECGs/EKGs to save lives through earlier detection of heart disease, today provided a business update and reported financial results for the fiscal year ended April 30, 2023. Key milestones during Fiscal 2023 and to date: Completed patient enrollment for the MyoVista® wavECGTM multi-center pivotal study; on track for FDA submission later in the year;Further expansion of the IP portfolio in the US and internationally, bringing the total number of granted patents to 40; US patent granted for the use of AI to create key echocardiographic heart measures;Korean and Israeli patents granted covering key aspects of MyoVista Technology;EU patent granted for our proprietary electrode connector system further protecting the Company’s supplies-based business model; Entered into a multi-year collaboration for AI ECG algorithm development with Rutgers University health system;American Medical Association (AMA) issued new industry-first Category III reimbursement codes covering AI ECG risk assessment for cardiac dysfunction, further validating the importance of this new field;Publication of an AI–based algorithm using MyoVista technology for identifying patients at high-risk of major adverse cardiovascular events (MACE);Awards from industry leading magazines as a Top Medtech startup company and AI solutions provider;Strengthened the balance sheet and streamlined the capital structure through completion of the IPO, amendment or exercise of pre-IPO bridge warrants, entry into a $15 million equity facility and extension of maturity dates on investor loans; andStrengthened the board of directors through the appointment of experienced independent director David R. Wells. Andrew Simpson, President and Chief Executive Officer of HeartSciences, stated, “I am excited about the opportunities for Fiscal 2024 as we build on the achievements of Fiscal 2023. We achieved a number of key milestones that will help accelerate commercialization of the MyoVista®. We completed patient enrollment of our pivotal study and are advancing our FDA submission, which we expect to complete later this year. In turn this would put ...