Business
HeartSciences Provides Business Update and Reports Third Quarter Fiscal 2023 Financial Results
Southlake, Texas, March 16, 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, March 16, 2023 (GLOBE NEWSWIRE) -- Heart Test Laboratories, Inc. d/b/a HeartSciences (Nasdaq: HSCS; HSCSW) (“HeartSciences” or the “Company”), a medical technology company focused on saving lives by making an ECG (also known as an EKG) a more valuable screening tool through the use of Artificial Intelligence (AI), today provided a business update and reported financial results for the fiscal 2023 third quarter ended January 31, 2023. Key Milestones during Fiscal Q3 2023 and to date: Engaged in multi-year collaboration with Rutgers University to develop AI-based ECG algorithmsFurther international patents granted, bringing total patent portfolio to 40 (nine U.S., 31 internationally)Balance sheet strengthened through the amendment and exercise of pre-IPO bridge warrants, $15 million equity facility and extension of the maturity dates on investor loansAppointed microcap veteran David R. Wells to Board of Directors Andrew Simpson, Chief Executive Officer of HeartSciences, stated, “We continue to diligently work towards commercialization of the MyoVista®, with a key focus on our resubmission for FDA De Novo clearance. The enrollment for our pivotal validation study is progressing and device testing is underway. In addition, as previously reported, we have also enrolled additional enrichment study patients to provide extra data and we continue to carefully manage our cash as we progress towards our goal of FDA De Novo resubmission in the current calendar year, assuming positive results.” “We believe HeartSciences’ is at the leading edge of bringing new clinical capabilities to the ECG. The problem we’re seeking to solve is well known. Millions of people with heart disease remain undiagnosed until some sort of event that could have been preventable through early detection. That’s why our MyoVista® device is designed to significantly increase the clinical value of the ECG by detecting cardiac dysfunction at an early stage. Our objective is to become a fixture in front-line healthcare settings to help physicians make better and earlier referral decisions for at risk patients.” The Company submitted its Form 10-Q to the SEC, which can be found here or on the Company’s website. There were no meaningful revenues for the third quarter of 2023. As of January 31, 2022, cash and cash equivalents were $1.9 million. The Company ...