Business
HeartBeam Reports First Quarter 2023 Financial Results
Closed $26.5 Million with a Public Offering and Registered Direct Offering to Enable Company to Execute on Upcoming Clinical, Regulatory and Commercial
About this update from Heartbeam, Inc.
[{"type":"text","content":"\nClosed $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\n\n\nStrategic Focus on Becoming the Global Leader in Ambulatory Vectorcardiography, the Highest Resolution ECG Monitoring Platform\n\n\nManagement to Host Webcast and Conference Call Today At 4:30 p.m. ET\n\n\n SANTA CLARA, Calif.--(BUSINESS WIRE)--\nHeartBeam, 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.\n\n\nFirst Quarter and Subsequent 2023 Operational Highlights\n\n\n\nClosed 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\n\n\n\nAdjusted strategic focus to enable timely delivery of HeartBeam’s breakthrough ambulatory VECG products, the company’s key future value drivers\n\n\n\nCompleted 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\n\n\n\nAppointed senior medical technology executive Robert Eno as President\n\n\n\nManagement Commentary\n\n\n“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.\n\n\n“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.\n\n\n“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 co...