If you’re looking for a sudden massive breakout, then cast your weary eyes upon the chart for BioSig Technologies Inc (OTCMKTS:BSGM). The stock has been rangebound for the past two years, but began walking higher a few months ago, and then hit a new gear in the action this week, blasting shares up to test the $3/share level in Monday’s trade. Helping to fuel the move, the company just announced that it has closed a private placement of $4,281,000.
According to the company’s most recent release, “Combined with the closing of its February 2018 and May 2018 placements, the Company raised approximately $11,000,000 in 2018. Included in the proceeds were approximately one million dollars of cash warrant and stock option exercises. The Company priced unregistered common stock at $2.28, which included a one-quarter cash warrant at $1.50 exercisable for nine months, and a one-quarter cash warrant at $2.74 exercisable for three years. Substantially all of the investment proceeds came from existing shareholders.”
BioSig Technologies Inc (OTCMKTS:BSGM) bills itself as a medical device company that is developing a proprietary technology platform aimed at the rapidly growing $4 billion electrophysiology (EP) marketplace.
Led by a proven management team, world-class Board of Directors and Scientific Advisory Board, Minneapolis-based BioSig Technologies is preparing to commercialize its PURE EP System. PURE EP is a surface electrocardiogram (ECG) and intracardiac multichannel recording and analysis system designed to assist electrophysiologists in making crucial clinical decisions in real-time.
PURE EP acquires and displays high-fidelity cardiac signal recordings even at undetectable levels (until now) with high-accuracy to help identify appropriate catheter ablation targets – areas of tissue to destroy that otherwise create a heart rhythm disturbance (arrhythmia). PURE EP is an innovative platform, offering benefits over current technologies including increased accuracy, reduced noise and interference, clinical information previously not available and potential elimination of repeat procedures.
BioSig is collaborating with prestigious cardiac arrhythmia centers including Mayo Clinic, Mt Sinai, Texas Cardiac Arrhythmia Institute, UH Case Medical Center, and Bringham and Women’s Hospital to develop, refine and, ultimately, commercialize its novel information system.
According to company materials, “BioSig Technologies is a medical device company developing a proprietary technology platform designed to improve the $4 billion electrophysiology (EP) marketplace (www.biosigtech.com). Led by a proven management team and a veteran, independent Board of Directors, Minneapolis-based BioSig Technologies is preparing to commercialize its PURE EP(TM) System.”
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Recent action has seen 38% during the past month in terms of shareholder gains in the stock. In addition, the stock has seen interest climb, with an increase in recent trading volume of 90% above its longer-run average levels. This is particularly important with a float in play that’s extremely small – at just 25.3M shares.
“This latest placement has brought us to our strongest financial position since the Company’s foundation in February 2009,” commented Kenneth L. Londoner, Chairman and CEO of BioSig Technologies, Inc. “We have been building a very strong and loyal base of shareholders since going public in October 2014. Our top 25 shareholders control approximately 70% of the common stock of our Company, and we are all aligned for the long-term growth of our business and shareholder value. Our entire team looks forward to our next phase of development – commercialization.”
Now commanding a market cap of $91.5M, BSGM has a significant war chest ($3.7M) of cash on the books, which must be weighed relative to virtually no total current liabilities. The company is pre-revenue at this point. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $BSGM stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $BSGM, either long or short, and we have not been compensated for this article.