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WESTPORT, CT – BioSig Technologies, Inc. (NASDAQ:), a medical technology firm, has announced a major reduction in its workforce and a substantial scaling back of its business operations. The company, known for its PURE EP™ Platform, a non-invasive device aiding cardiac procedures, is making these changes amidst various challenges.
The PURE EP™ System, which has received FDA 510(k) clearance, is designed to improve the quality of cardiac signal visualization during ablation procedures, a treatment for the 14.4 million Americans estimated to suffer from cardiac arrhythmias. Despite the device’s market presence and the projected growth of the global electrophysiology (EP) market, BioSig faces significant hurdles.
According to the press release, the company is grappling with issues such as maintaining its listing on the Nasdaq Capital Market and the broader impacts of global health crises on its operations and fundraising abilities. Manufacturing, regulatory approval, and financial constraints are also among the listed challenges.
BioSig’s downsizing is part of a cost reduction plan aimed at decreasing its cash burn by 50%. However, the company has indicated that there are risks associated with this plan, including the possibility that the intended savings may not be realized to the extent expected.
The company’s recent filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q filed on November 14, 2023, detail various risk factors and uncertainties that could affect its operations and financial performance.
The information in this article is based on a press release statement from BioSig Technologies, Inc.
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