BioSig Technologies (Nasdaq:BSGM) announced today that it enacted a workforce reduction in an effort to reduce cash burn.
Westport, Connecticut-based BioSig did not disclose the number of employees affected by the reduction. As of the company’s last annual report on March 30, 2023, it had 47 full-time employees.
Shares of BSGM fell 4.3% to 21¢ apiece in early-morning trading today.
The company says the action intends to reduce annual cash burn by 50%. It expects to complete the internal workforce reduction by Jan. 31.
Additionally, BioSig announced a shift in its business model. BioSig develops a biomedical signal processing platform for electrocardiogram (ECG) and intra-cardiac signals. Its Pure EP system combines hardware and software to enable the real-time acquisition of raw signal data. The technology achieves this absent of unnecessary noise or interference.
“BioSig is at an important juncture, and we are taking steps to streamline our corporate structure. We are grateful to those employees who are affected by the impact of these changes. Their hard work and dedication were integral to bringing the Pure EP platform to where it is today,” said Ken Londoner, chair and CEO of BioSig.
The company now seeks to partner with organizations for sales distribution and clinical support of the Pure EP platform. BioSig aims to work with well-established electrophysiology companies and distributors with clinical staff already in the hospital setting.
“After a strategic review, we are adjusting the business model to ensure that we have an economical clinical infrastructure as we expand the recently released version 7 software featuring NFT,” said Fred Hrkac, EVP of BioSig.
Hrkac joined the company on Nov. 2, 2023. He brings 32 years of experience in medical device and electrophysiology business expansion.