BioSig Technologies (NSDQ:BSGM) said yesterday that it is opening a technology development office in Rochester, Minn., in collaboration with Mayo Clinic.
Westport, Conn.-based BioSig said its new office will serve as an R&D and product development hub in support of the projects developed through its strategic collaboration with Mayo Clinic and Mayo Ventures.
Mayo Clinic, having already worked together with BioSig for two years, invested $1 million in the company in July. Last month, BioSig signed a new licensing agreement with Mayo Clinic to further its Pure EP system. BioSig and Mayo Clinic had already inked a 10-year strategic partnership agreement for the Pure EP system’s development in March 2017.
The Pure EP is a computerized system designed to acquire, digitize, measure, display and store electrocardiographic and intracardiac signals for patients undergoing electrophysiology procedures.
BioSig’s new office is set to be opened at Discovery Square in Rochester’s Destination Medical Center. The DMC initiative was started in 2013 and formed a public-private partnership to combine development by Mayo Clinic and other developers with funding from Rochester, Olmsted County and the state of Minnesota.
DMC is Minnesota’s largest economic development initiative and is expected to attract more than $5 billion in private investments over the next 20 years, according to a news release.
“We have been most impressed with the DMC team and their dedication to position Rochester as the world’s premier destination for health and wellness,” BioSig chairman & CEO Kenneth Londoner said in prepared remarks. “This initiative should come as no surprise to anyone who has visited Mayo Clinic and had a privilege to work with its outstanding physician innovators, and we are honored to join the thriving life science community of Rochester.”
“We are thrilled to welcome BioSig to Rochester, Minnesota and join the diverse and innovative companies in Discovery Square,” added Destination Medical Center Economic Development Agency executive director Lisa Clarke. “They will add great value to the community and will be an attractor for world-class talent, spur collaboration and drive economic development.”
Shares of BSGM were down -1.1% at $7.20 per share in midday trading today.