BioSig Technologies (Nasdaq:BSGM) announced today that it entered into a definitive purchase agreement to sell $3 million in common stock.
Westport, Connecticut-based BioSig agreed to sell $3 million in common stock and warrants in the agreement led by a family office with expertise in small-cap emerging growth investing.
Under the agreement, BioSig will issue 2,611,739 shares of its common stock at a price of $1.15 per share and warrants to purchase 2,611,739 shares of the company’s common stock at $1.40 per share.
According to a news release, BioSig, which develops a biomedical signal processing platform for electrocardiogram (ECG) and intra-cardiac signals, expects the offering to close on or about March 23. Proceeds are earmarked to fund working capital and continue commercialization activities related to its Pure EP system.
BioSig said the funding, combined with existing capital, should constitute sufficient operating capital for the company to execute its current business plan.