BioSig Technologies today announced it appointed Anthony Amato as CEO, effective immediately.
Amato will serve on the company’s board of directors, which is currently being assembled. He joins the company from consulting firm Bridge Associates International Pharmaceutical Consulting (BAIPC).
Westport, Connecticut-based BioSig Technologies announced earlier this month that the company engaged with BAIPC as a “natural progression” for the company to make “meaningful progress toward restoring and creating lasting shareholder value.” Amato led BAIPC.
“Approximately 2 months ago, I took the initiative to review, analyze, and address the urgent issues that had the potential to negatively impact the company’s future,” Amato said in a news release. “Since then, important and material progress has been realized on multiple fronts, and I have accepted this new position to accelerate the implementation of the comprehensive turnaround strategy. The Company believes that there is substantial value to be unlocked through its current assets including its core product line, PURE EP. We will continue to add the appropriate team to reach our goals. I wish to thank our many loyal shareholders and reiterate my unwavering commitment to both restore and create shareholder value.”
According to the company, Amato has hands-on executive skills in engaging and influencing key stakeholders to grow the business and optimize profits. He founded InQuest Science in March 2017 and acquired BAIPC in March 2020.
The new leadership is a step forward for BioSig
In February, BioSig Technologies announced it terminated “a significant number of its employees.” The company expected to “substantially reduce business operations with the workforce reduction.”
BioSig also announced at the end of January that it enacted a workforce reduction to reduce cash burn. The company at the time 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.
During the early rounds of layoffs, BioSig announced a shift in its business model. The company 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.
As part of its shift in business operations, the company planned to partner with organizations for sales distribution and clinical support of the Pure EP platform. BioSig said it aims to work with well-established electrophysiology companies and distributors with clinical staff already in the hospital setting.
