Santa Clara, California-based HeartBeam offered more than 16.6 million shares of its common stock. The offering amounts to net proceeds of $23.2 million after deducting placement agent discounts, commissions and offering expenses. Public Ventures LLC acted as placement agent for the offering.
HeartBeam said it expects the funds to support its upcoming clinical and regulatory milestones related to its AIMIGo system. The company aims to commercialize AIMIGo in 2024.
AIMIGo, is a credit card-sized, 12-lead 3D vector electrocardiogram (ECG) device. It pairs with a smartphone app and cloud-based diagnostic software system to facilitate remote heart attack detection. HeartBeam has yet to pick up FDA clearance for the platform.
HeartBeam has big goals for the near future
The company said it adjusted its strategic focus to enable the advancement of its 3D-vector electrocardiogram (VECG) technology. Its immediate focus turns to obtaining FDA 510(k) clearance for AIMIGo. HeartBeam then aims to pick up clearance for AIMIGo’s ability to synthesize an ECG.
Other initiatives include garnering clinical trial data to back the AIMIGo platform. The company expects to submit an application to the FDA late this year and pursue initial commercialization next year.
Additionally, HeartBeam wants to continue the development of its IP through a partnership with PatentVest. As a result of its strategic aims, the company updated its financial guidance with no expectations for material commercial revenue this year.
“We are extremely pleased to have received this additional funding, which will allow us to achieve our important upcoming milestones and extends our cash runway into late 2024,” said Branislav Vajdic, HeartBeam founder and CEO. “We are also excited to be working with Public Ventures, which is an outstanding strategic partner with a long track record of helping companies grow and realize their full potential.
“The strategic focus we are announcing today are important steps for us to demonstrate the value of our novel VECG technology and to achieve the clinical and regulatory milestones to bring these important products into the hands of physicians and patients.”