HeartBeam completes $25M capital raise and updates FY23 strategic focus

HeartBeam announced closing of its secondary offering of 16,666,666 shares of HeartBeam’s common stock. This financing will allow HeartBeam to fund its upcoming clinical and regulatory milestones related to its HeartBeam AIMIGo system and prepare for commercialization in 2024. HeartBeam received net proceeds of $23.2M from the offering, after deducting the placement agent discounts and commissions and offering expenses. HeartBeam has adjusted its strategic focus to enable timely delivery of its breakthrough ambulatory VECG products, the Company’s key future value drivers, as follows: immediately focus on obtaining an FDA 510 clearance for the HeartBeam AIMIGo credit card- sized VECG device, followed by a second 510k clearance on the system’s ability to synthesize an electrocardiogram. . . Shift the commercial launch until obtaining the 510(k) clearance for 12-lead equivalence. The company plans to submit this application to the FDA in late 2023 and pursue initial commercialization in 2024. Undertake an aggressive pre-commercial effort to define initial market segments and identify potential business partners. .."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, Ph.D. 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."