BioSig Announces Cost Reductions to Improve its Financial Standing and Shifts its Core Strategy

• Cost Savings Targeted to Reduce Cash Burn by 50%

• Core Strategy Shifts to Business Development and Distribution Partnerships

Westport, CT, Jan. 30, 2024 (GLOBE NEWSWIRE) --  BioSig Technologies, Inc. (NASDAQ: BSGM) ("BioSig" or the "Company"), a medical technology company committed to delivering unprecedented accuracy and precision to intracardiac signal visualization, today announced a workforce reduction, intended to reduce annual cash burn by 50%.  The Company is reducing its internal workforce, which is expected to be completed by January 31. The Company is also shifting its business model and seeks to partner with organizations for sales distribution and clinical support of its PURE EP Platform.

"BioSig is at an important juncture, and we are taking steps to streamline our corporate structure. We are grateful to those employees who are affected by the impact of these changes. Their hard work and dedication were integral to bringing the PURE EP Platform to where it is today," said Ken Londoner, Chairman and CEO of BioSig.

Since its launch in Q4 2023, PURE EP's Near-Field Tracking (“NFT”) has increased customer interest and usage at some of the country's largest and leading medical centers and health systems. This usage has also illustrated the need for increased clinical support as the Company seeks to install its PURE EP Platform in additional accounts. The Company is looking to partner with well-established electrophysiology companies and distributors that already have clinical staff in the hospital setting.

"After a strategic review, we are adjusting the business model to ensure that we have an economical clinical infrastructure as we expand the recently released version 7 software featuring NFT," said Fred Hrkac, Executive Vice President of BioSig, who joined the Company on November 2, 2023. Mr. Hrkac has a 32-year career in medical device and electrophysiology business expansion for industry bellwethers.

Physicians from world-renowned medical centers, including Cleveland Clinic in Cleveland, OH, Mayo Clinic in Phoenix, AZ, Overland Park Regional Medical Center in Overland Park, KS, and Texas Cardiac Arrhythmia Institute in Austin, TX, have completed more than 100 cases using PURE EP's NFT algorithm.

Researchers from Cleveland Clinic presented topline clinical findings on the value of tissue-based science and methodology behind NFT at the Heart Rhythm 2023 convention held last May. Those findings evidenced a 66% reduction in ablation time when using the PURE EP Platform, among other benefits.  Looking ahead, in collaboration with several early adopters, the Company is quantifying the efficacy and safety benefits of NFT and investigating expanded applications for the NFT software.