HeartBeam raising $10M for FDA-cleared health tech with public offering
HeartBeam, a California-based healthcare technology company, has announced a new public offering of more than 5.8 million shares of common stock. The price is $1.70 per share, and HeartBeam plans on closing the offering on Feb. 14.
The company expects to raise approximately $10 million through the offering, though that figure is before commissions and other expenses are deducted. That funding will then be used for research and development, regulatory efforts, working capital and other “general corporate purposes” related to marketing, selling and distributing its products in the United States.
MDB Capital is acting as the underwriter for this public offering and was granted a 45-day option to purchase up to 882,353 additional shares of common stock to cover any over-allotments.
HeartBeam’s stock prices are down approximately 8.2% in the last week, according to an assessment from Investing.com.
Public offering follows key FDA approval
Back in December, HeartBeam received U.S. Food and Drug Administration (FDA) clearance for its cable-free, credit card-sized heart monitor that produces 12-lead electrocardiograms (ECGs). The device was designed to help patients evaluate their heart health in real time. When symptoms begin, they put it on using guidance from the HeartBeam app and then capture 30 seconds of data. That data is then automatically sent to the cloud and processed for a trained physician to review.
“The ability for patients to capture high-fidelity ECG signals from three directions wherever they are when symptoms occur will help patients get the care they need in a timelier manner,” HeartBeam CEO Robert Eno said at the time. “The FDA clearance of our technology is a significant milestone for the company that brings us one step closer to fulfilling our vision of providing unprecedented cardiac insights to individuals and physicians.”
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.