BioSig Technologies Partners Mayo Clinic to Treat Arrhythmia
BioSig Technologies, Inc. BSGM has announced that the company and its majority-owned subsidiary have inked three new patent and know-how license deals with Mayo Foundation for Medical Education and Research. Per the terms of the agreement, BioSig will start working on a new R&D product pipeline to support more advanced features of its first product, PURE EP System, and develop solutions for the treatment of autonomic nervous system disease.
Notably, BioSig had received the FDA approval for PURE EP in August 2018. The company started patient enrollment for its clinical trial of PURE EP on Nov 21, 2019.
The recent agreement paves the way for BioSig to strengthen its catheter ablation business, which is part of its electrophysiology arm, on a global scale.
About PURE EP
Electrophysiology (EP), a study of the propagation of electrical impulses throughout the heart, focuses on the diagnosis and treatment of arrhythmias. The PURE EP System is a non-invasive computerized system intended to analyze and store electrocardiographic as well as intracardiac signals for patients undergoing EP procedures in an EP laboratory.
Rationale Behind the Agreement
BioSig’s new product line includes hardware, software and algorithmic solutions that will be integrated into the PURE EP. The company also plans to utilize the licensed intellectual properties and products developed by Mayo Clinic over the past few years, through the FDA approval. These will, then, be manufactured on a large scale and subsequently commercialized.
BioSig claims to dedicate a major portion of its R&D efforts to develop sustainable breakthrough in medicines for the treatment of arrhythmia (irregular or abnormal heart beat). The company plans to dedicate more effort to understand the cause of arrhythmia and other associated conditions.
BioSig announced its involvement and support in the launch of the Alliance for Advancing Bioelectronic Medicine (AABM), an independent network of professionals united to support bioelectronic medicine in November 2019.
In September, BioSig entered into a new licensing agreement with Mayo Clinic to develop a new product pipeline to support some of the more advanced features of PURE EP.
BioSig had conducted patient cases using PURE EP System at Greenville Memorial Hospital — part of Prisma Health System — in April. Further, in February, BioSig had successfully conducted first patient cases using PURE EP System.
Last December, the company had signed an agreement with Mayo Clinic to conduct First-in-Human studies using the PURE EP. In November 2018, BioSig collaborated with Texas Cardiac Arrhythmia Institute (TCAI) to conduct First-in-Human studies using the PURE EP.
Notably, BioSig has been partnering with Mayo Clinic since March 2017, when the company signed a 10-year collaboration agreement with the clinic.
Per a report by ResearchAndMarkets published on Business Wire, the global cardiac ablation market is anticipated to grow by $1 billion, witnessing a CAGR of 12.7% between 2019 and 2025. The key factors driving the market are increasing incidents of cardiovascular diseases and related mortality rates, and a rising elderly population.
Given the current market trend and future potential, we believe that the latest agreement has been signed at the right time.
Shares of BioSig have surged 63.6% in a year’s time compared with the industry’s 5.4% growth.
Zacks Rank & Key Picks
Currently, BioSig carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Haemonetics Corp. HAE, National Vision Holdings, Inc. EYE and ResMed Inc. RMD.
Haemonetics currently has a Zacks Rank #2 (Buy) and a projected long-term earnings growth rate of 13.5%.
National Vision’s long-term earnings growth rate is estimated at 17.8%. The company currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ResMed’s long-term earnings growth rate is estimated at 12.9%. It currently flaunts a Zacks Rank #1.
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