The West Port, CT-based company said it was also significantly reducing business operations.

Omar Ford

February 20, 2024

2 Min Read
Image Credit: bobaa22 via iStock / Getty Images

At a Glance

  • This measure follows BioSig eliminating positions in late January.
  • The company has developed the Pure EP platform, a non-invasive device that has real-time signal visualization.
  • Layoffs are currently plaguing the medical device industry.

BioSig Technologies said it has cut a significant number of positions and that it expects to significantly reduce business operations.

Today's layoffs follow the company cutting 16 positions at the end of January to reduce annual cash burn by 50%, according to a report from tipranks.com.

BioSig could not be reached for comment to confirm how many positions were eliminated.

The Westport, CT-based company is known for the Pure EP platform, a non-invasive device that has real-time signal visualization, allowing physicians to perform highly targeted cardiac ablation procedures.

“Until Pure EP System or another product of ours becomes commercially viable, we will have to fund all of our operations and capital expenditures from cash on hand, public or private equity offerings, debt financings, bank credit facilities, or corporate collaboration and licensing arrangements,” the company said in a Securities Exchange Commission Filing. However, we may need to raise additional funds more quickly if one or more of our assumptions prove to be incorrect or if we choose to expand our product development efforts more rapidly than we presently anticipate. We also may decide to raise additional funds before we require them if we are presented with favorable terms for raising capital.

Related:Could BioSig Play a Vital Role in the Bioelectronics Market?

BioSig noted that it has significant competition in the EP market pointing to GE Healthcare, Johnson & Johnson, Boston Scientific, Siemens Healthineers, Medtronic, and Abbott Laboratories.

“All of these companies have significantly greater resources, experience, and name recognition than we possess,” the company said in an SEC filing.  “There is no assurance that they will not attempt to develop similar or superior products, that they will not be successful in developing such products or that any products they may develop will not have a competitive advantage over our products. Moreover, our product may not be viewed as superior to existing technology or new technology from our competitors and as a result we may not be able to justify the expected selling price our product, which may have a material adverse effect on market acceptance of our product. In addition, if we experience delayed regulatory approvals or disputed clinical claims, we may not have a commercial or clinical advantage over competitors’ products that we believe we currently possess.”

 Layoffs in Medtech

The layoffs follow the company cutting 16 positions at the end of January in an effort to reduce annual cash burn by 50%, according to a report from tipranks.com.

So far, 2024 has been a year plagued with layoffs for the medical device industry.  LivaNova, Cue Health, Globus, Illumina, and Zimmer Biomet have all reported eliminating positions this year.

The first part of the year always seems to be fraught with layoffs.  In the first few months 2023, Baxter, Philips, Venus Concept, and Verily all made cuts in personnel.

About the Author(s)

Omar Ford

Omar Ford is MD+DI's Editor-in-Chief. You can reach him at [email protected].

 

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