BioSig Technologies Inc has earned a reiterated ‘Outperform’ rating and $4 price target from analysts at Noble Capital days after pricing a public offering that generated proceeds of $2.9 million.
The offering was “[a] bit unexpected, timing-wise, but supports PURE EP commercialization,” the firm wrote. “...While we expected funding needs in the third quarter, we are bit surprised the company raised funds now. That said, BioSig is ramping up commercial activities as they shift to a national strategy.”
On that note, Noble also pointed to a June 22 announcement from BioSig that the company signed a 60-day evaluation agreement with the Cleveland Clinic, the first deal of its kind since BioSig's new commercial team came on board.
READ: BioSig Technologies prices previously announced "best efforts" underwritten public offering to raise around $3.5M gross
“Importantly, the company has their foot in the door with a new and highly respected arrhythmia treatment center,” Noble said.
BioSig shares traded at $0.58 Thursday morning.
BioSig Technologies is a medical technology company commercializing a proprietary biomedical signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals.
The company's first product, PURE EP System is a computerized system intended for acquiring, digitizing, amplifying, filtering, measuring and calculating, displaying, recording and storing of electrocardiographic and intracardiac signals for patients undergoing electrophysiology (EP) procedures in an EP laboratory.
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