WESTPORT, CT - BioSig Technologies, Inc. (NASDAQ: NASDAQ:BSGM), a medical technology company focused on intra-cardiac signal visualization, announced today the immediate appointment of Mr. Anthony Amato as its Chief Executive Officer (CEO). Mr. Amato will also serve on the company’s Board of Directors, which is presently being established.
The appointment follows the company's engagement with Bridge Associates International Pharmaceutical Consulting, led by Mr. Amato, on April 4, 2024. This move is part of BioSig's strategy to enhance shareholder value and capitalize on its core product line, including the PURE EP™ Platform, an FDA 510(k) cleared non-invasive class II device designed to improve the accuracy of cardiac procedures.
Mr. Amato, 56, brings a wealth of experience to BioSig, with a background in business leadership and a track record of identifying growth opportunities and achieving performance targets. He has previously founded InQuest Science, acquired Bridge Associates International Pharmaceutical Consulting, and served as the Director of Sales for Mesa Labs. In 1999, he established Amega Scientific Corporation, which became an industry leader before its acquisition by Mesa Labs in November 2013.
Upon accepting the CEO position, Mr. Amato stated, "Approximately 2 months ago, I took the initiative to review, analyze, and address the urgent issues that had the potential to negatively impact the Company’s future. Since then, important and material progress has been realized on multiple fronts, and I have accepted this new position to accelerate the implementation of the comprehensive turnaround strategy."
BioSig Technologies is known for its pioneering work in deciphering the body’s electrical signals, particularly heart rhythms, with the aim of overcoming challenges related to procedural efficiency and efficacy in cardiac care. The company plans to continue updating shareholders as significant developments occur.
This news is based on a press release statement from BioSig Technologies, Inc. The company has made forward-looking statements regarding its future operations and performance, which are subject to risks and uncertainties and may differ materially from current expectations. These statements are not guarantees of future performance and are based on certain assumptions. For more detailed information, please refer to BioSig's filings with the Securities and Exchange Commission.
InvestingPro Insights
With the recent appointment of Mr. Anthony Amato as CEO of BioSig Technologies, Inc., there are strategic shifts anticipated for the company. Still, it is important for investors to consider the financial health and market performance of BioSig alongside these executive changes.
An InvestingPro Tip worth noting is that analysts predict sales growth for BioSig in the current year, which could be a positive signal for investors following the company's efforts to enhance shareholder value with its PURE EP™ Platform. On the other hand, BioSig is quickly burning through cash, which could pose challenges for the company's financial stability and its ability to sustain operations without additional financing.
From the real-time data on InvestingPro, BioSig's market cap stands at a modest 15.83 million USD, reflecting the size of the company within the medical technology sector. The company has experienced a significant stock price decline over the past year, with a 1 Year Price Total Return of -89.11%. Moreover, the Price, Previous Close was noted at 1.34 USD, which may be of interest to investors considering entry points into the stock.
For those considering a deeper dive into BioSig's financials and market potential, InvestingPro offers additional insights, with a total of 15 InvestingPro Tips available for BioSig. This includes an analysis of the company's high revenue valuation multiple and its performance within the niche of the medical technology industry. To access these tips and more detailed analytics, visit: https://www.investing.com/pro/BSGM and take advantage of the special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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