BioSig Technologies, Inc. (BSGM) CEO Ken Londoner on Business Development Update Conference Call (Transcript)

Summary of BioSig Technologies, Inc. Business Development Update Conference Call Company Overview - Company: BioSig Technologies, Inc. (OTCQB: BSGM) - Date of Call: November 18, 2020 - Participants: - Ken Londoner - Chairman and CEO - Andy Ballou - Vice President of Investor Relations - Other participants from Laidlaw & Company, Plum Tree Consulting, and JJK Consulting Key Points Industry and Business Updates - Core Business: Focus on the PURE EP System installations and commercialization outlook [4][12] - ViralClear Subsidiary: - Phase 2 clinical trial for merimepodib halted based on Safety Monitoring Committee's recommendation [7] - Operations winding down, with cash proceeds redirected to NeuroClear neuro technology program [9][11] - Engaging with three pharmaceutical/biotech companies for potential partnerships [10] Financial Performance - Cash Position: $32.7 million on the balance sheet, sufficient to support operations through 2021 and into 2022 [24] - **Burn Rate**: Approximately$1.4 million per month for the PURE EP business, with a total burn of $6.2 million in Q3 2020 [24][29] - Commercial Inventory: 65 units of commercial inventory already paid for, expected to generate revenue over the next 12 months [25] PURE EP System Progress - Installations: - Total of six installations completed, with plans for two additional installations [12][15] - Positive feedback from physicians using the system, with 363 total procedures performed year-to-date [13][14] - Clinical Data: - 35.5% of cases showed BioSig signals had more visible components compared to traditional systems [17] - Ongoing collection of clinical data to support future studies and marketing efforts [19][66] Market Strategy and Future Plans - Expansion Plans: - Targeting 12 to 16 hospitals for limited market release, with a focus on Northeast, Florida, and Texas regions in 2021 [20][21] - Plans to recruit additional sales and marketing personnel to support expansion [21] - Commercial Transactions: Expecting first commercial transaction in Q4 2020, with visibility for more based on successful installations [22] Challenges and Considerations - COVID-19 Impact: The pandemic has affected installation timelines, with some installations pushed to Q1 2021 [15][49] - ViralClear Investments: Investors in ViralClear will hold a stake in the NeuroClear program as the company seeks to create value from these assets [52] Additional Insights - User Feedback: Positive user feedback has led to software upgrades planned for early 2021 [33] - Revenue Model: Revenue will be generated from hardware sales, service contracts, and software upgrades [56][60] - Clinical Trials: Plans for investigator-initiated clinical trials to further validate the efficacy of the PURE EP system [66] Conclusion - BioSig Technologies is making significant progress in the commercialization of its PURE EP System, with a strong financial position and positive feedback from early adopters. The company is strategically planning for expansion and is optimistic about future growth despite challenges posed by the COVID-19 pandemic.