HeartBeam, a California-based healthcare technology company, has announced a public offering of more than 5.8 million shares of common stock at $1.70 per share. The company anticipates closing the offering on February 14, 2025. This initiative aims to raise approximately $10 million before expenses are deducted.
The funds generated will be allocated towards research and development, regulatory processes, working capital, and various general corporate purposes, including the marketing, sales, and distribution of its products in the United States. MDB Capital is serving as the underwriter for this offering and has been granted an option to purchase up to 882,353 additional shares to cover potential over-allotments.
According to Investing.com, HeartBeam’s stock price has experienced an approximate 8.2% decrease in the past week.
FDA Clearance for Innovative Cardiac Monitor
The public offering follows a significant milestone for the company. In December, HeartBeam received clearance from the U.S. Food and Drug Administration (FDA) for its innovative, cable-free, credit card-sized heart monitor. This device is capable of producing 12-lead electrocardiograms (ECGs).
This technology is designed to help patients monitor their heart health in real time. When symptoms arise, patients use the device with guidance from the HeartBeam app to capture 30 seconds of data. Data is then automatically transmitted to the cloud for physician review and analysis.
At the time of FDA clearance, Robert Eno, HeartBeam’s CEO, stated, “The ability for patients to capture high-fidelity ECG signals from three directions wherever they are when symptoms occur will help patients get the care they need in a timelier manner. The FDA clearance of our technology is a significant milestone for the company that brings us one step closer to fulfilling our vision of providing unprecedented cardiac insights to individuals and physicians.”
