HeartSciences raised $10.3M in proceeds from stock sales , FDA submission close

There were no significant revenues in the fiscal year 2024. As of April 30 , cash and cash equivalents were approximately $5. M and shareholders’ equity was approximately $7.3M. During the fiscal year 2024, the Company raised $10.3M in net proceeds from sales of common stock and converted $1.1M of debt to equity. Further, the Company issued common stock to Mount Sinai in connection with entering into a series of license agreements, resulting in the recognition of an intangible asset of $1.6M.”The past year has been one of significant change and progress for HeartSciences, including moving past some difficult challenges, such as navigating delays relating to FDA and regaining compliance with Nasdaq. We now have a strong balance sheet from which to capitalize on our opportunity to be a leader in what is set to become a $25 billion a year market. …We believe we are now close to FDA submission and will continue to work methodically and diligently to bring a successful conclusion to many years and several tens of millions of dollars of investment in R&D, clinical studies, and regulatory work.””Our MyoVista Insights platform is now a tangible reality with a working beta version in place. User feedback has been positive and work to bring forward the first of the Mount Sinai licensed algorithms is already underway. As a software based medical device, it avoids many of the most time-consuming development and regulatory requirements associated with a hardware-based device. We believe HeartSciences is uniquely positioned in bringing forward both cloud-based and device-based AI-ECG solutions for the resting ECG which is expected to provide significant competitive advantage and enable us to provide AI-ECG solutions in any care setting worldwide in a manner that best suits different providers.” “Finally, we believe we have the most robust patent portfolio in AI-ECG field and have continued to build substantial clinical evidence and support for our technology and its prospective benefits both in the U.S and internationally which bodes well for commercialization,” concluded Mr. Simpson.