Heart Test Laboratories, Inc. (HSCS) expects to raise $9 million in an IPO on Wednesday, June 15, reports IPO Scoop. The Company will issue 1,800,000 shares at a price of $4.50 to $5.50 per share.
For the last 12 months, Heart Test Laboratories, Inc. had revenue of $30,000 and a net loss of $2.5 million. The company has a market cap of $40.6 million.
The Benchmark Company acted as underwriter for the IPO.
Heart Test Laboratories, Inc. provided the following description of their company for its IPO: “(Note: This IPO is an offering of units. Each unit will consist of one common share and one share purchase warrant. Heart Test Laboratories, Inc. has at NASDAQ is applying to list its shares under the proposed symbol “HSCS” and the warrant under the proposed symbol “HSCSW”.) We are a medical technology company focused on the application of innovative AI-based technology to an EKG (aka ECG) to extend and improve the clinical utility of an ECG. Our goal is to make an ECG a far more valuable cardiac screening tool, especially in frontline or point-of-care clinical settings. HeartSciences’ first product candidate for FDA approval, the MyoVista wavECG, or MyoVista, is a 12-lead resting ECG that is also used to provide diagnostic information related to cardiac dysfunction traditionally only available through the use of cardiac imaging were. The MyoVista also provides conventional ECG information in the same test. Our business model, which involves the use of the MyoVista device and consumables for each test, is expected to be “razor blade” as the leads used with the MyoVista are proprietary to HeartSciences and new leads are required for each test performed. Our device has not been cleared for marketing by the FDA and our future success depends on receiving FDA de novo clearance for MyoVista and raising sufficient funds to complete our pivotal clinical validation study and device testing and development, to submit and obtain FDA DE Novo clearance. Additional funds would then be required to support the launch of MyoVista in the US, provide working capital and support further research and development or R&D. We believe that there is currently no cost-effective, front-line medical device that is effective in screening for heart disease. As a result, we believe that frontline physicians face a significant challenge when it comes to determining if a patient has heart disease. Although many consider the EKG to be the frontline heart disease test, in 2012 the United States Preventive Services Task Force (USPSTF) conducted a review of traditional EKG tests and found, “There is no good evidence that an EKG helps physicians , the heart is better at predicting risk in people without symptoms than traditional considerations such as current or past smoking, blood pressure and cholesterol levels.” ECG machines record the electrical signals from a patient’s heart. The ECG is a ubiquitous, relatively inexpensive, simple, and quick test; It is portable and can be performed in a variety of clinical settings by a non-specialist clinician or clinical assistant. There are three basic categories of heart disease: electrical (e.g., arrhythmia), structural (e.g., valvular heart disease), and ischemic (e.g., coronary artery disease or CAD). Traditional resting ECGs have limited sensitivity in detecting structural and ischemic disorders and are typically used to diagnose cardiac arrhythmias such as atrial fibrillation, also known as Afib, or acute coronary syndrome, such as a myocardial infarction, also known as a cardiac attack. However, conventional ECGs play a limited role in identifying cardiac dysfunction associated with structural and ischemic disease. HeartSciences developed MyoVista to address these limitations and expand the clinical capabilities of an ECG to detect cardiac dysfunction. We apply AI machine learning to the heart’s signal-processed electrical signal. Our first algorithm, which is not yet FDA cleared, is designed to detect cardiac dysfunction caused by cardiac disease and/or age-related cardiac dysfunction. “.
Heart Test Laboratories, Inc. was founded in 2007 and has 13 employees. The company is located at 550 Reserve St, Suite 360, Southlake, Texas 76092 and can be reached by phone at 682-237-7781 or online at https://www.heartsciences.com/.
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