BioSig reduces workforce again, will ‘substantially’ cut operations
20 Feb 2024
Acquisition
BioSig Technologies (Nasdaq:BSGM) announced today that it terminated “a significant number of its employees.”
Shares of BSGM were up 3.1% to 64¢ apiece in mid-morning trading today following the announcement.
With this latest workforce reduction, the company says it expects to “substantially reduce business operations.” Today’s announcement marks the company’s second significant headcount cut in less than one month.
Westport, Connecticut-based BioSig announced at the end of January that it enacted a workforce reduction to reduce cash burn. The company at the time did not disclose the number of employees affected by the reduction. As of the company’s last annual report on March 30, 2023, it had 47 full-time employees.
See the full list of layoffs in medtech since mid-2022 here.
During the previous round of layoffs, BioSig announced a shift in its business model. The company develops a biomedical signal processing platform for electrocardiogram (ECG) and intra-cardiac signals. Its Pure EP system combines hardware and software to enable the real-time acquisition of raw signal data. The technology achieves this absent of unnecessary noise or interference.
The company said in January that it now wants to partner with organizations for sales distribution and clinical support of the Pure EP platform. BioSig said it aims to work with well-established electrophysiology companies and distributors with clinical staff already in the hospital setting.
It remains to be seen if that strategy remains in place following the latest layoffs.
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