Former Vice Chairman of NASDAQ, "Father" of the JOBS Act of 2012, and Chairman and CEO of Weild & Co. Joins BioSig's Independent Board
Minneapolis, MN /May 26, 2015 / BioSig Technologies, Inc. (OTCQB: BSGM) today announced that it has appointed David Weild to the Board of Directors, effective immediately. Mr. Weild has been elected to Chair the Audit Committee of the Board as the Company prepares to uplift to a National Stock Exchange.
Mr. Weild brings extensive financial, economic, stock exchange, capital markets, and small company expertise to the Company gained through his successful career on Wall Street.
Mr. Weild is founder, chairman and CEO of Weild & Co. which was launched in 2014 to improve capital markets outcomes for corporations while continuing to support policymakers as they strive to improve equity markets in ways that will drive economic and job growth. He was a former vice chairman of NASDAQ and head of corporate finance and equity capital markets at Prudential Securities, Inc. He is referred to as "The father of the JOBS Act" in the United States for a series of published papers that, with co-author Ed Kim, discovered, documented and identified causes for a dramatic collapse in small IPOs and the number of listed companies in the United States.
The work of Mr. Weild indicates one-size-fits-all electronic markets that cut the economic incentives that were required to support the "ecosystem" of small cap value providers (research, sales and market-making) in the U.S. Mr. Weild believes that current structure costs the U.S. economy at least 10 million jobs over the course of a decade.
The JOBS Act is considered the most important American pro-capital formation legislation in a generation. Weild and his colleagues have advanced the idea of testing increases to "tick sizes" as a mechanism to support small public companies. On May 6, 2015 the Securities and Exchange Commission ("SEC") approved a two-year pilot program to widen tick sizes "to assess whether wider tick sizes enhance the market quality of these stocks for the benefit of issuers and investors."
Mr. Weild is also advancing the idea of creating a new type of stock exchange focused exclusively on the needs of small-cap companies and their investors. This concept has been referred to as "Venture Exchanges" in Congress and by the SEC.
Kenneth L Londoner, Executive Chairman and Co-Founder of BioSig Technologies, Inc. stated, "We are truly honored to welcome David to our Board. David complements and adds to the depth and strength of our independent Board. As a small publicly traded company, the work his firm is doing to improve conditions for small issuers is exciting and sincerely appreciated. Our shareholders are fortunate to have such an expert leading the Audit Committee of the Board to ensure the quality and financial health of our Company."
David Weild stated, "BioSig Technologies, Inc. is an impressive small cap company scaling its growth and providing shareholder value while faced with the challenges of the current U.S. small cap market structure. I have been impressed with its management team, world-class Board of Directors, technology and corporate structure. BioSig's unique approach to its development caught my attention and I look forward to working closely with the Board to overcome market structure challenges and to create significant shareholder value."
About BioSig Technologies
BioSig Technologies is a medical device company that is developing a proprietary technology platform designed to improve the $3 billion electrophysiology (EP) marketplace(1) (www.biosigtech.com). Led by a proven management team and a veteran, independent Board of Directors, Minneapolis-based BioSig Technologies is preparing to commercialize its PURE EP System.
PURE EP System is a surface electrocardiogram and intracardiac multichannel recording and analysis system designed to assist electrophysiologists in making clinical decisions in real-time by acquiring and displaying high-fidelity cardiac signal recordings and providing clarity of data which may be used to guide the EP's in identifying ablation targets - areas of tissue to treat that otherwise create a heart rhythm disturbance (arrhythmia).
Analysts forecast the global market for EP devices will grow at a 12.1 percent compound annual growth rate, from $2.5 billion in 2012 to $5.5 billion by 2019(1) - making it one of the fastest growing medical device segments. Just in the US, the number of Atrial Fibrillation (AF) and Ventricular Tachycardia (VT) arrhythmia ablations is forecast to grow at 10.5 percent from 2012 to 2017(2).
BioSig intends to seek FDA 510(k) clearance for the PURE EP System. The Company has achieved proof of concept through UCLA labs and has performed preclinical studies at the Mayo Clinic in Minnesota. The Company is collaborating with several of the nation's most prestigious cardiac arrhythmia centers including Texas Cardiac Arrhythmia Institute, UCLA Cardiac Arrhythmia Center, and Mayo Clinic.
(1) Electrophysiology Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
(2) HRI 2013 "Global Opportunities in Medical Devices & Diagnostics" report; triangulation of multiple sources; *AF includes left atrial tachycardia, left WPW, left atrial flutter.