HeartBeam, Inc. (NASDAQ:BEAT) Q2 2023 Earnings Conference Call August 10, 2023 4:30 PM ET
Company Participants
Branislav Vajdic - Founder & Chief Executive Officer
Robert Eno - President
Richard Brounstein - Chief Financial Officer
Conference Call Participants
Ben Haynor - Alliance Global Partners
Operator
Greetings and welcome to the HeartBeam Second Quarter 2023 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
At this time, I'll turn the call over HeartBeam, Chief Executive Officer, Branislav Vajdic. Please go ahead, sir.
Branislav Vajdic
Thank you, operator and good afternoon, everyone. I'm pleased to welcome you to today's second quarter 2023 financial results conference call. On today's call, we will be relating some very important updates about our business and our products.
Recently, we completed $26.5 million in funding which will enable us to execute on upcoming product development, clinical and regulatory milestones and extends our cash runway into late 2024. With this funding, we took the opportunity to adjust our strategic focus to enable timely delivery of our ambulatory vector electrocardiogram, or VECG, products, our key future value drivers.
Our first step is to obtain a 510-K FDA clearance for the HeartBeam AIMIGo VECG device. This application was submitted to the FDA in May and we will be following this with a second FDA application on the system's ability to synthesize a 12-Lead ECG. Given this strategic focus on our AIMIGo system, we withdrew the 510-K application for our AIMI product which is a software applied to 12-Lead ECG in the emergency department. This will allow us to devote all of our resources and energy to products that are being powered for our 12-Lead ECG into the hands of patients and outside of a medical facility.
We just announced the publication of our first peer-reviewed paper, a foundational study demonstrating the ability of our VECG platform to detect the presence of coronary artery blockages. The study comparing our 3D VECG approach to conventional standard 12-Lead ECG appeared in JACC Advance's, Journal of the American College of Cardiology.
We also strengthened our board with the appointment of 3 respected industry executives, Dr. Michael Jaff, Ken Nelson and Mark Strome, bringing the number of HeartBeam board members to 8. We also are excited to report that, we recently welcomed to our team Debbie Castillo, Ph.D. and Vice President of Regulatory Affairs. Debbie is an experienced biomedical engineer and brings more than 12 years' experience in regulatory affairs and quality assurance for medical devices and diagnostics, both with the FDA and the private sector.