Southlake, Texas, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Heart Test Laboratories, Inc. d/b/a HeartSciences (NASDAQ: HSCS; HSCSW) (“HeartSciences” or the “Company”), a medical technology company focused on saving lives by making an ECG (also known as an EKG) a far more valuable screening tool through the use of Artificial Intelligence (AI), today announced it has been granted a patent in Israel (Patent No. 10-2490960) from the Israel Patent Office.
Andrew Simpson, Chief Executive Officer of HeartSciences, commented, “Artificial intelligence is transforming what’s possible, and at HeartSciences we are at the leading edge of changing what’s possible with an ECG by applying AI to make it a far more valuable screening tool for heart disease detection to save lives. Israel is a hotbed for medical device innovation, with more patents granted per capita than anywhere else worldwide. This patent award further protects our IP and further validates our position as a technology innovator. Protection of our intellectual property and patents is core to our strategy as they provide intrinsic value and would be expected to be a source of major competitive advantage as we move toward commercialization.”
Millions of ECGs are performed worldwide every week and the ECG is by far the most ubiquitous cardiac test. Despite this, cardiovascular disease accounts for 17.9 million deaths annually, an estimated 32% of all deaths worldwide. The MyoVista® provides all conventional ECG information but, in addition, incorporates an AI algorithm for the detection of cardiac dysfunction. Conventional ECGs have historically had a limited, if any, role in the evaluation of cardiac dysfunction which has significantly reduced their role for heart disease screening.
To date, HeartSciences has been granted nine US patents and 31 international patents for a total of 40 granted patents. The Company has 8 additional patents pending across the US and international markets. Issued international patents are across key countries including China, Brazil, Canada, India, South Korea, Mexico, and key European markets such as Germany, France, the UK, Italy and the Netherlands.
Heart Test Laboratories, Inc. d/b/a HeartSciences is a medical technology company focused on applying innovative AI-based technology to an ECG (also known as an EKG) to expand and improve an ECG’s clinical usefulness. Millions of ECGs are performed every week and the Company’s objective is to improve healthcare by making an ECG a far more valuable cardiac screening tool, particularly in frontline or point-of-care clinical settings. HeartSciences’ first product candidate for FDA clearance, the MyoVista® wavECG, or the MyoVista®, is a resting 12-lead ECG that is also designed to provide diagnostic information related to cardiac dysfunction which has traditionally only been available through the use of cardiac imaging. The MyoVista® also provides conventional ECG information in the same test. The business model, which involves the use of the MyoVista® device and consumables for each test, is expected to be “razor-razorblade” as the electrodes used with the MyoVista® are proprietary to HeartSciences, and new electrodes are required for every test performed.
For more information, please visit: https://www.heartsciences.com. Twitter: @HeartSciences
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and are relating to the Company's future financial and operating performance. All statements, other than statements of historical facts, included herein are "forward-looking statements" including, among other things, statements about HeartSciences’ beliefs and expectations. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. The expectations reflected in these forward-looking statements involve significant assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Potential risks and uncertainties include, but are not limited to, risks discussed in HeartSciences’ filings with the U.S. Securities and Exchange Commission at www.sec.gov. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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