The Offer
Company Overview
Heart Test Laboratories, Inc. was incorporated in Texas, the USA in August 2007, and operates as a medical technology company by deploying innovative AI-based solution technology to ECG (also termed as EKG) for enhancing the ECG’s clinical usefulness. The company is majorly inclined toward making the ECG an effective tool for cardiac screening, especially in the frontline or point-of-care clinical settings. The company’s first product MyoVista wavECG (MyoVista), is a 12- lead resting ECG which is also aimed to yield diagnostic information about cardiac dysfunction which was earlier only available through cardiac imaging and is waiting for the FDA clearance. The business model is devised around the sale of MyoVista and the usage of the proprietary supplies that are electrodes that will be required for each test, ‘razor-razorable’. Post-FDA approval the group aims to cater to the frontline healthcare in the US which includes cardiology, and primary care to help the physician for making conclusions in referring cardiology process, retail clinics, and insurers.
Key Highlights
Primary Offering: The company is offering units of securities, issuing 1,750,000 Units at USD 5.00 per Unit (which is the midpoint of the price range set in the IPO prospectus), each Unit consisting of: a) One share of Common Stock; and b) One Warrant to purchase one share of Common Stock. The Warrants may only be exercised at an exercise price of USD 5.00 per whole share of Common Stock. The Common Stock and the Warrants comprising the Units are immediately separable upon issuance and will be issued separately but will be purchased together in this offering.
Use of Proceeds: The group estimates the net proceeds from this offering will be approximately USD 7.2 million, assuming an initial public offering price of USD 5.00 per Common Share (which is the midpoint of the range set). The company has estimated an approx. of USD 8.4 million of the proceeds if the underwriters exercise the option of over-allotment in full. The company intends to use these proceeds for achieving FDA clearance for the MyoVista device, then the reaming will be allocated to research & development, completing the pivotal clinical study for the validation, working capital, and general corporate purposes, etc.
Dividend Policy: Since its inception, the group has never paid any dividend and does not intend to pay dividends on its Common Shares anytime soon.
Sector Overview
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