HeartSciences and Rutgers University Announce Multi-Year Collaboration to Develop AI-based ECG Algorithms

Southlake, Texas, Dec. 01, 2022 (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 that it has entered into a multi-year collaboration agreement with Rutgers University (Rutgers), one of America’s leading public research universities.  

HeartSciences and Rutgers will collaborate to develop AI-based ECG algorithms, which are expected to accelerate HeartSciences’ product development pipeline and further expand the clinical value of an ECG for low-cost detection of heart disease. Partho P. Sengupta, MD, MBBS, FACC, Professor and the Chief of Division of Cardiology at Rutgers Robert Wood Johnson Medical School and the Robert Wood Johnson University Hospital, will serve as Rutgers’ Principal Investigator. These collaboration efforts will be focused on leveraging the extensive clinical data compiled at Rutgers. The collaboration agreement follows HeartSciences’ recent participation and demonstration of the MyoVista® at the Inauguration Ceremony of the Center for Innovation at the Rutgers and Robert Wood Johnson University Hospital in September 2022. The new collaborative relationship will operate out of the new Rutgers Robert Wood Johnson, Center for Innovation.

Dr. Sengupta stated, “We look forward to strengthening our existing relationship with HeartSciences for innovating in the important area of leveraging AI to expand the clinical capabilities of an ECG. AI is playing an important role in developing and advancing innovations in cardiology and has demonstrated significant potential for enhancing electrocardiography to improve heart disease detection, while reducing overall healthcare costs.”

Andrew Simpson, CEO of HeartSciences, stated, “We are excited and honored to enter a collaboration with Dr. Sengupta and Rutgers University. Dr. Sengupta is a globally respected figure in the field of cardiology, including the application of technology to accelerate innovation in the field of cardiology.  We have worked with Dr. Sengupta and his team in the past, with multiple published studies using MyoVista technology. This collaboration formalizes a multi-year arrangement with Rutgers, which we believe will significantly accelerate our product development pipeline of new ECG algorithms for front-line physicians and other healthcare providers.  There are millions of ECGs conducted every week and this collaboration reaffirms HeartSciences’ position at the leading edge of bringing new clinical capabilities to the ECG.”

About HeartSciences

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.

For investor and media inquiries, please contact:
Investor Relations:
Crescendo Communications, LLC
Phone: (212) 671-1021
Email: HSCS@crescendo-ir.com

Gene Gephart
Phone: +1-737-414-9213 (US)
Email: investorrelations@heartsciences.com

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