Cardiac technology company HeartBeam has raised funding worth $25m through the closing of the secondary offering of its common stock.

After accounting for the placement agent discounts, commissions and offering expenses, HeartBeam’s offering resulted in net proceeds of $23.2m.

The funding secured will be allocated towards achieving clinical and regulatory goals concerning the HeartBeam AIMIGo system. Additionally, it will be used to prepare for the commercial launch of the system next year.

The offering was facilitated by Public Ventures in its capacity as the placement agent.

Public Ventures co-founder and CEO Christopher Marlett said: “HeartBeam has the potential to positively impact the lives of millions of people, to change the standard of care and to be the leader in the emerging area of ambulatory VECG.”

HeartBeam’s priority is to secure 510(k) clearance from the US Food and Drug Administration (FDA) for the AIMIGo 3D-vector electrocardiogram (VECG) device, which resembles a credit card in size.

Subsequently, the focus will shift to obtaining a second 510(k) clearance for the system’s capability to synthesise an electrocardiogram (ECG).

The second FDA clearance will help establish that the company’s synthesised 12-lead ECG is equivalent to standard 12-lead ECGs.

This year, the company aims to prove the capabilities of the AIMIGo platform through rigorous clinical trials. The platform is claimed to be the most advanced ambulatory cardiac detection platform.

In addition, the company will focus on advancing its intellectual property through a strategic alliance with PatentVest, a unified technology development and patent law firm.

HeartBeam founder and CEO Dr Branislav Vajdic said: “The strategic focus we are announcing today are important steps for us to demonstrate the value of our novel VECG technology and to achieve the clinical and regulatory milestones to bring these important products into the hands of physicians and patients.”