BSP receives FDA approval for ECG test

Despite its long years on the stock exchange with little or no sales, BSP - Biological Signal Processing Ltd. (TASE:BSP) is not giving up. The company today reported that it had obtained FDA approval to market its device for more accurate diagnosis of heart attacks using an ECG at rest. The company share is also patient; it tends to rise powerfully every time the company issues a positive announcement (and then usually goes back down). It gained 25% today, putting the company's market cap at NIS 11.1 million.

The company's original product was an ECG stress test, but it now operates in all of the ECG market. Marketing approval for Europe was obtained a year ago. The company's revenue in the first half of the year totaled a tiny NIS 1.3 million but still far more than its NIS 14,000 in the corresponding period last year, and even much more than its NIS 800,000 in revenue for all of 2013.

BSP has changed its business model in recent years; it is now integrating its systems in medical devices made by other companies. Its revenue comes from payments by the Schiller corporation for installing BSP's systems in Schiller's products.

Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2014