BETHESDA, Md.--(BUSINESS WIRE)--BrainScope Company, Inc., the medical neurotechnology company which created the first FDA-cleared handheld medical device for assessment of the full spectrum of traumatic brain injury, today announced it has completed a $16 million equity financing. New investor DBL Partners joined previous backers Revolution LLC, ZG Ventures, Maryland Venture Fund and other existing and new investors in the round, which the company will use to support the commercial launch of its flagship BrainScope One medical device, as well as for continued research and development initiatives.
“We are delighted to have closed this financing with such outstanding investors. This investment acknowledges our leadership position as the first and only handheld, objective, FDA-cleared medical device for traumatic brain injury assessment. The financing will not only help the company drive commercial sales within various markets, but will also provide capital for research and development to broaden our product portfolio,” stated Michael Singer, CEO of BrainScope.
“Throughout our extensive diligence on BrainScope and potential alternative approaches for the triage of traumatic brain injury, we consistently heard from clinicians that the BrainScope product was a true breakthrough. We are happy to be supporting this team,” stated Cynthia Ringo, Senior Partner at DBL Partners.
Ms. Ringo will join BrainScope’s Board of Directors. Ms. Ringo currently sits on the board of directors of The RealReal, Urbansitter, Maiyet, RubyRibbon, Siva Power, and the Bay Area BUILD and is a member of WomenCorporateDirectors (WCD) Foundation. She also served on the board of the Forum for Women Entrepreneurs from 2000 to 2004, and as Chair of the Board from 2001 through 2003. Ms. Ringo was formerly a Managing Director of VantagePoint Venture Partners from 2002 to 2008. Prior to VantagePoint Venture Partners, she served as the CEO of Coppercom, a next- generation network switching company, from 1998 to 2001 and was the Chairman of the Board from 2001 to 2002.
BrainScope One is an FDA-cleared medical device for rapid, objective assessment of mildly presenting adult head injured patients at the point of care for up to three days following injury, and is designed to help the clinician assess the full spectrum of brain injury, including whether a patient has structural brain injury visible on CT, as well as whether a patient has functional brain injury, including concussion. BrainScope One is available to a cross-section of market segments including urgent care clinics, occupational health clinics, hospital emergency rooms, university and professional sports, and the U.S. military and government.
BrainScope has been the recipient of several prestigious awards over the past few months, including the Frost & Sullivan 2017 Best Practices Award for New Product Innovation in the Traumatic Brain Injury Assessment Solutions Market, as well as a nomination for the 2017 Prix Galien USA Best Medical Technology, regarded as the equivalent of the Nobel Prize in medical technology research, with a winner to be chosen in October.
About BrainScope
BrainScope Company, Inc. (“BrainScope”) is a medical neurotechnology company that is developing a new generation of handheld, easy-to-use, non-invasive devices designed to aid medical professionals in rapidly and objectively assessing various neurological conditions, beginning with traumatic brain injury (TBI), including concussion. The company’s first product introduced in 2017, BrainScope One (FDA cleared as Ahead 300), uses EEG-based technology that is non-invasive for mildly presenting patients 18-85 years old and within 3 days after head injury. BrainScope One measures and interprets brain electrical activity and a patient’s neurocognitive function, creating a panel of objective data to help physicians make their clinical diagnosis. BrainScope’s technology platform integrates databases of thousands of brainwave recordings with advanced digital signal processing, sophisticated algorithms, miniaturized hardware and disposable headset sensors, which are all covered by an extensive intellectual property portfolio of over 100 issued and pending patents. BrainScope has received four FDA clearances and ISO 13485:2003 Certification. BrainScope has partnered with the U.S. Department of Defense for the development of its TBI assessment technology, and was named both an original recipient and final awardee of the GE-NFL Head Health Challenge I. For more information, please visit www.brainscope.com.
