The financing will support the development of laboratory and point-of-care devices for the diagnosis and prognosis of traumatic brain injuries.
BRAINBox Solutions announced strategic financing to accelerate the development of point-of-care and laboratory-based devices for its traumatic brain injury (TBI) diagnostic and prognostic tests.
The financing includes equity funding and credit facilities from Pivotal Capital Partners and New Horizon Bank. While specific terms were not disclosed, the company intends to use the capital to develop hardware and software for commercial devices and to acquire pilot instruments.
“The financing reflects the progress we have made in delivering excellent performance in a proprietary assay format, including through our collaboration with Prolight Diagnostics that has demonstrated its Psyro PoC platform’s suitability for our TBI test as well as other products in our neurology portfolio,” says Donna Edmonds, CEO, in a release.
The company recently entered a development agreement with Prolight Diagnostics following a feasibility study. In that study, Prolight Diagnostics evaluated 260 patient samples from the BRAINBox Solutions HeadSMART II trial. The testing utilized the Psyros platform, which uses technology capable of measuring biomarkers at concentrations as low as single-digit ng/L from a drop of blood.
BRAINBox Solutions aims to provide concussion tests in hospital laboratories, clinics, ambulances, emergency departments, nursing homes, and athletic facilities. The initial product uses a panel of blood biomarkers that can be read on a point-of-care instrument or standard laboratory system.
“Development of a PoC device is an important dimension of our strategy, which is to provide the test in hospital laboratories as well is in other settings such as clinics, ambulances, emergency departments, nursing homes, and athletic facilities,” says Edmonds, CEO, in a release.
The testing platform combines blood-based biomarkers with digital neurocognitive testing to provide a composite TBI injury score. According to the company, the multi-modality approach is designed to provide information that can support the ability to guide clinical interventions.
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