By Allan Maurer
BETHESDA, MD – BrainScope Company Inc., a developer of non-invasive hand-held devices that are designed to quickly assess a patient’s brain function, has raised more than $2.5 million in debt and equity financing, according to regulatory filings. Backers include Steve Case, co-founder of AOL, Revolution LLC, Alafi Capital, ZG Ventures and Phillip Himelstein, a medical device venture capitalist.
According to filings with the U.S. Securities and Exchange Commission, the company raised $1,593,750 in debt in October of a targeted $2.5 million debt financing.
In November, it added $970,000 of a targeted $1,199,421 million round.
Principals listed in the filings include Case, Moshe Alafi, John Reher, and Miles Gilbume.
The company is developing a new generation of portable, non-invasive instruments to aid medical professionals in rapidly and objectively providing clinically meaningful information to aid in the assessment of brain function at the initial point of care.
In August, the U.S. Food and Drug Administration cleared its first device, the ZOOM-100DC brain electrical activity data collection system, for marketing.
The ZOOM-100DC is an advanced 8-channel, portable, handheld electroencephalogram (EEG) device capable of recording and displaying EEG waveforms and providing conventional EEG measures.
It is designed to monitor the state of the brain at the initial point of care where traditional EEG tools are not readily available.
The company says its technology platform is based on 30 years of clinical data.
It integrates the world’s largest database of brainwave recordings with cutting-edge developments in digital signal processing, advanced mathematics, miniaturized hardware, an easy-to-use interface and disposable headset sensors.
Michael Singer, who has been involved in the health and technology industry at both start-ups and large corporations for nearly two decades, is CEO of the company.
Miles Gilburne, the managing partner of ZG Ventures, is co-chairman of the board with Himelstein.
Case’s brother Dan, who led the tech banking firm Hambrecht & Quist during the heady Internet boom years, died of brain cancer in 2002. The brothers founded the DC-based non-profit foundation Accelerate Brain Cancer Cure (ABC2) to speed research on brain cancer. Well-known Research Triangle serial entrepreneur Max Wallace heads ABC2.
Online: www.brainscope.com; www.revolution.com; http://abc2.org
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