Neural Analytics, Inc. Raises $15 Million in Series B Financing
LOS ANGELES, Jan. 9, 2018 — Neural Analytics, Inc., a medical device company developing and commercializing technology to measure, diagnose, and track brain health, today announced that it has raised $15 million in Series B financing led by Alpha Edison.
“This round of funding will allow us to build on the momentum we have generated in 2017 and expand our team as we further advance the development of the Lucid System to assess and monitor additional brain health conditions,” said Leo Petrossian, Ph.D., Co-Founder and Chief Executive Officer of Neural Analytics, Inc.
The Lucid Transcranial Doppler Ultrasound System (Lucid System) uses ultrasound to assess the brain’s blood vessels from outside the body. This analysis is non-invasive, can be performed in the physician’s office, and helps the physician diagnose brain disorders. The system is FDA-cleared and CE-marked for the monitoring of blood flow velocities in the cerebral vasculature. The Lucid System is a battery-operated, medical-grade tablet device designed to be transported easily throughout a medical facility and in a range of clinical scenarios that require the rapid assessment of blood flow in the brain to expedite treatment.
“We are committed to investing in companies, such as Neural Analytics, who are making key strides in data-driven diagnostics by marrying AI, machine learning and robotics to existing in-market technologies,” said Nick Grouf, Managing Partner at Alpha Edison. “In the case of brain health management, this facilitates early and accurate diagnosis which is essential to improving patient outcomes. We believe Neural Analytics is impressively positioned to create material value for patients, the broader healthcare ecosystem, and as a consequence, investors.”
This follows Neural Analytics’ recent announcement of its partnership with the Department of Defense (DoD) awarding the company with a $10 million contract to develop and supply a portable, point of injury device for assessing combat-related traumatic brain injury (TBI). The contract was awarded by the U.S. Army Medical Research and Materiel Command.
In addition, this past November the positive results from the first phase of the EXPEDITE program (under an IRB-approved investigation) were presented at the 10th Society of Vascular and Interventional Neurology annual meeting. The first phase of the program was designed to examine the feasibility of Neural Analytics’ Lucid System in the measurement of cerebral blood flow in patients with large vessel occlusion (LVO), a key cause of acute ischemic stroke (AIS). The data presented demonstrated that the company’s Lucid System is capable of measuring and displaying LVO with 91 percent sensitivity and 85 percent specificity as compared to the current standard of care imaging in persons suspected of having a stroke.
About Alpha Edison
Alpha Edison is an early stage venture firm that partners with courageous entrepreneurs to build industry-changing technology platforms. The company shares its research and expertise in business model innovation to help ambitious founders create new markets, unlock latent demand, and scale businesses that change our world – for the better. Based in Los Angeles, CA, you can learn more about Alpha Edison at www.alphaedison.com.
About Neural Analytics, Inc.
Neural Analytics, Inc. was founded in 2013 to create products and services to measure, diagnose, and track brain health. The company’s current focus is on acute ischemic stroke, traumatic brain injury, and dementia. They combine leading data science with cutting edge hardware to allow first responders and clinicians to accurately assess and monitor brain health issues. Their devices are designed to be portable, autonomous, reliable, and produce precise and objective physiological measurements for medical responder monitoring of neural disorders.
Source: Neural Analytics, Inc.