BioDirection completes $4 million Series B funding
February 9, 2016 – BOSTON. BioDirection, Inc., a privately held medical device company developing novel and rapid point-of-care products for the objective management of concussion and other traumatic brain injury (TBI), today announced that it has closed over $4 million in a Series B Convertible Preferred Stock financing. With the Series B round, the total funds raised by the company are approximately $10 million. BioDirection expects to use the funding from the financing round to accelerate execution of the final stages of development and plans for commercialization for Tbit™, the company’s technology platform designed to provide rapid point-of-care diagnosis of concussions and other TBI.
Participants in the financing included Provident Healthcare Capital, a healthcare focused growth-equity fund, and other globally recognized leaders in medical technology investment, some of whom have established associations with some of the largest hospital systems, providers and payers in healthcare today.
The Tbit™ system uses a patented nanotechnology biosensor to rapidly detect and accurately measure protein biomarkers that are released from the brain immediately following a head trauma. The portable system allows for testing to be performed at the earliest stages of medical diagnosis and intervention. Earlier diagnosis of a concussion can support more rapid and appropriate treatment decisions while reducing unnecessary head CT scans.
“We are very pleased to have this group of sophisticated and informed investors join our team,” said Eric Goorno, president and CEO of BioDirection. “Their strong interest in our technology is another important validation of the benefits of our Tbit™ platform, which is positioned to address a significant area of unmet need in the diagnosis of concussion. We look forward to completing our clinical research program for Tbit™ and advancing to the final stages of FDA regulatory review.”
Source: BioDirection, Inc