BioDirection, a privately owned medical device company developing novel and fast point-of-care products for objective concussion and other traumatic brain injury (TBI) management, today announced that it has closed more than $4 million in Series B Convertible Preferred Stock financing. With the Series B round, the total funds raised by the company amount to approximately $10 million. BioDirection expects to use funding from the financing round to accelerate the final stages of development and marketing plans for Tbit, the company’s technology platform designed to provide rapid point-of-care diagnosis of concussions and other TBIs.
Funding participants included Provident Healthcare Capital, a growth-equity fund focused on healthcare, and other globally recognized leaders in medical technology investment, some of whom have established partnerships with some of the largest hospital systems, providers and healthcare payers in the world today.
The Tbit system uses a patented nanotechnology biosensor to quickly detect and accurately measure protein biomarkers that are released from the brain immediately following head trauma. The portable system allows tests to be carried out at the earliest stage of medical diagnosis and intervention. Earlier concussion diagnosis can support faster and more appropriate treatment decisions while reducing unnecessary head CT scans.
‘We are very pleased that this group of sophisticated and informed investors has joined 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 capable of addressing a significant area of unmet need in the diagnosis of concussion. We look forward to completing our clinical research program on Tbit and moving forward to the final phase of the FDA regulatory review. ”
Inc. BioDirection Is a private medical device company developing novel and rapid point-of-care technologies for objective diagnosis and management of concussion and other traumatic brain injury (TBI) The company’s lead product, the Tbit blood test, delivers biologically based results that have been shown to confirm the concussion in less than 90 seconds. The BioDirection platform system uses a patented bio-nanowire technology with the potential to be used in a wide range of applications in point-of-care diagnostics. Visit http://www to learn more about BioDirection Biodirective Com/Com
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