Boston, MA — BioDirection, a privately held medical device company developing novel and rapid point-of-care products for the diagnosis and management of concussions and other acquired traumatic brain injuries, today announced that the company has closed a $2 million interim financing to support clinical development of the Tbit™ System, the first technology positioned to deliver a rapid and objective point-of-care blood test for concussion diagnosis.
Participants in the financing include Provident Healthcare Capital, a healthcare focused growth-equity fund, MedScience Ventures, LLC, a U.S./Asia-based fund focused on emerging life science and medical technologies, and other globally recognized leaders in medical technology investment. With this financing, total outside funds raised by BioDirection since the company was founded in 2010 are approximately $12 million.
“We are very pleased to have this outstanding group of informed investors join our shareholder list,” said Eric Goorno, president and chief executive officer of BioDirection. “Their strong interest in our breakthrough technology is further evidence that our Tbit System is positioned to address a significant area of unmet need and target a major commercial opportunity in the diagnosis of concussions. We look forward to accelerating our clinical development program and advancing to the final stages of FDA regulatory review.”
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 initial stages of medical diagnosis and intervention. Earlier diagnosis of a concussion can support more appropriate treatment decisions while reducing unnecessary head CT scans.
“BioDirection’s Tbit System is a truly disruptive technology with the potential to dramatically improve the diagnosis of concussions and other TBIs,” said Bret Siarkowski, founder of MedScience Ventures. “It will support diagnosis with the potential to dramatically lower both costs and time-to-treatment for patients and healthcare providers. It is rare that an emerging medical technology company can address a global unmet medical need of this scope, and the business objectives of our partners perfectly align with those of BioDirection.”
“BioDirection is uniquely positioned to be a real game changer in a wide set of markets including all levels of athletics and recreational pursuits where point-of-care testing has the potential to rapidly and inexpensively identify people at risk of further injury,” said Stephen Brackett, director of BioDirection and chairman of the company’s Sports Advisory Board.