BioDirection, Inc., a privately held medical device company, is developing point-of-care products to quickly diagnose concussions and other traumatic brain injury (TBI). It announced today that it has closed more than $4 million in a Series B Convertible Preferred Stock financing.
The money will be reportedly used to move forward the development and commercialization of its TBit technology platform. The platform uses patented nanotechnology biosensor to detect and measure a panel of protein biomarkers released into the bloodstream after a Traumatic Brain Injury.
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Using just one drop of whole blood, the TBit technology can deliver results for detecting concussion and other TBI in 90 seconds, which reduces the need for CT scans and can allow for earlier treatment when necessary.
Participants in the financing included Provident Healthcare Capital and other unnamed globally recognized leaders in medical technology investment.
Photo: Screenshot via BioDirection
