BrainsGate, a developer of a novel proprietary treatment for Ischemic stroke (Ischemic Stroke System), has secured $14 million in a new investment round at a pre-money valuation of $147 million. New investor, BNP Joint Capital Fund, and the Impact investment and consulting firm SPERO led the round alongside existing investors, Elron, Medtronic, Agate, Pitango, and Cipio.
The new investment is expected to fund BrainsGate through its pre-market approval (PMA) and enable it to achieve volume production readiness and apply for coverage from the Centers for Medicare & Medicaid Services (CMS) for its Ischemic Stroke System (ISS). BrainsGate’s therapy involves a less than 5 minutes procedure in which a neurostimulator implant is injected into an existing canal. The implant stimulates a nerve centre that augments collateral blood flow to improve stroke patients’ outcomes in a 24-hour window.
In May 2020, BrainsGate received marketing approval in Europe (CE marking) of its ISS product. BrainsGate’s PMA application was filed with the US FDA in February 2020. The company plans to initiate commercialization activities subject to the PMA being approved.
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Avinoam Dayan, CEO of BrainsGate, says, “BrainsGate gives new hope to millions of people who suffer from the limitations of current stroke treatments. We are thankful for the support of our investors in this financing round. We plan to use the funds to achieve PMA approval, prepare the company for commercialization of our technology, and to continue our journey to help improve stroke outcome.”