Neural Analytics has raised $15m in a Series B round of financing led by Alpha Edison to support the continued development of its Lucid transcranial doppler ultrasound system designed to assess blood vessels in the brain from outside the body.
Neural Analytics co-founder and CEO Leo Petrossian said: This round of funding will allow us to build on the momentum we have generated in 2017 and expand our team as we further advance the development of the Lucid System to assess and monitor additional brain health conditions."
The Lucid Transcranial Doppler Ultrasound System (Lucid System) uses ultrasound to assess the brain’s blood vessels from outside the body. This analysis is non-invasive, can be performed in the physician’s office, and helps the physician diagnose brain disorders.
The system is FDA-cleared and CE-marked for the monitoring of blood flow velocities in the cerebral vasculature. The Lucid System is a battery-operated, medical-grade tablet device designed to be transported easily throughout a medical facility and in a range of clinical scenarios that require the rapid assessment of blood flow in the brain to expedite treatment.
Alpha Edison managing partner Nick Grouf said: “We are committed to investing in companies, such as Neural Analytics, who are making key strides in data-driven diagnostics by marrying AI, machine learning and robotics to existing in-market technologies.
“In the case of brain health management, this facilitates early and accurate diagnosis which is essential to improving patient outcomes. We believe Neural Analytics is impressively positioned to create material value for patients, the broader healthcare ecosystem, and as a consequence, investors.”
This follows Neural Analytics’ recent announcement of its partnership with the Department of Defense (DoD) awarding the company with a $10 million contract to develop and supply a portable, point of injury device for assessing combat-related traumatic brain injury (TBI). The contract was awarded by the U.S. Army Medical Research and Materiel Command.
In addition, this past November the positive results from the first phase of the EXPEDITE program (under an IRB-approved investigation) were presented at the 10th Society of Vascular and Interventional Neurology annual meeting. The first phase of the program was designed to examine the feasibility of Neural Analytics’ Lucid System in the measurement of cerebral blood flow in patients with large vessel occlusion (LVO), a key cause of acute ischemic stroke (AIS).
The data presented demonstrated that the company’s Lucid System is capable of measuring and displaying LVO with 91 percent sensitivity and 85 percent specificity as compared to the current standard of care imaging in persons suspected of having a stroke.