BioBehavioral Diagnostics Co. is looking to raise $5.5 million to fund the marketing of its next-generation portable Quotient system to diagnose attention deficit & hyperactivity disorder, which launched last week.
The Plymouth Meeting, Pa.-based company has raised more than $3 million so far from three investors, including Sevin Rosen Funds and Tullis Dickerson Capital.
"The money’s principally going to be used to expand our sales and marketing activities to drive the Quotient system further into the marketplace," chairman & CEO Byron Hewett told MassDevice. "The benefit of the smaller system is it makes it easier to place in a lot of different locations. It also allows clinicians, if they are of the mind to, to transport from one practice site to another, so we think it’s going to make it a lot easier to penetrate the market."
The system combines motion tracking technology and a slate of attention tasks to noninvasively measure brain function related to the same behaviors that parents and teachers use when looking for signs of ADHD, such as inability to sit still while working, inability to restrain inappropriate responses and difficulty staying focused on a task.
BioBDx is a private company and doesn’t give out sales predictions, but it’s grown 200 percent annually and expects acceleration this year, Hewett told us.
The next-gen Quotient system’s size, at about 15 pounds, makes it cheaper to manufacture and less costly than its predecessor, he added.
"We think it’s a win all the way around," Hewett said.
The system’s launch took it on tour, starting with a début at the Society for Developmental & Behavioral Pediatrics meeting in Texas last weekend. The Quotient is also slated for an appearance in Boston at the American Academy of Pediatrics meeting in October, before heading to the Child Neurology Society meeting in Georgia.
The device has FDA clearance to test for ADHD, but other neurological tests are being evaluated. Researchers are considering using Quotient to detect and diagnose fetal alcohol syndrome, anxiety, autism, bipolar disorder and medication-induced motor disorders.