BioDirection said today it raised $2 million in interim financing to support the clinical development of its Tbit point-of-care blood test for concussion diagnosis.
The round was joined by Provident Healthcare Capital, MedScience Ventures and others, the Boston-based company said. The financing round brings the total raised for the company up to approximately $12 million.
“We are very pleased to have this outstanding group of informed investors join our shareholder list. 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,” BioDirection prez & CEO Eric Goorno said in a prepared statement.
The company’s Tbit system is designed to rapidly detect and accurately measure protein biomarkers that are released from the brain following a head trauma. Early diagnosis of a concussion can support more appropriate treatment decisions and reduce 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. 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,” MedScience Ventures founder Bret Siarkowski said in a press release.
“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,” BioDirection director Stephen Brackett said in a prepared release.
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