BioDirection said today it raised $4 million in a Series B convertible preferred stock financing round to support its Tbit rapid point-of-care concussion test.
The Tbit blood test is designed to detect and measure protein biomarkers released from the brain following head trauma to identify concussions and traumatic brain injuries in less than 90 seconds, the Boston, Mass.-based company said.
“We are very pleased to have this group of sophisticated and informed investors join our team. Their strong interest in our technology is another important validation of the benefits of our Tbit platform, which is positioned to address a significant area of unmet need in the diagnosis of concussion. We look forward to completing our clinical research program for Tbit and advancing to the final stages of FDA regulatory review,” CEO Eric Goorno said in prepared remarks.
The round was joined by healthcare-focused growth-equity fund Provident Healthcare Capital as well as “other globally recognized leaders” in medtech investment, the company said.
Funds from the round will be used to “accelerate execution of the final stages of development and plans for commercialization” of the brain injury test, BioDirection said.