NeuroClear said it intends to use the proceeds from the $3.7 million round to fund product development and initial pre-clinical studies, development of its intellectual property portfolio and for general corporate purposes.
Founded in November 2018, NeuroClear recently picked up a $3.26 million windfall, with 17 investors contributing to a funding round in August. That round had a goal of $3.6 million, which has now been exceeded by the latest round of financing.
The subsidiary of Westport, Conn.-based BioSig was formed to pursue additional applications of BioSig’s PURE (Precise Uninterrupted Real-time evaluation of Electrograms) EP signal processing technology outside of the field of electrophysiology.
“We are very pleased to begin the work on additional applications, which could advance so many challenging and costly diseases,” said BioSig chairman & CEO Kenneth Londoner in a news release. “Through years of research we learned that our biomedical signal processing capabilities can be a key to detecting small, high-frequency, low-amplitude signals, which are often critical to development and delivery of effective therapies. We are driven by a passion for innovation, and we look forward to applying our knowledge and expertise to new areas of medicine and drive shareholder value by developing new products to address a rapidly growing field of bioelectronics.”
Shares of BSGM were down -0.4% at $7.43 per share in midday trading.