Vittamed said today it raised $10 million in a Series A round of funding to support its intracranial pressure neurodiagnostic sensor development and launch.
The funding round was led by Xeraya Capital Labuan and joined by existing investor Imprimatur Capital and other investors, the Boston-based company said.
“The financial support and expertise of Xeraya Capital will help us accelerate Vittamed’s commercial launch. We are excited about our potential to better diagnose and manage patients with many neurological conditions, including traumatic brain injury, hydrocephalus, stroke, and space occupying lesions including brain tumors. We are deeply appreciative of Xeraya’s commitment to improving patient care, their support of our vision and their leadership in this round of funding,” Vittamed CEO Dr. Remis Bistras said in a press release.
Funds will be used to support the company’s novel non-invasive system to measure intracranial pressure, which the comapny says has won CE Mark approval in the European Union.
The company is seeking to launch the product in Europe and Australia and to submit a 510(k) application to the FDA before commercializing in the U.S.
“Intracranial pressure measurement is a standard of care in the assessment of brain injury. We believe the innovative, noninvasive methods developed by Vittamed will allow the widespread use of safe and cost effective assessments of intracranial pressure in traumatic brain injury, hydrocephalus and stroke,” Xeraya Capital CEO Fares Zahir said in a prepared statement.
The device is based on ultrasound probes to measure blood flow in the opthalmic artery, Vittamed said.