ISRAEL – Israeli stroke therapy technology startup BrainQ, has raised US$40 million to support a multicenter pivotal trial for its groundbreaking technology for ischemic stroke survivors in selected US hospitals.
This funding round pioneered by Hanaco Ventures has brought total funds raised by the healthtech startup to over US450 million shillings.
This year, BrainQ received FDA Breakthrough Device Designation allowing the company to work closely with the FDA to expedite development plans and premarket clearance, with access to the new Medicare Coverage of Innovative Technology pathway.
“We’ve seen great advancements in increasing stroke survival rates, but it remains the leading cause of long-term disability,” BrainQ Co-Founder and CEO Yotam Drechsler said.
This new funding and strong research partners, will enable the company enter a pivotal study aimed at significantly increasing the window of opportunity for reducing disability and enhancing recovery potential.
Stroke is a medical emergency that occurs when the blood flow to the brain is interrupted and brain cells start to die.
As a leading cause of disability, strokes affect 800,000 people annually in the US alone. Following a stroke, the brain attempts to repair damaged neural pathways and develop new ones to restore function, often with limited success. This results in chronic disability for 50-70% of survivors.
Meanwhile, the stroke management market, according to a report by allied market research, accounted for US$22,581 million in 2016, and is estimated to reach US$36,756 million by 2023, growing at a CAGR of 7.1% during the analysis period (2017-2023).
Rise in incidence and prevalence of chronic diseases drives the market. In addition, growth of geriatric population that is susceptible to stroke, and patient increase incidences of diabetes and tobacco usage are driving the market during the analysis period.
However, high cost of treatment and stringent government regulations for the approval of new and advances devices and drugs is anticipated to restrict the market growth.
BrainQ’s investigational technology aims to reduce disability and promote neurorecovery for stroke victims.
Using a Brain Computer Interface-based approach, the company’s frequency-tuned low intensity electromagnetic field therapy is designed to operate based on biological insights retrieved from brainwaves using explanatory machine learning tools.
These insights are aimed at imitating the natural processes of neural network synchronization and promoting recovery processes.
The system is designed to allow for scalable and decentralized care via a portable, non-invasive wearable device that is cloud-connected with integrated telemedicine tools that enable remotely monitored sessions through an app.
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