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BrainsGate Closes $27.5M Round Led by Johnson & Johnson Development Corporation, Joined by Agate Medical Investments


8/13/2008 7:43:21 AM

CAESAREA, Israel--(BUSINESS WIRE)--BrainsGate Ltd., a developer of an innovative therapeutic platform technology based on electrical neurostimulation of the Spheno-Palatine Ganglion, today announced the completion of a $27.5M series C financing round in which both new and existing investors participated.

Johnson & Johnson Development Corporation (JJDC) led the round, joined by VC-Fund Agate Medical Investments LP, headed by Israel's former Minister of Health Mr. Danny Naveh. Prominent existing investors who also participated in the current round included Elron Electronic industries (NASDAQ:ELRN - News)(TASE:ELRN), Pitango Venture Capital, MB Venture Capital and Alice Lab.

"This investment, paired with the substantial experience of our new and existing investors, will serve as key driving factors in enabling the company to move ahead in conducting the pivotal clinical study. This study represents a key stage in the Company's progress in gaining market approval for its innovative acute ischemic stroke treatment," commented Avinoam Dayan, CEO of BrainsGate, adding "I would like to welcome our new investors, while thanking our existing shareholders for their ongoing support of the Company."

About BrainsGate

BrainsGate is a developer of a novel therapeutic platform based on electrical neurostimulation of the Spheno-Palatine Ganglion (SPG). BriansGate's leading indication is acute ischemic stroke with a 24 hour treatment window. The company is nearing completion of a multi-national multi-center pilot clinical study which to date has recruited over 90 stroke patients, and is about to initiate a pivotal study to gain market approval for its stroke therapy.

For more information please visit www.brainsgate.com.

Contact:

BrainsGate Ltd. Raveh Gill-More +972-4-637-7774 raveh@brainsgate.com

Source: Elron Electronic Industries


Read at BioSpace.com

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