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BrainScope Company, Inc. Awarded $2.67 Million US Army Rapid Innovation Fund Research Contract


9/17/2012 7:53:16 AM

BETHESDA, Md.--(BUSINESS WIRE)-- BrainScope® Company, Inc. today announced that it has been awarded a contract by the United States Army for development of a “Miniature Field Deployable System For Rapid TBI Assessment.” This contract is valued at $2.67 million over 24 months.

BrainScope’s proprietary Ahead® system currently in development addresses the unmet need for a medical device to aid in the triage of patients who are suspected of traumatic brain injury (TBI), including its milder forms known as concussions. The newly-awarded U.S. Army contract will enable BrainScope to merge the core technologies in the BrainScope Ahead system with existing smartphone technology.

The Ahead system records brain electrical activity with a handheld, non-invasive, non-radiation emitting medical device, and utilizes advanced algorithms that quantify and characterize features of brain electrical activity associated with TBI. The Ahead system is intended to be utilized as an adjunct to standard clinical practice to aid in the rapid, effective and objective assessment of individuals suspected of TBI at the point of care. Early identification and categorization of even the mildest forms of brain injury are the first steps in providing proper care to ensure optimal recovery.

"We are honored to receive this award from the U.S. Army to create a more miniaturized version of our handheld device on a ubiquitous computing platform," said Michael Singer, President and CEO of BrainScope. “We understand the significant need for a rapidly-applied assessment capability with results displayed in minutes so that first responders can make vital triage decisions. We are greatly appreciative of the support the U.S. Military has shown BrainScope and look forward to quickly ramping up our efforts on this important project.”

In December 2011, BrainScope was awarded a $7.5 million contract by the United States Department of Defense for the “Assessment of Head Injury in the Emergency Department: Clinical Validation of the BrainScope Ahead Technology.” In May of last year, BrainScope reached concurrence with the U.S. Food and Drug Administration (FDA) on the key study design elements for clinical validation of the Ahead M-100 medical device.

Since 2010, results from clinical studies utilizing BrainScope’s technology have been published in leading peer-reviewed neurology and emergency medicine journals such as Brain Injury, The Journal of Head Trauma Rehabilitation and The American Journal of Emergency Medicine.

About BrainScope

Backed by Revolution LLC (created by AOL co-founder Steve Case), Shaman Ventures, ZG Ventures, Maryland Venture Fund and Brain Trust Accelerator Fund, BrainScope is a medical neurotechnology company that is developing a new generation of hand-held, easy-to-use, non-invasive instruments, designed to aid medical professionals in rapidly and objectively assessing brain function. BrainScope devices in development are based on a proprietary technology platform, which integrates databases of brainwave recordings with advanced developments in digital signal processing, sophisticated algorithms, miniaturized hardware and disposable headset sensors. BrainScope's initial focus is on TBI and its milder presentation which is commonly referred to as "concussion." BrainScope's unique device is being developed to meet a long-standing clinical need for improved early identification, staging and triage for head-injured patients. BrainScope devices under development for assessment of traumatically-induced head injury and concussions are for investigational use only and have not been submitted to FDA for premarket review. For more information, please visit www.brainscope.com.

This work is supported by the U.S. Army Medical Research and Materiel Command under Contract No. W81XWH-12-C-0163. The views, opinions and/or findings contained in this press release are those of BrainScope and should not be construed as an official Department of the Army position, policy or decision unless so designated by other documentation.

Contact:

Revolution

Allyson Burns, 202-467-2059


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