TUCSON, Ariz.--(BUSINESS WIRE)--BioDirection, Inc., a developer of point-of-care brain injury screening and monitoring devices to separate minor head injuries from mild traumatic head injury, announced that it recently completed a $3.95 million Series A financing. Funds will be used to complete the miniaturization of the Company’s innovative biosensor test platform and position the company for an initial product launch later this year.
“Our recent financing will allow us to complete final design of our two Tbit™ operating systems”
“Our recent financing will allow us to complete final design of our two Tbit™ operating systems” stated Brian McGlynn, President & CEO of BioDirection. “We expect to launch our bench top chemical test system in November of this year followed by a launch of our handheld unit in the 1st quarter of 2014.”
Both systems are based on the latest advances in nano biosensor technology that permit identification of targeted biomarkers released from the brain following a traumatic brain injury. The Tbit™ test platform is capable of generating a test result in 60-90 seconds from a single drop of blood taken within minutes following the suspected injury.
Mr. McGlynn went on to say, “Today, diagnosis is symptom based and current post-injury examinations are frequently inconclusive – symptoms may not appear for weeks or months. When injury occurs, early identification and medical intervention are top priorities. This urgent need inspired the creation of Tbit.”
It is estimated that approximately 85% of traumatic brain injury is classified as mild traumatic brain injury with as many as 90% of these individuals never losing consciousness placing them at greater risk for a second injury. The Centers for Disease Control estimate that the direct and indirect costs of traumatic brain injury exceeds $76 billion annually.
BioDirection, Inc. is a privately-held medical device company focused on the design, development and commercialization of easy-to-use, low cost and portable point-of-care biomarker devices for screening and monitoring of brain injury. The company’s strategy is to blend proven technologies into innovative diagnostic tools to address critical market needs. For more information, visit http://www.biodirection.com.