Ischemic stroke treatment developer BrainsGate announced today that it secured a $14 million investment to fund future regulatory efforts.
Caesarea, Israel-based BrainsGate’s funding round included contributions from new investor BNP Joint Capital Fund, which led the round along with investment and consulting firm SPERO. Elron, Medtronic, Agate, Pitango and Cipio also participated in the round.
BrainsGate expects to use the funds raised to move through the FDA pre-market approval process as it prepares for volume production and apply for coverage from CMS.
The company’s technology is designed to deliver a five-minute procedure in which a neurostimulator implant is injected into an existing canal to stimulate a nerve center and augment collateral blood flow, improving stroke patients’ outcomes within a 24-hour window.
BrainsGate’s technology already has CE Mark approval and the company filed for PMA with the FDA for U.S. clearance in February 2020. Subject to the PMA, the company plans to begin commercialization efforts.
“BrainsGate gives new hope to millions of people who suffer from the limitations of current stroke treatments,” BrainsGate CEO Avinoam Dayan said in a news release. “We are thankful for the support of our investors in this financing round. We plan to use the funds to achieve PMA approval, prepare the company for commercialization of our technology, and to continue our journey to help improve stroke outcome.”