Brain-assessment device innovator BrainScope, and Aon plc (NYSE: AON), a leading global professional services firm, today announced the completion of an intellectual property-based funding arrangement. The funding arrangement provides BrainScope with up to $35 million in capital to fund the full expansion of its commercial activities as well as to develop new clinical applications on its platform.
“More than four million patients seek care each year at hospital emergency departments for mild traumatic brain injuries. BrainScope is the only FDA-cleared technology that can objectively assess both brain bleeds and concussions in minutes and bring the needed diagnostic insights to help steer these patients to appropriate care,” said Susan Hertzberg, CEO of BrainScope. “We are thrilled that we will be able to expand our commercial footprint to reach more hospitals and connect with concussion centers in light of the real need for objective detection of brain injury. BrainScope will collaborate with Aon in order to leverage its significant intellectual property expertise and innovative capital solutions while furthering BrainScope’s mission to transform patient care in brain injury and disease.”
BrainScope’s proprietary system consists of disposable headsets that connect to its handheld device, which acquires, processes, and extracts thousands of brain activity-based physiological parameters characterizing the EEG signal, transforming them into an actionable result through artificial intelligence derived algorithms. The non-invasive, true point-of-care BrainScope assessment takes less than 20 minutes from patient prep to results enabling doctors to get rapid, objective insights about the likelihood of brain bleeds and concussions. In concussion management, the Concussion Index is the first physiological marker of concussive injury that aids clinicians in the objective assessment of patients at time of injury, and which can be reliably used to interpret change overtime.
“Innovation is the key to a growth economy, but intangible assets are the foundation. That is why we are bringing unique solutions to the market to help growth stage companies like BrainScope maximize the value of their intellectual property,” said Lewis Lee, CEO of Aon’s Intellectual Property Solutions. “We are excited to help IP-rich companies like BrainScope unlock the value of these assets and provide them greater access to capital so they can further pursue their growth ambitions without diluting their ownership.”