Israeli Medtech Startup BrainsGate Raises $14M To Treat Ischemic Stroke
Israeli medtech startup BrainsGate, a developer of a novel proprietary treatment for Ischemic stroke, announced on Tuesday that it secured $14 million in a new funding round at a pre-money valuation of $147 million.
BNP Joint Capital Fund, a new investor, and the Impact investing and consulting firm SPERO led the round, alongside existing Elron, Medtronic Agate, Pitango and Cipio.
BrainsGate said the infusion of capital will help it through its pre-market approval (PMA) and enable it to achieve volume production readiness as well as apply for coverage from the Centers for Medicare & Medicaid Services (CMS) for its Ischemic Stroke System (ISS).
Founded in 2000, BrainsGate is a medical device company developing therapies for patients suffering from central nervous system diseases, with a focus on the treatment of acute ischemic stroke.
BrainsGate’s therapy involves a less than five minute procedure in which a neurostimulator implant is injected into an existing canal. The implant stimulates a nerve center that augments collateral blood flow to improve stroke patients’ outcomes in a 24-hour window.
In May, BrainsGate received marketing approval in Europe (CE marking) of its ISS product. BrainsGate’s PMA application was filed with the US FDA in February of this year. The company plans to initiate commercialization activities subject to the PMA being approved.
“BrainsGate gives new hope to millions of people who suffer from the limitations of current stroke treatments. We are thankful for the support of our investors in this financing round,” said Avinoam Dayan, CEO of BrainsGate,”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.”