Richmond biotech BrainBox Solutions Inc., the maker of an artificial intelligence-enabled concussion test, has been awarded a $3.5 million grant from the National Institute of Neurological Disorders and Stroke to support the development of a diagnostic tool for concussions and cognitive impairment in the elderly.
The new tool, called BrainBox Geriatrics, integrates blood biomarkers with other tests to enable rapid diagnosis and prognosis with a single device at a patient’s bedside. The technology builds upon BrainBox’s traumatic brain injury test for adults, which is currently undergoing clinical trials.
The grant money will support the development of the tool as well as clinical tests, and BrainBox is teaming with Roanoke’s Carilion Clinic and the University of Pennsylvania on the funding and trials.
The company said the new tool fills a critical need, as there are currently no tests that can accurately diagnose or predict outcomes for geriatric patients with mild traumatic brain injuries. BrainBox noted such patients have much higher mortality rates and poorer neurological outcomes for mild brain injuries compared with other age groups.
The company said in a statement the new funding would provide BrainBox a chance to expand its technology and collect more clinical and scientific evidence, bringing it closer to its goal of developing traumatic brain injury tests for all patient groups. The company said a clinical pediatric study of its tool will begin later this year.
BrainBox is funding the trials through a $23 million Series A round announced in late 2020. That round was led by Massachusetts-based BioVentures Investors and included participation from the Tauber Foundation of Bethesda, the Virginia Tech Carilion Innovation and Seed Funds, San Francisco’s Genoa VC, New York’s Pharmakon Holdings LLC, Astia Angels and additional investors, including NBA All-Star Kevin Love.
For that round, BrainBox had reported raising $5.9 million through 22 investors in November 2020, according to a December 2020 filing with the Securities and Exchange Commission. It then amended that filing last month to state it had raised a total of $18.9 million through 56 investors in that round and moved the ceiling of the Series A to $28 million.
CEO Donna Edmonds declined to discuss the amended filing in detail, only saying: “We continue to have strong investor support, including nondilutive funding and funding from strategic partners.”
