BioDirection, Inc., a Boston, MA-based medical device company developing novel and rapid point-of-care products for the objective management of concussion and other traumatic brain injury (TBI), closed over $4m in a Series B Convertible Preferred Stock financing.
Backers included Provident Healthcare Capital, a healthcare focused growth-equity fund, and other unnamed medical technology investors.
With the Series B round, the the company has raised approximately $10m in total funding.
Led by Eric Goorno, president and CEO, BioDirection expects to use the funding to accelerate execution of the final stages of development and plans for commercialization for Tbit™, its technology platform designed to provide rapid point-of-care diagnosis of concussions and other TBI.
The Tbit™ system uses a patented nanotechnology biosensor to rapidly detect and measure protein biomarkers that are released from the brain immediately following a head trauma and allow for testing to be performed at the earliest stages of medical diagnosis and intervention.