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BioDirection Closes $2M Interim Financing for Concussion Test Development

NEW YORK (360Dx) – Concussion test development firm BioDirection today said that it closed $2 million interim financing to support clinical development of its diagnostic system.

Participants in the financing include Provident Healthcare Capital, MedScience Ventures, and others, the Boston-based firm said. In total, BioDirection has raised $12 million in outside funding since its founding in 2010.

The company is developing a blood-based test called Tbit, which it said can offer an objective diagnosis for concussions and other traumatic brain injuries in 90 seconds. The test leverages nanowire technology, functionalized with monoclonal antibodies to measure glial fibrillary acidic protein and S100 beta, which have been shown to increase in blood after traumatic brain injuries.

MedScience Ventures Founder Bret Siarkowski said in a statement that Tbit "will support diagnosis with the potential to dramatically lower both costs and time-to-treatment for patients and healthcare providers."