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BrainBox Solutions Closes $23M Series A Financing Round

NEW YORK – BrainBox Solutions, a spinoff of diagnostic firm ImmunArray, announced Tuesday the initial closing of its $23 million Series A financing round to support the clinical development of its traumatic brain injury test.

The round was led by BioVentures Investors and included funding from the Tauber Foundation, the Virginia Tech Carilion Innovation and Seed Funds, Genoa VC, Pharmakon Holdings, and Astia Angels, along with other investors. Basketball player Kevin Love also participated in the round. 

The funding will be used to conduct the HeadSmart II clinical trial and file for approval from the US Food and Drug Administration once the study is completed. The trial is expected to start enrolling patients in the "very near future," the company said in a statement.

BrainBox's TBI test is designed to help in both diagnosis and prognosis of concussions and can be used at the point of care or in clinical laboratories. The multi-marker and multi-modality test includes a panel of blood biomarkers and digital neurocognitive testing and uses artificial intelligence to generate a score for diagnosis up to 96 hours from the time of injury. A prognosis report for injury-related symptoms can be generated up to three months after the injury. The test received Breakthrough Device designation from the FDA in June 2019. 

The firm also announced that Scott Gazelle, a professor of radiology at Harvard Medical School and the vice chair of the Massachusetts General Hospital's department of radiology, would join the board of directors. Damon Kuehl, the vice chair of emergency medicine at Virginia Tech's Carillon School of Medicine, was appointed to the company's scientific and sports advisory boards.