Brainsgate Closes $27.5M Round Led by Johnson & Johnson Development Corporation (JJDC), Joined by Agate Medical Investments.CAESAREA, Israel -- BrainsGate Ltd., a developer of an innovative therapeutic platform technology based on electrical neurostimulation of the Spheno-Palatine Ganglion ganglion: see nervous system. ganglion Aggregate of nerve-cell bodies outside the central nervous system (CNS). The spinal ganglion contains the nerve-cell bodies of the nerve fibres that carry impulses toward the CNS (afferent neurons in dorsal , today announced the completion of a $27.5M series C financing round in which both new and existing investors participated. Johnson & Johnson Development Corporation (JJDC JJDC Jewish Joint Distribution Committee ) led the round, joined by VC-Fund Agate Medical Investments LP, headed by Israel's former Minister of Health Mr. Danny Naveh. Prominent existing investors who also participated in the current round included Elron Electronic industries (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ELRN)(TASE TASE Tel Aviv Stock Exchange TASE The All Seeing Eye TASE Tactical Air Support Element TASE Thrust Assessment Support Environment TASE Telecontrol Application Service Elements (IEC communications protocol) :ELRN), Pitango Venture Capital, MB Venture Capital and Alice Lab. "This investment, paired with the substantial experience of our new and existing investors, will serve as key driving factors in enabling the company to move ahead in conducting the pivotal clinical study. This study represents a key stage in the Company's progress in gaining market approval for its innovative acute ischemic stroke treatment," commented Avinoam Dayan, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BrainsGate, adding "I would like to welcome our new investors, while thanking our existing shareholders for their ongoing support of the Company." About BrainsGate BrainsGate is a developer of a novel therapeutic platform based on electrical neurostimulation of the Spheno-Palatine Ganglion (SPG SPG - System Program Generator. A compiler-writing language. ["A System Program Generator", D. Morris et al, Computer J 13(3) (1970)]. ). BriansGate's leading indication is acute ischemic stroke with a 24 hour treatment window. The company is nearing completion of a multi-national multi-center pilot clinical study which to date has recruited over 90 stroke patients, and is about to initiate a pivotal study to gain market approval for its stroke therapy. For more information please visit www.brainsgate.com. |
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