Boston startup gets $4M Series B to develop point-of-care TBI biomarker test

Tbit system--Courtesy of BioDirection

Boston-based BioDirection has raised a $4 million Series B round to back its point-of-care traumatic brain injury test Tbit. The financing is expected to enable the startup to finalize development and to start commercial planning for the test.

The Tbit system is based on nanowire technology that the company in-licensed from Nanosys that was originally generated by Harvard University. It incorporates a nanotech biosensor to detect and measure undisclosed protein biomarkers released from the brain after head trauma with test results available within 90 seconds. The test could enable earlier diagnosis of concussion, as well as help to reduce unnecessary head CT scans.

Provident Healthcare Capital, which is affiliated with healthcare investment bank Provident Healthcare Partners, participated in the financing alongside other undisclosed "globally recognized leaders in medical technology investment, some of whom have established associations with some of the largest hospital systems, providers and payers in healthcare," the company said in a statement.

"We are very pleased to have this group of sophisticated and informed investors join our team," said BioDirection President and CEO Eric Goorno in a statement. "Their strong interest in our technology is another important validation of the benefits of our Tbit platform, which is positioned to address a significant area of unmet need in the diagnosis of concussion.

"We look forward to completing our clinical research program for Tbit and advancing to the final stages of FDA regulatory review," he concluded.

Earlier this year, another startup, Banyan Biomarkers, partnered with imaging giant Royal Philips ($PHG) to develop a handheld, point-of-care TBI biomarker test. Developing a point-of-care TBI test is a top research priority for the U.S. Department of Defense and the Veteran's Administration. Currently, concussions and other traumatic brain injury diagnoses must rely upon imaging, so an easier, cheaper method that could routinely be deployed in the field is the ideal.

- here is the announcement