BioCircuit Technologies closes $9m financing round
BioCircuit Technologies, a medical device company focused on peripheral nerve repair and neuromodulation, has closed a $9 million round of financing.
Mike Masters of Masters Capital, the GRA Venture Fund and Alsora Capital continued their support, alongside existing shareholders.
Michelle Jarrard, CEO of BioCircuit, said: “We are very grateful to our investors for the support they have shown and continue to show for BioCircuit. The company has achieved a number of important milestones during the last year, including FDA 510(k) clearance for our first device, and we are now in a position to scale with confidence.”
Funds from this round will be used to commercialise BioCircuit’s nerve repair device, Nerve Tape. The product’s patented design is the first FDA-cleared, suture-less solution to surgically repair damaged nerves. In addition, funds will support the further development of BioCircuit’s therapeutic device designed to improve the gait of patients afflicted with spinal cord injuries, stroke, and a variety of other neurological conditions. First human use is scheduled to occur in 2023.
Mike Masters, a BioCircuit board member said: “BioCircuit’s products address compelling patient needs and represent sizeable market opportunities in the fields of nerve repair and neurorehabilitation. I have personally invested in BioCircuit over the last several years based on my assessment of its technologies, intellectual property position, and the capabilities of the team.”
Tom O’Brien, BioCircuit board chair and former CEO of Axion Biosystems, added: “BioCircuit’s strategy is to develop products that translate the insights of preeminent researchers into broad clinical application, to improve patient outcomes for those who would not otherwise have access to these therapeutic options. The funds raised in this round will enable the company to make meaningful progress in bringing its first product to market, and we are excited about Nerve Tape’s potential in the field of nerve repair.”