Neural Analytics Raises $22M in Series C

Neural Analytics, Inc., a medical robotics company developing and commercializing technologies to measure and track brain health, announced today that it has raised approximately $22 million from sale of Series C shares led by Alpha Edison and the Company has also issued warrants to purchase stock in connection to the financing. The investment brings Neural Analytics' total funding to approximately $66 million.

"Over the past six years we have worked very hard to develop and validate new technologies into impactful products. Though the culmination of years of our work into U.S. FDA clearance & European CE mark was a meaningful milestone in 2018, it was only the start of our journey. With this financing Neural Analytics will be able to launch the Lucid Robotic System into clinical environments where it will have the greatest impact on patient outcomes," said Leo Petrossian, Ph.D., Co-Founder and Chief Executive Officer of Neural Analytics.

The Lucid Robotic System is a cutting-edge technology that combines the Lucid™ M1 Transcranial Doppler (TCD) System with the NeuralBot™ System. It is an autonomous all-in-one robotic neurovascular ultrasound device designed to non-invasively search, measure and display objective brain blood flow information in real-time.

The Lucid Robotic System goes beyond supporting initial neurological assessment. It can be utilized throughout the patient care chain: from the use of a bubble study in the identification of right-to-left shunts, to monitoring for cerebral blood flow velocities in real time, to emboli monitoring. The Lucid Robotic System is currently active at select centers around the United States and Neural Analytics will continue to expand its commercialization.

"We are honored to deepen our partnership with Neural Analytics. Over the past year, the company has gained both FDA and EU CE Mark clearance for their revolutionary platform, which harnesses machine learning and robotics to accurately and quickly identify critical neurological conditions. We are confident that the company will play a central role in shaping the future of data driven diagnostics and bringing new technologies to healthcare professionals to better care for their patients," said Nick Grouf, Managing Partner at Alpha Edison.

This announcement follows Neural Analytics' recent enrollment of their first patients into the CODEX Study, a prospective, single-arm, global multi-center study using an investigational iteration of the Lucid Robotic System, that aims to further explore the technical feasibility of this technology in a wider range of patients and neurological pathologies where monitoring of brain blood flow data would be of benefit in the assessment of neurological diseases.

Neurological diseases such as stroke affects more than 795,000 people each year in the U.S.1 Nearly 200,000 of these strokes are considered to be cryptogenic, or of unknown mechanism.2 Patent Foramen Ovale (PFO), a form of right-to-left shunt affecting 1 in 4 people, is known as a risk factor for ischemic stroke and is commonly screened in patients with cryptogenic stroke.3 Incorrect assessment of stroke leads to misdiagnosis and treatment delays, resulting in death or disability for patients.

About Alpha Edison

Alpha Edison is an early stage venture firm that partners with courageous entrepreneurs to build industry-changing technology platforms. We share our research and expertise in business model innovation to help ambitious founders create new markets, unlock latent demand, and scale businesses that change our world – for the better. Based in Los Angeles, CA, you can learn more about us at www.alphaedison.com.

About Neural Analytics, Inc.

Neural Analytics, Inc. is a medical robotics company developing and commercializing technologies to measure and track brain health. The company's Lucid Robotic System (Lucid™ M1 Transcranial Doppler Ultrasound System and NeuralBot™ System) is a robotically assisted ultrasound system for brain health assessment. It combines an all-in-one neurovascular ultrasound device, designed to non-invasively measure and display brain blood flow information under the guidance of a healthcare professional. The company's technology integrates ultrasound, robotics and machine learning to empower neurologists with critical information about brain health to make clinical decisions and improve patient outcomes.