Ben Franklin Technology Partners invests $500,000 in InfraScan
InfraScan to Present at Medtech Insight and Windhover Information’s “Investment In Innovation (In3) WEST” Conference, February 23-24, 2006, Irvine, CA.
IRVINE, Calif.--(BUSINESS WIRE)--Feb. 20, 2006--InfraScan Inc., developer of a rapid, accessible and affordable method to diagnose bleeding in the brain to improve the treatment of head injury, announces that it is presenting at 2:35 p.m. on February 23 at Medtech Insight and Windhover Information’s “Investment In Innovation (In3) WEST: A Preview of Early-Stage Medical Technology Companies” Conference, February 23-24, 2006 at the Hyatt Regency Irvine in Irvine, California. InfraScan also announced today that it has closed a $500,000 investment from Ben Franklin Technology Partners of Southeastern Pennsylvania, bringing its total financing raised to date, including from the U.S. Navy and from BioAdvance, to over $2 million. “This new investment is timely since we have been very encouraged by the performance to date of the InfraScanner™ in pilot clinical tests at the Hospital of the University of Pennsylvania,” said Dr. Baruch Ben Dor, President and CEO of InfraScan. “These funds will enable us to continue our initial testing in preparation for starting multicenter clinical trials later this spring. We also welcome the opportunity to participate in the In3 West conference as we prepare to raise additional funding to advance the clinical program for this life-saving new product.”
From the time a person experiences severe head trauma, there is one “golden hour” within which to define the surgical intervention necessary to save that person’s life. Realizing the opportunity associated with finding cranial hematomas, or brain bleeds, as soon as possible, a team of Drexel University biomedical engineers is applying the patented near-infrared-based brain imaging work of Dr. Britton Chance, the Eldridge Reeves Johnson University Professor Emeritus at the University of Pennsylvania Sc hool of Medicine, to develop the InfraScanner™, a handheld device that can be used as early as at an accident scene to detect brain hematomas. To support the life saving battlefield use of its technology, InfraScan is working with the U.S. Navy and U.S. Air Force to potentially include the Infrascanner™ in their procurement budgets for 2007 and 2008. Recent statistics from U.S. milit ary activity in Iraq show that approximately 30% of all soldiers wounded or killed in action suffer from head injuries. Brain hematomas developed in 40% of those head injuries. In addition, according to the Centers for Disease Control and Prevention, each year more than two million in the U.S. require medical care for head injury, with more than 500,000 hospitalized with a diagnosis of traumatic brain injury. About 60,000 Americans die annually as a result of head trauma.
InfraScan is developing handheld diagnostic imaging devices including a lead product, the Infrascanner™, which is intended to rapidly diagnose bleeding in the brain in order to improve the treatment of head injury patients. This Project is supported by the Commonwealth of Pennsylvania's Ben Franklin Technology Partners and by BioAdvance, the Biotechnology Greenhouse of Southeastern Pennsylvania. For more information about InfraScan, pleasecontact the company’s CEO, Dr. Baruch Ben Dor at (215) 387-6784, email@example.com, or visit www.infrascanner.com
A pision of Windhover Information Inc., Medtech Insight is the leading provider of business information and market intelligence for the medical technology marketplace. In3 WEST is Medtech Insight's 20th investment and partnering event to date. To register to attend or for more information on Medtech Insight, please call Kristy Grimes at (480) 985-9512 or (888) 202-5939 toll-free in the U.S., e-mail firstname.lastname@example.org, or visit www.medtechinsight.com