BrainScope and Aon Secure IP-based Deal Funding Full Expansion of Commercial Activities and Pursuit of New Indications for BrainScope's Next-Gen Medical Device Platform

Rhea-AI Summary

BrainScope, a medical neurotechnology company, has announced a funding arrangement with Aon plc providing up to $35 million to expand its commercial activities and develop new clinical applications. This partnership aims to leverage Aon's intellectual property expertise to facilitate BrainScope's growth without diluting current equity. BrainScope's technology, which rapidly assesses brain injuries, is critical as over four million patients seek care for mild traumatic brain injuries annually. The funding will enhance access to BrainScope's diagnostics in hospitals and concussion centers.

Positive

• Secured up to $35 million in funding to support expansion and new developments.
• Aon's involvement helps avoid equity dilution while providing access to capital.
• BrainScope offers a unique technology with FDA clearance that addresses significant market needs.

Negative

• None.

BETHESDA, Md., Oct. 6, 2021 /PRNewswire/ -- Brain-assessment device innovator BrainScope, and Aon plc (NYSE: AON), a leading global professional services firm, today announced the completion of an intellectual property-based funding arrangement. The funding arrangement provides BrainScope with up to $35 million in capital to fund the full expansion of its commercial activities as well as to develop new clinical applications on its platform.

"More than four million patients seek care each year at hospital emergency departments for mild traumatic brain injuries. BrainScope is the only FDA-cleared technology that can objectively assess both brain bleeds and concussions in minutes and bring the needed diagnostic insights to help steer these patients to appropriate care," said Susan Hertzberg, CEO of BrainScope. "We are thrilled that we will be able to expand our commercial footprint to reach more hospitals and connect with concussion centers in light of the real need for objective detection of brain injury. BrainScope will collaborate with Aon in order to leverage its significant intellectual property expertise and innovative capital solutions while furthering BrainScope's mission to transform patient care in brain injury and disease."

BrainScope's proprietary system consists of disposable headsets that connect to its handheld device, which acquires, processes, and extracts thousands of brain activity-based physiological parameters characterizing the EEG signal, transforming them into an actionable result through artificial intelligence derived algorithms. The non-invasive, true point-of-care BrainScope assessment takes less than 20 minutes from patient prep to results enabling doctors to get rapid, objective insights about the likelihood of brain bleeds and concussions. In concussion management, the Concussion Index is the first physiological marker of concussive injury that aids clinicians in the objective assessment of patients at time of injury, and which can be reliably used to interpret change overtime.

"Innovation is the key to a growth economy, but intangible assets are the foundation. That is why we are bringing unique solutions to the market to help growth stage companies like BrainScope maximize the value of their intellectual property," said Lewis Lee, CEO of Aon's Intellectual Property Solutions. "We are excited to help IP-rich companies like BrainScope unlock the value of these assets and provide them greater access to capital so they can further pursue their growth ambitions without diluting their ownership."

Aon is bringing solutions to the market that help companies avoid capital raises that can result in dilution of equity value. Aon's Intellectual Property (IP) Solutions team combined its proprietary IP valuation tools and a collateral protection insurance policy to help create an IP-collateralized debt structure that allowed BrainScope to raise additional funds without diluting the current equity value. IP and intangible assets now represent 90 percent of the value of Fortune 500 companies, but IP value is not widely understood in capital markets. Aon is working with companies like BrainScope to help them seek access to non-dilutive growth capital by valuing intangible assets and structuring capital solutions that leverage such value.

About BrainScope

BrainScope is a medical neurotechnology company that is improving brain health by providing objective, diagnostic insights that enable better patient care. BrainScope is leading the way in the rapid and objective assessment of brain-related conditions, starting with mild traumatic brain injury (mTBI), utilizing multiple integrated assessment capabilities, artificial intelligence (AI), and digitization. The company's technology supports the American College of Emergency Physicians (ACEP) Choosing Wisely® campaign to avoid CT scans of the head in emergency department patients with minor head injury. BrainScope's innovative EEG-based, AI-derived algorithms empower physicians to quickly make accurate head injury assessments, addressing the full spectrum of traumatic brain injuries from structural (brain bleed) to functional (concussion) injuries, providing for the first time a full picture of the injury, and doing so in less time and without radiation. For more information, please visit www.brainscope.com.

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business. 

Follow Aon on Twitter and LinkedIn. Stay up-to-date by visiting the Aon Newsroom and sign up for News Alerts here.

Media Contacts:

Cherie Lucier, BrainScope Company Inc.
VP, Brand Experience
cherie.lucier@brainscope.com 
+1 215.805.0131

Nadine Youssef, Aon
Global Media Relations
mediainquiries@aon.com
+1 833.751.8114

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Any or all of Aon's forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon's performance. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for the year ended December 31, 2020, and the quarters ended March 31 and June 30, 2021, are not necessarily indicative of results that may be expected for any future period, particularly in light of the continuing effects of the COVID-19 pandemic. Further information concerning Aon and its businesses, including factors that potentially could materially affect Aon's financial results, is contained in Aon's filings with the Securities and Exchange Commission (the "SEC"). See Aon's Annual Report on Form 10-K for the year ended December 31, 2020 and its Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2021, for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise. Aon is not responsible for information contained in this communication relating to BrainScope, including statements regarding its operations, products or services.

 

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SOURCE Aon plc

FAQ

What is the funding arrangement between Aon and BrainScope about?

The funding arrangement provides BrainScope with up to $35 million to support its expansion and development of new clinical applications.

How does BrainScope's technology benefit patients?

BrainScope's technology provides rapid, objective assessments of brain injuries, essential for over four million patients seeking care annually for mild traumatic brain injuries.

What role does Aon play in BrainScope's funding arrangement?

Aon leverages its intellectual property expertise to facilitate BrainScope's funding without diluting equity, helping to unlock the value of intangible assets.

What are the anticipated outcomes of the funding for BrainScope?

The funding is expected to expand BrainScope's commercial footprint and enhance access to its diagnostic technology in hospitals and concussion centers.

What market need does BrainScope's technology address?

BrainScope's technology addresses the need for objective detection of brain injuries in emergency care settings, particularly for mild traumatic brain injuries.