HealthTech Connex secures $2M financing from BDC Capital to expand marketing of its NeuroCatch Platform brain health measurement device
VANCOUVER, Septembre 10, 2020—HealthTech Connex, an early-stage medical technology company based in Surrey, B.C., has obtained non-dilutive growth financing of $2 million from BDC Capital’s Growth and Transition Capital division. The company and its subsidiary NeuroCatch Inc. are the developers of the NeuroCatch Platform, a first-of-its-kind portable and cost-effective device that measures brain waves which was approved by Health Canada last year. Healthcare professionals can easily use the NeuroCatch Platform in their own offices, for instance, to rapidly record brainwaves and output event-related potential (ERP) information (measured brain responses). ERPs have been used extensively by clinicians for many brain conditions and injuries such as concussions, dementia, Alzheimer’s, multiple sclerosis and PTSD, as well as for brain performance optimization. The company, which was founded by Kirk Fisher and Dr. Ryan D’Arcy in 2013, has received strong seed-stage equity backing from the Lark Group, a large real estate developer and construction company in British Columbia.
The new funds will be used to launch the latest version of NeuroCatch Platform, expand sales and marketing efforts, and seek clearance for the sale of the device in the United States, as well as to pursue research and development. BDC Capital’s financing is provided as a patient and flexible mezzanine loan that features a full balloon payment at term and a return structure that is tied to the company’s success.
“We are excited about the partnership with BDC Capital, as it greatly strengthens our ability to positively impact a billion brains,” says Kirk Fisher, CEO of HealthTech Connex. “NeuroCatch is deployed clinically across Canada and is used in leading medical research centres across North America for objective cognitive evaluation. For example, this innovative technology is being applied in concussion, dementia and PTSD as well as in brain performance optimization. Derived from the leading science of brain vital signs, NeuroCatch addresses the fact that, in medicine, ‘You can’t treat what you can’t measure’. With a rapid, accessible, easy-to-use brain scanner, the BDC Capital investment greatly helps us to scale up our innovation to positively impact brain health globally.”
This financing was arranged by Kyle Duignan, Director, Growth & Transition Capital at BDC Capital’s Vancouver office. “NeuroCatch is addressing a growing need for convenient, affordable and objective brain health testing. With it, HealthTech Connex is changing the way brain impairments and injuries are detected and treated,” affirms Duignan. “To support the company’s growth, HealthTech Connex’s founders have built a seasoned management team with complementary operational, scientific, technical and marketing expertise that is well aligned and sharply focused.”
About HealthTech Connex
Located in the Health and Technology District in British Columbia, Canada, HealthTech Connex Inc. (HTC) is a brain technology company focusing on cutting-edge innovations and services for rapid impact on health improvements and outcomes in neurological performance. With brain vitality as a premier focus, HealthTech Connex provides translational neuroscience innovations to care and community sectors worldwide; bridging the gap between what’s capable in the laboratory and what’s available in the real world. Visit: https://healthtechconnex.com/
BDC is the bank for Canadian entrepreneurs. It provides access to financing, as well as advisory services to help Canadian businesses grow and succeed. Its investment arm, BDC Capital, offers a wide range of risk capital solutions. For more information, visit bdc.ca.