Insider Brief
- Firefly Neuroscience (NASDAQ: AIFF) secured $12.4M in financing, including $2.4M in senior secured convertible notes and a $10M equity line of credit, to support growth and commercialization of its FDA-cleared Brain Network Analytics (BNA™) technology.
- The funding will drive partnerships with neuroscience pharmaceutical companies and enhance clinical support for U.S. neurologists and psychiatrists, improving care for brain health disorders such as depression, dementia, and ADHD.
- Firefly’s AI-powered BNA™ technology, built on a proprietary database of over 17,000 EEGs, provides clinicians with advanced diagnostic and treatment monitoring insights for neurological and mental health conditions.
PRESS RELEASE — Firefly Neuroscience, Inc. (“Firefly,” “we,” or the “Company”) (NASDAQ: AIFF), an Artificial Intelligence (“AI”) company developing innovative solutions that improve brain health outcomes for patients with neurological and mental disorders, has announced the closing of up to $12.4 million consisting of $2.4 million up front in the form of senior secured convertible notes at $3.00 per share, subject to adjustment, and an equity line of credit (the “ELOC”) for up to $10 million. The proceeds from these financings will be used for growth, commercialization of its FDA-510(k) cleared Brain Network Analytics (BNA™) technology, and general working capital purposes.
“The closing of this financing strengthens our balance sheet and provides us the financial flexibility to continue to execute on our growth strategy,” said Greg Lipschitz, Executive Chairman of Firefly. “The additional working capital will allow us to accelerate two strategic commercialization pathways for our BNA technology. Through partnering with neuroscience pharmaceutical companies and by supporting US neurologists and psychiatrists in the diagnosis and optimization of patient care, we are driven to improve outcomes for people suffering from brain health illnesses.”
About Firefly
Firefly (NASDAQ: AIFF) is an Artificial Intelligence (“AI”) company developing innovative solutions that improve brain health outcomes for patients with neurological and mental disorders. Firefly’s FDA-510(k) cleared Brain Network Analytics (BNA™) technology revolutionizes diagnostic and treatment monitoring methods for conditions such as depression, dementia, anxiety disorders, concussions, and ADHD. Over the past 15 years, Firefly has built a comprehensive database of brain wave tests, securing patent protection, and achieving FDA clearance. The Company is now launching BNA™ commercially, targeting pharmaceutical companies engaged in drug research and clinical trials, as well as medical practitioners for clinical use.
Brain Network Analytics was developed using artificial intelligence and machine learning on Firefly’s extensive proprietary database of standardized, high-definition longitudinal electroencephalograms (EEGs) of over 17,000 patients representing twelve disorders, as well as clinically normal patients. BNA™, in conjunction with an FDA-cleared EEG system, can provide clinicians with comprehensive insights into brain function. These insights can enhance a clinician’s ability to accurately diagnose mental and cognitive disorders and to evaluate what therapy and/or drug is best suited to optimize a patient’s outcome.
Please visit https://fireflyneuro.com/ for more information.
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