PainQx Completes $1.65 Million Equity Financing and Wins NIDA Grant for Studies in Objective Pain Measurement
NEW YORK, NY / ACCESSWIRE / August 21, 2018 / PainQx, Inc., a diagnostic/software company that is developing a next-generation approach to objectively measure and monitor pain in humans, is pleased to announce the completion of a $1.65 million equity financing with accredited investors, several angel investor groups, and institutional investors. The financing round was completed earlier this year. Investors in the $1.65 million equity financing include: Arizona Tech Investors, Italian Angels, Keiretsu Capital, Mid Atlantic Bio Angels (MABA), New York Angels, New York University Innovation Venture Fund, and Accelerate New York Seed Fund.
In addition, earlier this month, PainQx received a NIDA/SBIR grant for the development of a medical device utilizing an EEG-based algorithm for the objective quantification of pain. If successful at accomplishing the milestones for this project, the total award is up to $1.65M. The initial award is for Phase I, at a level of nearly $220,000, with Phase II beginning in January 2019, subject to successful completion of the aims delineated in Phase I. The goal of the project is to develop an objective device that can measure and report a pain score that is correlated to a patient’s self-reported pain state.
The PainQx platform measures pain by collecting neural activity from a patient’s brain using quantitative EEG and then processing and decoding the data through proprietary algorithms. The PainQx system is being developed as an assessment tool and will offer an objective measurement that eventually could be used as an endpoint to determine a drug’s and/or device’s efficacy. Upon completion of the requisite validation studies, PainQx will seek FDA clearance and, thereafter, will enter the broader physicians market providing practitioners a tool to more effectively assess and treat patients suffering from chronic pain. This will be an important step forward in treating chronic pain, particularly considering the challenges that the opioid epidemic presents in the U.S.
“With the strong support of our life science focused investors, and now support through the NIH/NIDA grant, PainQx moves one step closer to changing the lives millions of patients. Our goal is to provide objective, replicable data on people’s pain,” said PainQx CEO and Co-founder Frank Minella. “An agnostic, empirical neuro-marker for pain has the potential for developing a new standard in pain assessment, thus giving a voice to pain patients suffering from under- treatment as well as potentially reducing the risk of over-treatment which has manifested itself in the U.S. as the opioid epidemic.”
PainQx, Inc. is a diagnostic/software company that is developing a next-generation approach to objectively measure and monitor pain in humans. The PainQx platform achieves this by collecting neural activity from a patient’s brain using quantitative EEG and then processing and decoding the data through proprietary algorithms. The output is a scaled pain and neurological biomarker that is directly correlated to a patient’s pain state.
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Co-Founder & CEO PainQx Inc.
SOURCE: PainQx, Inc.