TURKU, Finland--(BUSINESS WIRE)--Medicortex Finland Oy (www.medicortex.fi), today announced the award of a 1.1 million dollars grant from the USA Department of Defense. The grant provides funding for continued clinical development of the company’s diagnostic kit ProbTBITM for rapid detection of mild traumatic brain injury and concussion. Winning this highly competitive grant is also a strong signal and recognition of Medicortex’ approach for the urgent need to rapidly and reliably diagnose mild traumatic brain injury (TBI) and concussion.
The grant was awarded by the USAMRMC (U.S. Army Medical Research and Materiel Command) through the Congressionally Directed Medical “Combat Casualty Care Research Program”. The program is designed to support diagnostics that have the potential to make a strong impact on patient care. The award was granted after a competed peer-review process and it will support the development of ProbTBITM, a first-in-class diagnostic kit which is will enable paramedics and first responders to diagnose concussion and mild traumatic brain injury.
“This grant is a validation of our core technology,” commented Adrian Harel, PhD, CEO of Medicortex. “These non-dilutive funds will enable us to strengthen our research team and expand our translational programs from the clinical sample collection to a prototype kit”.
“We are pleased to receive this award which will enable the next step in collecting more comprehensive clinical evidence to support the product development” – said Tom Palenius, Member of the Board of Directors.
“From our public searches Medicortex Finland is the only Finnish company in the last 12 years to get a DoD grant – a fact that puts Medicortex in the front” Dr. Harel commented.
Medicortex is working towards the validation of a mild Traumatic Brain Injury (TBI) biomarker-based diagnostics and incorporating it into a quick and reliable hand-held kit (ProbTBITM) that can be easily used by the military personnel, first responders and healthcare professionals.
About the Grant
This work is supported by the Assistant Secretary of Defense for Health Affairs, through the Broad Agency Announcement for Extramural Medical Research, under Award No. W81XWH-19-1-0258. Opinions, interpretations, conclusions and recommendations are those of the author and are not necessarily endorsed by the Department of Defense.
Medicortex Finland Oy (http://www.medicortex.fi) is a biotechnology company dedicated to improving the diagnostics and treatment of Traumatic Brain Injury (TBI). Its current focus is to develop biomarker diagnostics to evaluate the extent and severity of TBI. Once the company completes this test its next goal will be to develop an innovative drug to halt the progression of brain injury.
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This press release contains statements that are "forward-looking statements" that are based upon management's current expectations and assumptions and are subject to a number of risks, uncertainties and other factors that could cause actual results and events to differ materially and adversely from those indicated herein.