Firefly Neuroscience, Inc., an Artificial Intelligence (“AI”) company developing innovative solutions that improve brain health outcomes for patients with neurological and mental disorders, is pleased to announce its acquisition of Evoke Neuroscience, Inc. (“Evoke”), a medical device company developing and commercializing technologies to aid in the comprehensive assessment of brain health. The transaction marks another important step toward Firefly building a proprietary foundation model of the human brain using its FDA-cleared Brain Network Analytics (“BNA™”) technology.
As a result of the acquisition, Firefly’s assets and business now include:
- The largest known proprietary database of >180,000 standardized, EEG/ERP assessment records
- 27 granted patents
- >60 current commercial users
These increases in propriety brain scans, patents and commercial sites represent greater than two-fold, three-fold and 10-fold expansions, respectively, as a result of the acquisition.
Purchase terms include:
- $6 million, to be paid 50% in cash and 50% in Firefly’s common stock priced at $3.50 per share.
- Eligibility for Evoke’s investors to receive a $500,000 earn-out to be paid in Firefly’s common stock priced at $3.50 per share upon Evoke’s acquired business achieving at least $3 million in annualized revenues within the next three years.
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“Over the past 16 years, we have generated approximately $30 million in total revenues while also amassing the largest known collection of EEG/ERP electrophysiology data via our proprietary hardware and software developed to aid in the diagnosis of brain disorders and disease,” said David Hagedorn Ph.D., BCN, Evoke’s CEO and CSO. “Given the obvious technological, clinical and commercial synergies between Evoke and Firefly, we believe this transaction represents a natural and important evolutionary step for both companies as we work together to establish a strong and growing business for all of our shareholders.”
“These are exciting times as Firefly enters into a period of anticipated rapid growth and potentially game-changing innovation,” said Greg Lipschitz, CEO of Firefly. “As our already unparalleled BNA™ database continues to grow with each new clinical study and/or clinical assessment in which our respective technologies are used, and armed with vital access to NVIDIA’s advanced software development resources, industry-leading frameworks and software development kits, we believe this acquisition of Evoke represents a key step toward Firefly fulfilling its goal of building the world’s first EEG /ERP-based foundation model of the human brain.”
Source: Globenewswire