Paradromics announces NIH award to fund translational and early-stage clinical research
AUSTIN, Texas, Oct. 14, 2021 /PRNewswire/ -- Paradromics Inc., an Austin-based medical technology company developing high data rate Brain Computer Interfaces (BCI), announced today a $3.2M Phase II Small Business Innovation Research (SBIR) award from the National Institute of Mental Health (NIMH) for the development and evaluation of novel, high density intracortical microelectrode arrays for clinical applications. The high density arrays developed by Paradromics are capable of recording signals from individual neurons to enable clinical research and therapeutic treatment of many neurological conditions.
This grant includes a subaward to Massachusetts General Hospital (MGH) to work with Paradromics on clinical research initiatives. The funding will strengthen the ongoing collaboration between Paradromics and MGH researchers Sydney Cash, MD, PhD, and Leigh Hochberg, MD, PhD.
"We are very appreciative of the continued support from he NIH and from our translational neuroscience collaborators at MGH," said Paradromics CEO Matt Angle. "We are thrilled to advance our platform from the lab to a clinical setting, and we're confident that this program will accelerate our progress towards clinical use."
This award represents a major stride in bringing to market the Paradromics Connexus™ Brain Computer Interface, a BCI platform that will first see clinical trials as a means to restore communication for patients who have lost the ability to speak due to severe paralysis. It follows a recent venture funding round led by Prime Movers Lab as well as previous public funding from the NIH and the Department of Defense, Defense Advanced Research Projects Agency (DARPA).
"Our mission," says Angle, "is to is create a new industry where brain computer interfaces transform unmet medical needs into solvable technical problems. This new award, together with our recent venture round, not only means that we have the resources to execute on this vision, but that others are seeing the same bright future for BCI."
Disclaimer: This content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health, Massachusetts General Hospital, or other parties.
About Paradromics Inc.
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