Ceribell Closes $50 Million Equity Financing Round Led by Ally Bridge Group
Additional financing strengthens Ceribell's shareholder base and provides capital to support commercial expansion and further development of the company's first-of-its kind Ceribell Rapid Response EEG System
SUNNYVALE, Calif., Sept. 21, 2022 /PRNewswire/ -- Ceribell, Inc. announced today it has closed a $50 million financing round led by new investor Ally Bridge Group, with participation from existing shareholders. The financing was structured as an extension of the company's previously announced Series C financing.
The Ceribell® technology platform is designed to address the need for easier and faster diagnosis in patients with suspicion of seizure. The company will use the financing proceeds to support ongoing commercial expansion across emergency departments and intensive care units. In addition, Ceribell will continue to leverage the power of machine learning and easy EEG accessibility to address other neurologicl conditions beyond seizure. The company announced receipt of Breakthrough Device Designation for its delirium indication from the United States Food and Drug Administration (FDA) earlier this month.
"We are excited to partner with Ally Bridge and appreciate the continued support from our existing shareholders," said Jane Chao, Ph.D., Ceribell's co-founder and CEO. "Based on our progress to date, it is clear that the Ceribell Rapid EEG system is improving the quality of care seizure patients receive in the hospital. We look forward to continuing to bring this novel technology to more ICUs and Emergency Departments, as well as developing diagnostic and monitoring solutions for additional neurological indications impacting the lives of critically ill patients."
"We are pleased to support Ceribell," said Charles Chon, Ally Bridge Group Partner. "We have been impressed by the company's novel technology and commercial traction and are excited to partner with the company on its journey to develop a much needed device and data analytics platform for point of care brain monitoring."
Ceribell, Inc. (www.ceribell.com), is headquartered in Sunnyvale, CA. Ceribell deploys a cloud-linked, portable electroencephalogram (EEG) device to assess brain waves in minutes to identify the occurrence of seizures and other conditions in emergency rooms and intensive care units. The Ceribell system can be quickly and easily applied to a patient by any healthcare provider and delivers brain monitoring results within minutes. Ceribell is focused on making EEG widely available, more efficient, and more cost-effective to improve the diagnosis and treatment of neurological conditions for patients at risk for seizures. The Ceribell EEG System first received FDA 510(k) clearance in 2017 and is commercially available in the United States.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ceribell-closes-50-million-equity-financing-round-led-by-ally-bridge-group-301629097.html
SOURCE Ceribell, Inc.