Butterfly Network Announces 5-Year Co-Development Agreement with Forest Neurotech for Next-generation Brain Computer Interfaces Using Ultrasound-on-Chip™ Technology
24 10월 2023 - 9:10PM
Business Wire
- Companies announce collaboration to develop the first
implanted, whole-brain neural interface Powered by Butterfly’s
Ultrasound-on-Chip™ technology.
- Deal includes $20MM in milestones paid to Butterfly with
additional revenue anticipated upon commercialization for every
unit sold.
- Collaboration highlights one of the many potential applications
of Butterfly’s novel Ultrasound-on-Chip™ technology for
complementary technology development and device enablement.
Butterfly Network, Inc. (“Butterfly”) (NYSE:BFLY), a digital
health company transforming care through the power of portable,
semiconductor-based ultrasound technology and intuitive software,
and Forest Neurotech, a deep tech research company that is building
a minimally-invasive device for imaging and stimulating the brain
with ultrasound, today announced they have entered into a five-year
co-development agreement.
The agreement includes $20MM to be paid to Butterfly for annual
licensing, chip purchases, services and milestone payments, of
which $3.5MM was received on signing. Additional revenue is
anticipated for every unit sold upon commercialization. Forest
Neurotech is the latest Focused Research Organization to be created
as part of Convergent Research, an incubator for ambitious
scientific non-profits and member of the Schmidt Futures Network.
Convergent Research recently announced $50M in new philanthropic
support.
Joseph DeVivo, Butterfly Network’s President, Chief Executive
Officer, and Chairman commented, “Forest Neurotech is an exemplary
partner that validates the vision behind Butterfly Garden. We
opened our imaging platform for co-development to encourage and
expedite innovation that captures the full potential of Butterfly’s
disruptive chip technology through new applications and in adjacent
markets. By bringing our chip into the neurotech implantables
space, this partnership does exactly that.”
“We are thrilled to embark on this journey with Butterfly
Network, whose unique Ultrasound-on-Chip™ technology is key to
enabling our novel approach to minimally invasive brain imaging and
stimulation,” said Will Biederman, Co-Founder and Chief Technology
Officer of Forest Neurotech. “Our shared passion for innovation and
semiconductor-enabled healthcare technologies makes Butterfly the
perfect match to enable our vision of developing the world’s first
implanted, whole-brain neural interface.”
The news follows Butterfly’s announcement in August 2023,
launching Butterfly Garden to facilitate partnerships with medical
device companies, AI companies, or software developers seeking to
build new applications with its industry leading imaging platform.
Butterfly’s Ultrasound-on-Chip™ technology can operate at a wide
range of frequencies, has enormous programming flexibility, and is
compact in size, making it highly suitable for a variety of
ultrasonic sensing use cases, including potential implantables.
Since launching Butterfly Garden, Butterfly has seen a strong
response to the program and the company expects additional
collaboration announcements to follow.
Butterfly continues to accept applications for third-party
development on a rolling basis. To learn more or apply, visit
https://www.butterflynetwork.com/butterfly-garden.
About Butterfly Network
Founded by Dr. Jonathan Rothberg in 2011 and listed on the New
York Stock Exchange through a business combination with Longview
Acquisition Corp., Butterfly created the world's first handheld,
single probe whole-body ultrasound system using semiconductor
technology, the Butterfly iQ+. Butterfly's mission is to
democratize medical imaging and contribute to the aspiration of
global health equity, making high-quality ultrasound affordable,
easy-to-use, globally accessible, and intelligently connected,
including for the 4.7 billion people around the world lacking
access to ultrasound. Through its proprietary Ultrasound-on-Chip™
technology, Butterfly is paving the way for earlier detection and
remote management of health conditions around the world. The
Butterfly iQ+ can be purchased today by trained healthcare
practitioners in areas including, but not limited to, parts of
Africa, Asia, Australia, Europe, the Middle East, North America and
South America; to learn more about available countries, visit:
www.butterflynetwork.com/choose-your-country.
About Forest Neurotech
Forest Neurotech is a Focused Research Organization (FRO)
developing an ultrasound based BCI and software platform with the
aim of catalyzing breakthroughs in both the understanding and
personalized treatment of the human brain. Ultrasound is capable of
measuring and stimulating brain-wide activity in a minimally
invasive manner. This opens new avenues for research into
personalized therapies across a range of psychiatric and cognitive
disorders. As a FRO, Forest Neurotech has the freedom to focus
solely on advancing science and engineering for the public good.
Pioneered by Convergent Research, a member of the Schmidt Futures
Network, FROs are designed to overcome key technological
bottlenecks for the advancement of science and medicine. Forest
Neurotech is based in California, co-founded by former Caltech
scientists and a former Google executive. For more information,
visit www.forestneurotech.org.
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version on businesswire.com: https://www.businesswire.com/news/home/20231024884034/en/
Business & Technology Inquiries: Darius Shahida, Chief
Business Development Officer dshahida@butterflynetinc.com Media:
Liz Learned, Head of Corporate Communications
media@butterflynetwork.com Investors: Heather Getz, Chief Financial
and Operations Officers investors@butterflynetwork.com Forest
Neurotech Will Biederman, Co-founder & Chief Technology Officer
will@forestneurotech.org
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