TIDMEGI
RNS Number : 3438C
Electrical Geodesics, Inc
15 October 2015
Electrical Geodesics, Inc.
$2.5 million order from ElMindA Ltd for GES 400 systems
Single largest order in EGI's history
Market demand grows for ElMindA's Brain Network Activation
(BNA(TM)) Analysis System -
a new tool for tracking brain function over time
EUGENE, OREGON, US, 15 October 2015 - Electrical Geodesics, Inc.
("EGI" or the "Company"), a leading developer and supplier of
neuro-diagnostic and neuro-modulation technologies, today announced
that it has received a $2.5 million order to supply GES-400 systems
under a new supply agreement, which extends the scope of the
umbrella agreement with ElMindA Ltd. announced in January 2015.
ElMindA is a US and Israel-based company which introduced the
Brain Network Activation (BNA(TM)) analysis system, that received
FDA clearance in 2014 for the assessment of brain function in 14-
to 24-year-olds. BNA is currently available in nine US markets
including Chicago, Los Angeles, Philadelphia, Connecticut,
Michigan, Minneapolis, Palm Beach FL, and Phoenix. The system is
also being implemented in leading research labs in the US and
globally.
EGI has supplied a number of dense-array systems under the
initial, two-year contract with ElMindA. The early success of the
BNA(TM), which incorporated EGI's non-invasive, multi-channel EEG
technology, has led ElMindA to increase its orders by a minimum of
$2.5 million of the GES- 400 systems from EGI over the next 12
months with the first half of the order anticipated to be fulfilled
in 2015.
EGI's non-invasive, multi-channel EEG technology coupled with
ElMindA's advanced signal processing, machine-learning and analysis
algorithms, measures patterns of neuronal networks activated during
specific brain processes. Using its' proprietary database of over
11,000 data sets, the BNA analysis system delivers both
quantitative and qualitative insights into brain function. This
breakthrough technology provides new information on brain
functionality to potentially aid physicians to identify and manage
a range of neurological disorders.
Don Tucker, CEO of EGI, commented: "We have worked closely with
ElMindA during 2015 to align our technologies and are delighted to
see the initial commercial success that has given them the
confidence to make this minimum $2.5 million purchase commitment
which is the largest individual order in EGI's history. ElMindA and
its' customers recognize the significant value that the precision
dense array EEG brings to the objective assessment of brain
disorders and injuries. We believe that by working together we can
bring both our technologies into wider use and drive further
revenues for both companies as the practical value of precise EEG
analysis becomes further adopted by clinical practitioners."
"We are encouraged with both the clinical and commercial
interest we are seeing for the BNA(TM) system, and this has given
us the confidence to expand our relationship with EGI," said Ronen
Gadot, CEO of ElMindA. "The BNA(TM) test enables physicians to view
changes in brain functionality. Along with routine testing, it
offers another layer of objective insight to help physicians make
better-informed decisions. We are pleased to collaborate with a
partner that provides such cost effective, reliable technology and
look forward to many years of continued growth."
For more information contact:
EGI
US: Ann Bunnenberg, COO and President +1 (0) 541 687 7962
Peel Hunt LLP (NOMAD and Broker) +44 (0) 20 7418 8900
James Steel, Tom Burt
FTI Consulting (PR Advisors) +44 (0) 20 3727 1000
Simon Conway, Mo Noonan
Notes to Editors
Electrical Geodesics, Inc. in Summary
Founded in 1992, EGI designs, develops and commercialises a
range of non-invasive neurodiagnostic and neuromodulation products
used to monitor, interpret and modulate brain activity, based on
its proprietary dense array electroencephalography ("dEEG")
platform technology. The Company's technology uses up to 256
sensors, providing much higher resolution brain activity data
compared to conventional 8 or 16 channel EEG and is used in
medical, clinical and research settings in a diverse range of
applications including important areas such as the diagnosis and
monitoring of epilepsy, neurosurgical planning, sleep assessment,
and many others.
EGI's dEEG systems, available in the GES 300 and now the GES 400
lines, capitalise on the Company's unique Hydrocel Geodesic Sensor
Net which allows faster, easier, and more convenient placement of
many EEG sensors in an even distribution over the entire scalp,
providing more accurate and precise diagnosis and measurement.
EGI's technology is now widely used in neuroscience research
laboratories and is becoming more commonly used in clinics, care
centers, and hospitals around the world. Data is measured and
visualised using EGI's proprietary amplifier technology and
software, providing a complete, advanced, high-resolution EEG
platform. The Company's products are compatible with multiple
diagnostic and imaging technologies, including magnetic resonance
(MR) imaging, functional MRI (fMRI), and magneto-encephalography
(MEG).
See our website www.egi.com
ElMindA Ltd.
ElMindA was founded in 2006 to address an unmet need for
objectively assessing brain health and brain-related disorders over
the course of an individual's lifetime. ElMindA translates
state-of-the-art neuroscience via advanced algorithmic science into
clinically meaningful Brain Network Activation (BNA(TM)) maps. The
BNA Analysis System is to be used by qualified medical
professionals for the post-hoc analysis of the human
Electroencephalogram (EEG), utilizing evoked response potentials
(ERP). The device is indicated in the US for use in individuals 14
to 24 years of age with the Auditory Oddball task only. ElMindA is
a preferred partner of industry-leading organizations based on the
rigor of its science and technology development
Glossary
EEG Electroencephalography
dEEG Dense-array EEG
MRI Magnetic resonance imaging
fMRI Functional MRI
PET Positron emission tomography
MEG Magneto encephalography
NIRS Near-infra-red spectroscopy
TES Trans-cranial electrical
stimulation
TMS Trans-cranial magnetic
stimulation
.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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