BioCircuit Technologies Receives $2.4 Million NIH Award
Funding will carry the Nerve Tape® nerve repair device through commercial launch
Atlanta, GA, Oct. 19, 2023 (GLOBE NEWSWIRE) — BioCircuit Technologies, an Atlanta-based medical device company, has received from the National Institutes of Health (NIH) a $1.9 million grant with the intent to fund $2.4 million over three years. The award will be used to complete development and commercial launch of Nerve Tape®, the first device for sutureless repair of transected nerves.
This project is sponsored by the NIH’s National Institute of Neurological Disorders and Stroke (NINDS) and administered through the Small Business Innovation Research (SBIR) program’s Commercial Readiness Pilot (CRP) mechanism, which provides additional technical assistance and late-stage research and development support not typically covered within small business awards to help products get to market.
Each year, an estimated 1.4 million patients in the U.S. suffer traumatic peripheral nerve injury, often resulting in irreversible loss of function and chronic pain. Traditional repair techniques require severed nerve ends to be sewn back together with hair-thin suture thread under a microscope – a tedious endeavor with inconsistent results.
By contrast, Nerve Tape easily wraps around the nerve ends for a quick and precise connection. The device is composed of a pro-regenerative biologic wrap embedded with microscopic hooks made of a Nitinol alloy. These microhooks attach shallowly but firmly to the outermost sheath of the nerve for a safe and strong repair.
Led by the BioCircuit team, the newly funded project will clear remaining regulatory and production hurdles and achieve market readiness for initial commercial launch. Previous development to date was also made possible through NIH SBIR funding, along with partner and co-inventor Dr. Jonathan Isaacs in the Orthopedic Microsurgery Laboratory at Virginia Commonwealth University, Richmond, VA.
“The entire BioCircuit team is excited that we will soon be able to bring Nerve Tape to market,” said Michelle Jarrard, CEO of BioCircuit Technologies. “Nerve Tape is the culmination of a multi-year effort to provide patients and doctors with a device for faster, easier, more successful nerve repairs.”
As previously announced, Nerve Tape has received FDA 510(k) clearance, and BioCircuit is working with supply partners in preparation for launch of Nerve Tape in the United States. The Company anticipates the product will be available for first human use in 2024.
About BioCircuit Technologies
Based in Atlanta, GA, BioCircuit Technologies develops and commercializes medical devices for tissue repair and neuromodulation as well as biologics for regenerative medicine. Designed for precision, ease-of-use, and reliability, these devices enhance surgical efficiency and therapeutic targeting for improved patient outcomes.
In addition to generous funding from NIH SBIR grants, BioCircuit has attracted private financing, including investment from the GRA Venture Fund, Masters Capital, and Alsora Capital.
For more information visit www.biocircuit.com.
CONTACT: Dr. Issac Clements BioCircuit Technologies, Inc. [email protected]
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