The investment will enable CraniUS to scale its product development to facilitate chronic and direct medicine delivery to help effectively treat brain diseases
BALTIMORE, Md., Sept. 27, 2022 /PRNewswire/ — CraniUS LLC, an R&D company focused on building groundbreaking treatments for patients with chronic brain disease, today announced the closing of a $19.4 million Series A fundraising round.
The Series A round, funded entirely by private investors, will drive the development of CraniUS’ flagship device as it moves towards FDA approval for a first-in-human clinical study. The forthcoming phase will build off successful pre-clinical studies in which the device will validate safety and efficacy in delivering medicine directly to the brain, bypassing the blood-brain barrier.
CraniUS closes ~$20 million to enable chronic and direct medicine delivery to the brain.
CraniUS is led by CEO Michael Maglin, a veteran Fortune 1000 executive who spent the last decade at Under Armour. His extensive leadership experience includes implantable technology development, which he now leverages in spearheading CraniUS’ research and development efforts.
“CraniUS’ device has been built from the ground up over the last 5+ years specifically focused on long-term medicine delivery directly to the brain,” according to Maglin. “This investment round will enable our team to continue its mission to invent, engineer, and manufacture our device towards FDA approval for a first-in-human clinical study.”
CraniUS’ stated mission is to invent and engineer world-class technology to define the future of diagnostics and treatments for patients with chronic brain disease. Its flagship device is being specifically developed to bypass the challenges presented by the blood-brain barrier, which has rendered traditional therapeutic treatments of brain disease ineffective. CraniUS utilizes a novel pump design and wireless charging technology to enable long-term and direct medicine administration via CED (convection-enhanced delivery), a safe and effective method of medicine delivery first introduced by the National Institute of Health (NIH). CraniUS was co-founded in May 2021 in Baltimore, MD, by Dr. Chad Gordon, the pioneer behind the emerging field known as “Neuroplastic and Reconstructive Surgery,” and CraniUS Chief Technology Officer, Deborah Weidman.