Orasi Medical Inc., an Edina, Minn.-based maker of diagnostic tests for the efficacy of compounds that treat neurological diseases, has raised $3.5 million in Series B funding. Return backers include CentreStone Ventures and PrairieGold Venture Partners.
Edina, MN, May 12, 2009 – Orasi Medical, Inc. announced today that it has completed a $3.5 million Series B financing round.
The company will use this capital to expand the development and use of its diagnostic test into the pharmaceutical and clinical markets. Pharmaceutical companies will use this test to determine the efficacy of compounds intended to treat various neurological diseases. Orasi is currently in discussions with several
pharmaceutical companies to finalize the structure of these clinical trials and the inclusion of the Orasi test.
“In light of the difficult financial markets today we are very pleased with investor response to the Orasi offering. Pharmaceutical companies face a very difficult task in measuring the effect of neurological drugs;
the Orasi products provide a novel approach to measuring treatment effect earlier and more accurately than current practice. This round of capital allows the company the opportunity to substantially advance this technology” stated Shawn Lyndon, Orasi’s President and CEO. Orasi Medical is a technology spin out from
the University of Minnesota co-founded by Shawn Lyndon and Mark Wagner.
About Orasi Medical, Inc.
Orasi Medical, Inc is a privately held, early stage medical device company engaged in the development and commercialization of technology to diagnose and monitor neurological disorders using electrical brain activity. Orasi has developed a painless, non-invasive test of brain function that takes less than ten
(10) minutes to administer, and based on the results of current research, is more accurate than current clinical practice. Orasi collaborates with pharmaceutical companies to measure treatment effect and reduce the cost of clinical drug trials for neurological diseases such as Alzheimer’s disease, multiple sclerosis,
Parkinson’s, autism, depression, schizophrenia and ADHD.