Neurolign Advances With the Acquisition of Eye Diagnostic Technology Company
Press Release (ePRNews.com) - TORONTO - Oct 10, 2019 - Neurolign Technologies Inc. (“Neurolign”) announced today the acquisition of Neuro Kinetics Inc. of Pittsburgh, Pennsylvania, a world leader in clinical eye-tracking and non-invasive neurofunctional diagnostic testing, delivering leading-edge neurofunctional assessments.
Neurolign is a privately held diagnostic and pharmaceutical company focused on bringing superior diagnostic solutions and novel therapeutics for the diagnosis and treatment of neurological conditions to physicians and their patients. Neurolign’s founder is Eugene Melnyk, the creator of multiple healthcare companies, including Biovail Corporation (acquired by Bausch Health), and the current owner of the Ottawa Senators Hockey Club. Through this transaction, Neurolign will acquire the assets and operations of Neuro Kinetics, including customer relationships, all products, technologies, related intellectual property, fixed assets, and will assume certain liabilities.
“The acquisition of Neuro Kinetics accelerates Neurolign’s mission to research, develop and provide access to world-class diagnostics and targeted pharmaceutical therapeutics to improve the lives of patients suffering from neurological disorders, initially beginning with concussion,” said Eugene Melnyk, Neurolign Chairman and Chief Executive Officer. “After watching concussed athletes in sport, and its impact on these athletes and their families, there is a need to advance clinicians’ abilities to diagnose and determine when athletes can safely return to playing sports. We will address this through transforming not just diagnosis and treatment of concussion, but also for a wide array of neurological disorders affecting the global community.”
“Traumatic Brain Injury, TBI, is a global public health epidemic and an increasing concern in Military Health,” says David Okonkwo, MD, Ph,D,, Professor of Neurosurgery at the University of Pittsburgh and Director, Neurotrauma Clinical Trials Center. “There is an urgent need for new innovative technologies that bring objective diagnostic data for TBI. This investment in Neuro Kinetics can accelerate the development and commercialization of this novel technology and take the lead in diagnostics across multiple dimensions of brain health.”
Neuro Kinetics is the leader in providing eye-tracking platforms delivering the most precise and data-rich eye-tracking diagnostic solution in the global market to date. With over 90 variables and 14 FDA cleared tests, Neuro Kinetics solutions includes its critical assets, I-PAS™ and I-Portal™. These foundational platforms help clinicians identify more than 200 diseases and medical conditions early, accurately, and cost-effectively. I-Portal’s non-invasive Science to See™ is enabling Neuro Kinetics to expand its presence in the vestibular market into new areas and applications in traumatic brain injury, concussion, ophthalmology, and neurology.
“We look forward to the next phase of the company’s growth and development and are very excited to be merging with Neurolign,” said Howison Schroeder, President and Chief Executive Officer of Neuro Kinetics. Schroeder added, “The opportunities created by this transaction provides us with the support we need to further advance our planned developments for the assessment of additional neurological diseases.”
About Neurolign Technologies Inc.
Neurolign Technologies is dedicated to creating a quantum shift in the diagnosis and treatment of neurodegenerative disease. Through the unique combination of high precision medical devices as well as specialty formulations and drug delivery technologies, Neurolign is creating a revolutionary approach to the assessment and treatment of brain injury and disease. Whether you are a patient or a medical professional, our world-class diagnostics and novel therapeutics can support the pursuit of optimal brain health. Our portfolio and services offer an evidence-based, holistic ability to deliver more accurate and timelier diagnostic and treatment options. Additional information on Neurolign is available at www.neurolign.com.
About Neuro Kinetics Inc.
Neuro Kinetics, Inc. is the leader in clinical eye-tracking and non-invasive neuro-functional diagnostics and monitoring, offering technology that identifies abnormal eye responses connected to more than 200 diseases and medical conditions. With over 30 years of experience and more than 150 installations, Neuro Kinetics’ FDA-cleared I-Portal® devices are sold to physical therapists, audiologists, ENTs, neuro-chiropractors, neuro-ophthalmologists, and neurologists around the globe. The company’s FDA-cleared diagnostic platforms include the I-PAS™ (I-Portal® Portable Assessment System), I-Portal® NOTC (Neuro-Otologic Test Center), I-Portal® VNG, (Video Nystagmography) and I-Portal® VOG (Video Oculography), along with related accessories, software, training, and support services. Information about Neuro Kinetics can be found at www.neuro-kinetics.com.
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this document constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and/or “forward-looking information” under the Securities Act (Ontario). These statements include, without limitation, statements expressed or implied regarding our expectations regarding our plans, goals and milestones, status of developments or expenditures relating to our business, plans to fund our current activities, and statements concerning our partnering activities, health regulatory submissions, strategy, future operations, future financial position, future sales, revenues and profitability, projected costs and market penetration and risks or uncertainties. In some cases, you can identify forward-looking statements by terminology such as “appear”, “unlikely”, “target”, “may”, “will”, “should”, “expects”, “plans”, “plans to”, “anticipates”, “believes”, “estimates”, “predicts”, “confident”, “prospects”, “potential”, “continue”, “intends”, “look forward”, “could”, “would”, “projected”, “goals”, “set to”, “seeking” or the negative of such terms or other comparable terminology. We made a number of assumptions in the preparation of our forward-looking statements. You should not place undue reliance on our forward-looking statements, which are subject to a multitude of known and unknown risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those stated in or implied by the forward-looking statements. The forward-looking statements reflect our current views with respect to future events and are based on what we believe are reasonable assumptions as of the date of this document and we disclaim any intention and have no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Derek Clark, Chief Operating Officer, Neurolign Technologies Inc.