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February 17, 2022

Epitel raises financing for wireless seizure detection platform

Epitel’s REMI system received US FDA approval for use in critical care units and hospital emergency rooms.

Digital health company Epitel has raised $12.5m in Series A funding for the development and commercialisation of REMI, its wearable, wireless electroencephalography (EEG) monitoring system for detecting seizures.

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The funding round was co-led by Genoa Ventures and Catalyst Health Ventures (CHV).

Additionally, OSF Ventures, Dexcom, MedMountain Ventures, Salt Lake City Angels and Wavemaker 360 also participated.

Previously, Epitel secured more than $7.5m, which was funded by the National Institutes of Health (NIH) and Epilepsy Foundation.

The company initially received US Food and Drugs Administration (FDA) approval for the REMI wearable EEG brain wave monitor sensor and remote access software for the detection of seizures last year.

The Epitel’s REMI approval is for use in critical care units and hospital emergency rooms across the US.

It can easily be used by nurses and hospital technicians.

The EEG data collected can be connected immediately to a Cloud-based software platform that is available to neurologists for monitoring and reviewing seizures at any time and from any location.

Epitel CEO Mark Lehmkuhle said: “Epitel’s first FDA-cleared product, REMI, has the potential to revolutionise the diagnosis, treatment and management of seizures within the hospital. With Epitel, patients, no matter their geography, may have access to essential EEGs during the most critical times of need.

“We intend to further expand our product pipeline for use outside the hospital by people living with epilepsy and other seizure conditions. We are honoured to have the support of Catalyst Health Ventures, Genoa Ventures and a strong investment syndicate in our first financing.”

During the hospital journey, the EEG system can be used to monitor patients continuously for 48 hours.

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IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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