Biotech
Friday, June 21st, 2024 3:14 pm EDT
Key Points
- Paradromics plans to conduct trials for its brain implant next year, intensifying competition in the emerging field of brain-computer interfaces (BCIs).
- Founded in 2015, Paradromics has raised $87 million in venture funding and $18 million in public funding, aiming to release devices priced at approximately $100,000 each.
- The startup prioritizes developing BCIs to aid patients with severe conditions affecting motor and speech capabilities, aiming for commercial availability by 2029, initially focusing on medical rather than consumer applications.
Paradromics, a neurotech startup based in Austin, Texas, is gearing up to conduct clinical trials of its brain implant technology next year, marking a significant step forward in the competitive field of brain-computer interfaces (BCIs). Matt Angle, CEO and founder of Paradromics, emphasized the complexity and potential of the human brain, which boasts 85 billion neurons, each vastly slower yet immensely powerful compared to computer chips. The startup aims to develop high-speed, high-data-rate devices capable of effectively communicating with multiple neurons simultaneously, a critical capability for BCIs to interpret and relay brain signals.
The move by Paradromics comes in the wake of Neuralink, cofounded by Elon Musk, which faced setbacks when part of its brain implant malfunctioned shortly after a patient’s procedure in March. Established in 2015, Paradromics has secured substantial funding—$87 million in venture investment and $18 million in public funding—to support its ambitious goals. Each device is projected to cost around $100,000, reflecting the startup’s commitment to developing advanced medical technologies to address currently untreatable brain health conditions.
Paradromics’ primary focus initially will be on patients who have lost their ability to communicate due to conditions like paralysis, amyotrophic lateral sclerosis (ALS), or spinal injuries. Vikash Gilja, the company’s chief scientific officer, highlighted their strategy to leverage existing scientific research to develop practical medical solutions. The device itself will operate wirelessly, eliminating the need for frequent charging, and users will only need to undergo a brief calibration routine to establish the mapping from electrical signals to intended actions.
Looking ahead, Paradromics aims for commercial approval of its product by 2029, targeting the first wave of users who require BCIs for severe medical conditions. Angle envisions a future where BCIs might also have broader consumer applications, but emphasizes the current priority of ensuring safety, reliability, and robustness in medical settings. The startup’s mission underscores a transformative approach to brain health, seeking to bridge the gap between cutting-edge research and practical medical devices that could potentially change the lives of millions affected by neurological impairments.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/06/21/paradromics-gears-up-to-test-its-brain-implant-on-humans.html
