Baltimore Company Cranius Raises $19.4M to Change the Treatment of Brain Diseases
Deborah Weidman is a co-founder of CraniUS, which recently raised $19.4 million.
By Matt Hooke – Reporter — October 03, 2022, 08:10am EDT
A Baltimore medical device firm that aims to improve the treatment of brain diseases has raised $19.4 million, one of the larger funding rounds in the region so far this year.
Hampden-based CraniUS’ series A funding round was led entirely by private investors, such as family offices, with no participation from venture capital firms.
The $19.4 million will give the 17-person team the funds necessary to workshop and develop prototypes, as the company hopes to start in-person trials in 2024.
The round had 21 investors, U.S. Securities and Exchange Commission filings show. CEO Michael Maglin said the company did not pursue venture capital because it already had several board members in mind for the company and did not want to give up a large amount of equity in its first capital raise. The round closed at the end of April and began in Sept. 2021.
CraniUS is developing an implantable device that delivers medicine straight into the brain, bypassing the blood-brain barrier. The blood-brain barrier is a mechanism that prevents toxins, as well as medications, from impacting the brain.
Read the full article at: www.bizjournals.com
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BioBuzz is a community led, experience focused, biotech and life sciences media and events company. BioBuzz highlights regional breaking news, industry professionals, jobs, events, and resources for business and career growth. Their weekly newsletter is subscribed to by thousands in the BioHealth Capital Region and Greater Philadelphia as the go-to for industry updates.
