Synchron Gains on Buying into Acquandas

Neurotech startup Synchron (NASDAQ:SNCR) is ramping up production of its flagship brain-computer interface to prepare for commercial demand, as the company inches closer to bringing its device to market.

Synchron announced Thursday that it has acquired a minority equity stake in the German manufacturer Acquandas, which has the unique ability to layer the metals that make up one component of the company’s implant.

As part of the deal, Synchron will get exclusive access to Acquandas’ layering technology for medical devices, and Synchron’s CEO Tom Oxley and CTO Riki Banerjee will join the manufacturer’s board.

Founded in 2012, Synchron has developed a brain-computer interface, or a BCI, called the Synchron Switch. The stent-like device is inserted through the patient’s blood vessels, and it allows people with limited physical mobility to operate technology like smart home devices and cursors with their mind.

During initial studies, Synchron has so far implanted six patients in the U.S. and four patients in Australia. The company will have to carry out additional trials that demonstrate the safety and efficacy of its device before regulators in the U.S. Food and Drug Administration grant approval for broader commercialization.

Synchron declined to share the specific size of Synchron’s stake in Acquandas or the exact number of devices it is producing.

SNCR shares took on four cents to start Thursday at $7.53.

Source link

About The Author