Electrical Geodesics, Inc $2.5 million order from ElMindA Ltd (3438C)

TIDMEGI

RNS Number : 3438C

Electrical Geodesics, Inc

15 October 2015

Electrical Geodesics, Inc.

$2.5 million order from ElMindA Ltd for GES 400 systems

Single largest order in EGI's history

Market demand grows for ElMindA's Brain Network Activation (BNA(TM)) Analysis System -

a new tool for tracking brain function over time

EUGENE, OREGON, US, 15 October 2015 - Electrical Geodesics, Inc. ("EGI" or the "Company"), a leading developer and supplier of neuro-diagnostic and neuro-modulation technologies, today announced that it has received a $2.5 million order to supply GES-400 systems under a new supply agreement, which extends the scope of the umbrella agreement with ElMindA Ltd. announced in January 2015.

ElMindA is a US and Israel-based company which introduced the Brain Network Activation (BNA(TM)) analysis system, that received FDA clearance in 2014 for the assessment of brain function in 14- to 24-year-olds. BNA is currently available in nine US markets including Chicago, Los Angeles, Philadelphia, Connecticut, Michigan, Minneapolis, Palm Beach FL, and Phoenix. The system is also being implemented in leading research labs in the US and globally.

EGI has supplied a number of dense-array systems under the initial, two-year contract with ElMindA. The early success of the BNA(TM), which incorporated EGI's non-invasive, multi-channel EEG technology, has led ElMindA to increase its orders by a minimum of $2.5 million of the GES- 400 systems from EGI over the next 12 months with the first half of the order anticipated to be fulfilled in 2015.

EGI's non-invasive, multi-channel EEG technology coupled with ElMindA's advanced signal processing, machine-learning and analysis algorithms, measures patterns of neuronal networks activated during specific brain processes. Using its' proprietary database of over 11,000 data sets, the BNA analysis system delivers both quantitative and qualitative insights into brain function. This breakthrough technology provides new information on brain functionality to potentially aid physicians to identify and manage a range of neurological disorders.

Don Tucker, CEO of EGI, commented: "We have worked closely with ElMindA during 2015 to align our technologies and are delighted to see the initial commercial success that has given them the confidence to make this minimum $2.5 million purchase commitment which is the largest individual order in EGI's history. ElMindA and its' customers recognize the significant value that the precision dense array EEG brings to the objective assessment of brain disorders and injuries. We believe that by working together we can bring both our technologies into wider use and drive further revenues for both companies as the practical value of precise EEG analysis becomes further adopted by clinical practitioners."

"We are encouraged with both the clinical and commercial interest we are seeing for the BNA(TM) system, and this has given us the confidence to expand our relationship with EGI," said Ronen Gadot, CEO of ElMindA. "The BNA(TM) test enables physicians to view changes in brain functionality. Along with routine testing, it offers another layer of objective insight to help physicians make better-informed decisions. We are pleased to collaborate with a partner that provides such cost effective, reliable technology and look forward to many years of continued growth."

For more information contact:

 
 EGI 
 US: Ann Bunnenberg, COO and President    [phone] 
 
 Peel Hunt LLP (NOMAD and Broker)         [phone] 
 James Steel, Tom Burt 
 
 FTI Consulting (PR Advisors)             [phone] 
 Simon Conway, Mo Noonan 
 

Notes to Editors

Electrical Geodesics, Inc. in Summary

Founded in 1992, EGI designs, develops and commercialises a range of non-invasive neurodiagnostic and neuromodulation products used to monitor, interpret and modulate brain activity, based on its proprietary dense array electroencephalography ("dEEG") platform technology. The Company's technology uses up to 256 sensors, providing much higher resolution brain activity data compared to conventional 8 or 16 channel EEG and is used in medical, clinical and research settings in a diverse range of applications including important areas such as the diagnosis and monitoring of epilepsy, neurosurgical planning, sleep assessment, and many others.

EGI's dEEG systems, available in the GES 300 and now the GES 400 lines, capitalise on the Company's unique Hydrocel Geodesic Sensor Net which allows faster, easier, and more convenient placement of many EEG sensors in an even distribution over the entire scalp, providing more accurate and precise diagnosis and measurement. EGI's technology is now widely used in neuroscience research laboratories and is becoming more commonly used in clinics, care centers, and hospitals around the world. Data is measured and visualised using EGI's proprietary amplifier technology and software, providing a complete, advanced, high-resolution EEG platform. The Company's products are compatible with multiple diagnostic and imaging technologies, including magnetic resonance (MR) imaging, functional MRI (fMRI), and magneto-encephalography (MEG).

See our website www.egi.com

ElMindA Ltd.

ElMindA was founded in 2006 to address an unmet need for objectively assessing brain health and brain-related disorders over the course of an individual's lifetime. ElMindA translates state-of-the-art neuroscience via advanced algorithmic science into clinically meaningful Brain Network Activation (BNA(TM)) maps. The BNA Analysis System is to be used by qualified medical professionals for the post-hoc analysis of the human Electroencephalogram (EEG), utilizing evoked response potentials (ERP). The device is indicated in the US for use in individuals 14 to 24 years of age with the Auditory Oddball task only. ElMindA is a preferred partner of industry-leading organizations based on the rigor of its science and technology development

Glossary

 
 EEG    Electroencephalography 
 dEEG   Dense-array EEG 
 MRI    Magnetic resonance imaging 
 fMRI   Functional MRI 
 PET    Positron emission tomography 
 MEG    Magneto encephalography 
 NIRS   Near-infra-red spectroscopy 
 TES    Trans-cranial electrical 
         stimulation 
 TMS    Trans-cranial magnetic 
         stimulation 
 
 

.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCQELBFEBFFFBQ

(END) Dow Jones Newswires

October 15, 2015 02:20 ET (06:20 GMT)