Firefly Neuroscience Closes on Financing of up to $12.4 Million

Firefly Neuroscience, a pioneering AI-based analytics and imaging platform provider for neurological diseases, has announced the closure of a financing round of up to $12.4 million. This strategic investment will enable the company to accelerate its commercialization efforts, expand its partnerships, and support US neurologists in their quest to improve patient outcomes.

The latest funding round, a Merger with WaveDancer Inc., has provided Firefly Neuroscience with additional capital to pursue its growth plans and extend its financial runway. The company's successful listing on the Nasdaq under the symbol "AIFF" has also opened up new opportunities for growth and increased visibility in the market.

With this funding, Firefly Neuroscience aims to accomplish several specific milestones and achievements, including:

1. Commercial launch of the BNA Platform: The company has invested approximately $60 million over the last 15 years to develop its BNA software, compile a database of brain wave tests, gain patent protection, and receive FDA approval. With this funding, Firefly Neuroscience is now pursuing commercial launch of the BNA Platform in multiple markets, including pharmaceutical companies with drug research and clinical trial activities and medical practitioners for use in their clinics.
2. Partnerships with pharmaceutical companies: Firefly Neuroscience has partnered with multiple neuroscience pharmaceutical companies, including Bright Minds Bioscience, Novartis, and Takeda, to reduce costs and accelerate drug development. These collaborations aim to enhance the company's ability to drive innovations in drug development and deliver solutions to neurologists.
3. Expansion of capabilities and expertise: By forging strategic partnerships with globally recognized and well-respected pharmaceutical companies, Firefly Neuroscience aims to expand its capabilities and harness its technology expertise to unlock new opportunities and achieve meaningful, shared success.
4. Listing on Nasdaq: The merger with WaveDancer Inc. resulted in Firefly Neuroscience successfully listing on the Nasdaq under the symbol "AIFF." This achievement will likely provide the company with increased visibility, access to capital, and opportunities for growth.
5. Advances in AI-driven BNA technology: Firefly Neuroscience has made advances in its AI-driven BNA technology in neuroscience drug development, as evidenced by successful research collaborations with Takeda Pharmaceutical Company Limited and Novartis. The company aims to continue innovating and improving its technology to better serve its customers and the broader market.



The latest funding round has provided Firefly Neuroscience with additional capital, which will help extend its financial runway. However, the company will need to focus on generating revenue and reducing its burn rate to ensure long-term sustainability. This can be achieved by successfully commercializing its BNA platform and executing on its dual go-to-market strategy of supporting US neurologists and collaborating with neuroscience pharmaceutical companies.



In conclusion, Firefly Neuroscience's latest financing round of up to $12.4 million will support the company's ongoing research and development efforts in AI-based analytics and imaging platform for neurological diseases by enabling commercial launch, fostering strategic partnerships, supporting US neurologists, advancing AI-driven BNA technology, and funding general research and development efforts. This funding will help Firefly Neuroscience achieve its strategic goals and growth plans, ultimately improving outcomes for people suffering from brain health illnesses and bringing objective measurement of brain activity to the front lines of healthcare.