Madison Scientific Closes $7M In Seed Financing

(MENAFN- PR Newswire) "Hydrocephalus is a challenging condition to manage. Current shunt devices lack the sophistication to alert when medical intervention is necessary," explained Joshua Carson, PhD, Venture Manager at WARF Ventures. "Compounded by high rates of shunt failures, this can be an incredible source of anxiety and stress for patients and families. We believe in the potential of MadSci's smart shunt technology to deliver a better option for hydrocephalus management."

"We are committed to improving outcomes for the underserved population of hydrocephalus patients."

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MadSci's SmartShunt System is designed to integrate diagnostic and therapeutic functions to enable personalized and informed hydrocephalus management. The system features a proprietary valve, state-of-the-art intracranial pressure (ICP) sensor, and advanced algorithms to optimize shunt drainage to meet each patient's needs. The in-development SmartShunt System aims to leverage ICP readings to reduce life threatening shunt failure, while also facilitating on-demand and informed patient management, reducing uncertainty for patients and their families.

Hydrocephalus is an incurable neurological condition impacting approximately one million children and adults in the U.S. today.¹ The condition is caused by a buildup of cerebrospinal fluid (CSF) in the brain's ventricles which can increase intracranial pressure and lead to neurological problems or even death if untreated. The current standard of care is the surgical placement of a permanent shunt to drain CSF from the central nervous system to other parts of the body.² However traditional shunts, which have seen limited innovation since their introduction almost 75 years ago, are prone to failure, with nearly 40% failing within the first year and the majority failing within two to three years.³

"We are committed to improving outcomes for the underserved population of hydrocephalus patients," stated Tyler Wanke, MD, MBA, MEM/MSDI, CEO of MadSci. "The team has made tremendous progress, and we are grateful for the strong support from our investors as we look to bring this much-needed innovation to market."

In addition to this financing, the company was previously awarded several non-dilutive grants, including a Phase I Small Business Innovation Research Program (SBIR) grant from the National Institutes of Health (NIH) and a Phase 2 SBIR Grant from the National Science Foundation (NSF).

The SmartShunt System is under development and is not yet authorized for use or available for sale in any country.

ABOUT MADISON SCIENTIFIC

Madison Scientific (MadSci) is an early-stage medical device company innovating smart electro-mechanical devices to improve treatment and long-term care for patients with hydrocephalus and other neurologic conditions. Hydrocephalus is a potentially fatal condition that affects over one million children and adults in the U.S. and current treatment options are plagued by high failure rates and diagnostic uncertainty. The company's SmartShunt System is designed with state-of-the-art technology and advanced algorithms aiming to reduce shunt failure and increase diagnostic capabilities.

Media Contact:
Charlene Herndon
Sprig Consulting
[email protected]

¹ Hydrocephalus Association Fact Sheet
² Allied Market Research, Hydrocephalus Shunt Market, Global Opportunity Analysis and Industry Forecast, 2020-2027
³ Drake et al. "Randomized Trial of Cerebrospinal Fluid Shunt Valve Design in Pediatric Hydrocephalus". Neurosurgery 43(2):p 294-303, August 1998.

SOURCE Madison Scientific, Inc.

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