Nurochek

Nurochek aims to be the gold standard in concussion assessment, by delivering an objective result in just 2 minutes. Their FDA-cleared medical device - Nurochek aims to standardise evaluations across healthcare facilities for the aid in diagnosis of concussion. The device works by stimulating the brain’s electrical responses by flashing lights into a patient’s eyes and recording how the brain responds.

In the US every 21 seconds someone sustains a Traumatic Brain Injury (TBI). The majority of these are concussion. Because concussion symptoms are often subjective and diagnosis relies on self-reporting by individuals it leads to under reporting and missed diagnoses. Many undiagnosed concussions risk long-term damage and high treatment costs. For those that do get assessed by a doctor, the assessment can be lengthy and not always accurate as doctors have no suitable tools, relying on their clinical experience and baseline comparisons.

Nurochek is a compact concussion assessment device that is easy to use and does not need a baseline, instead using FDA-cleared Machine Learning (AI) classification to deliver an objective diagnoses. The rapid 2 minute test can be performed by any healthcare professional with minimal training and with the cost being able to be passed onto insurers it makes the testing accessible and affordable to patients.

Investment Highlights

Leaders in concussion assessment
With 7 years of development and clinical research, including 8 clinical trials in the US, Australia and New Zealand as well as being FDA cleared and 7 international patents and IP protected, Nurochek are now supply chain ready. Having proven the product works and can be monetised as it is applicable to existing insurance charges codes.
The current products in the space have device limitations and time constraints that result in underuse of tests by most clinicians. Nurochek have positioned themselves to be leaders in the space thanks to the devices complex analysis of over 400,000 data points, ease-of-use, rapid testing, and years of extensive research and development.
Billion dollar industry
In the US the concussion assessment market is expected to reach over USD$2.1BN by 2032. In 2023 alone North America lead global concussion assessment market, total USD$1.1 billion.
4.8 million people report concussions annually in the US, leading to 11 million concussion tests per year with an average assessment cost of USD$100 and with multiple insurance charge codes applicable.
Global roadmap
In 2024 the company aims to formally launch Nurochek to the US where they already have FDA approval and are eligible to insurance claims. From there they will then launch the product in ANZ in 2025 and by 2026 aim to become a global established provider. By 2028, the projected revenue growth is at AUD$172.4 million.

Overview

In the last year alone Nurochek have had their device and hardware FDA cleared have worked hard to make Nurochek reimbursable by any insurer in the US.

Nurochek are raising funds to kickstart their market launch. Starting with the US, as this space represents over half of the global concussion assessment market. From there they will role out the device globally with no shortage of global concussions. They will sell directly to healthcare providers, initially selling to healthcare systems that get reimbursements before broadening sales to their hardware where they can charge monthly billing giving the company reoccurring revenue.