Mid Atlantic Bio Angels (MABA) announces today that it has made an investment in New York and Philadelphia-based PainQx, Inc., which has developed an accurate and objective method to measure chronic and acute pain in humans.
“Pain has long been subjective measurement, whether for hospitals, neurologists or other professionals working with patients who must manage it. PainQx has developed a potential solution that we believe will help to solve numerous problems in the current healthcare environment, including pain medication abuse,” said Yaniv Sneor, a MABA co-founder and president of Blue Cactus Consulting. “We believe the company’s experienced management team and innovative business model will give providers across a wide spectrum the opportunity to help resolve this subjectivity, and, in turn provide significant value to investors.”
PainQx is a diagnostic/software company that has developed a next generation approach to objectively measure pain in humans. The PainQx platform achieves this by assessing neural activity from a patient’s brain and processing and decoding the data through proprietary algorithms. The output is a scaled pain and neurological side effects biomarker that is directly correlated to a patient’s pain state. The PainQx system is currently being used as a clinical assessment tool by companies using pain as a primary or secondary clinical end point to measure their drug’s and/or device’s efficacy. Following FDA Clearance, PainQx will enter the broader Physicians market providing practitioners an invaluable tool to more effectively diagnose and treat patients suffering from chronic pain, particularly in light of the challenges the opioid epidemic presents in the U.S.
Bernie Rudnick, MABA co-founder and Managing Partner of Capgenic Advisors, added, “The opiate abuse issue in this country calls for an objective solution for determining need and dosing, coupled with an objective measure for the effectiveness of pain medications in development. PainQx has the potential of developing both a new standard to better deal with the current problem and alternative solutions.”
“The ability of PainQx to objectively and accurately capture and monitor chronic pain enables better dosing and effective treatment regardless of the chosen therapeutic or modality. Very rapidly, this will improve patient outcomes and thus reduce the extensive costs of chronic pain in healthcare,” added PainQx CEO and founder Frank Minella. “As a Life Sciences focused investor, MABA provides PainQx the best of both worlds in terms of financial investment and knowledge capital and domain expertise.”
About Mid Atlantic Bio Angels
Mid Atlantic Bio Angels (http://bioangels.net) is a group of active angel investors, which meets in New York City monthly (except July and August) solely to hear from pre-screened early-stage life science companies. MABA members consist of individuals from Delaware to Massachusetts with significant expertise and experience in the biotechnology, pharmaceutical and healthcare industries, including former and current corporate executives, doctors and Ph.D. scientists with product development backgrounds, successful medical entrepreneurs and analyst/investors focused on life sciences. MABA's goal is to create an environment where the depth of investors' knowledge coupled with the pre-screening of presenting companies enhances the potential for meaningful investment.