Brain Scientific (OTCMKTS:BRSF), announced on August 24, 2022, about receiving the Conformité Européenne (CE) Mark for the NeuroCap. The CE mark is confirmation of the fact that the company satisfies all European Medical Device Directive requirements to begin commercializing its innovative neurological devices across the European Continent and other CE mark geographies.
Trading Data
On Wednesday, BRSF stock moved down 3.25% to $0.1161 with more than 44.97K shares, compared to its average volume of 5.70K shares. The stock moved within a range of $0.1161 – 0.1250 after opening trade at $0.1200.
Brain Scientific Announces CE Mark Approval for NeuroCap™ Device
The company has developed two devices to streamline EEG prep, testing, and diagnosis. The first is NeuroCap which comes with 22 pre-gelled electrodes making it a suitable option for most clinical EEG tests, including routine EEGs that are often used for stroke and epilepsy patients. The fixed electrode placement is in accordance with the international 10-20 system. The other device, NeuroEEG is a 21-channel amplifier that provides clinicians with the same quality as traditional EEG equipment.
Key Quote
“The CE mark approval is yet another certification proving the effectiveness of Brain Scientific’s technologies,” said Daniel Cloutier, CEO of LOK Corporation. “We have seen strong demand from European neurologists and distributors for the NeuroCap™, and now with the CE mark Brain Scientific can start selling to medical facilities in Europe.”
Brain Scientific Announces Private Placement of $5.6 Million of Senior Secured Convertible Debentures and Warrants, Converts Approximately $12.9 Million of Existing Debt into Equity
On June 15, 2022, the company announced about entering into definitive agreements with certain institutional and accredited investors for the sale of senior secured convertible debentures and warrants to purchase shares of the company’s common stock, resulting in total gross proceeds of approximately $5.1 million before deducting the placement agent’s fees and other offering expenses.
As per the terms of the securities purchase agreement, the company will sell senior convertible debentures, with a principal amount of approximately $5.6 million (including OID of 10%), with a 12-month term. Debentures have an interest rate of 10% per annum and are mandatorily convertible into the securities sold by the company in qualified financing at the lower of $0.25 per share or a 30% discount to the price of securities sold in such qualified financing, subject to a partial redemption right at the time of the qualified offering.
Technical Data
BRSF stock is trading below the 50-Day and 50-Day Moving averages of $0.12 and $0.14 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.30. The company has a total market capitalization of $12.24 million.
