WaveDancer and Firefly Neuroscience Announce Merger to Advance BNA Platform for Mental Health Diagnosis
WaveDancer, a NASDAQ-listed medical technology company, has announced a definitive merger agreement with Firefly Neuroscience, a pioneer in AI-driven healthcare solutions. This all-stock deal aims to bring Firefly’s cutting-edge Brain Network Analytics (BNA) platform to the forefront of mental disease and cognitive disorder diagnosis. This partnership is set to transform the landscape of brain health assessment and treatment.
BNA to Reshape brain function evaluation
Firefly’s BNA platform has received clearance from the US Food and Drug Administration (FDA) and operates as a cloud-based, artificial intelligence-powered system. It offers an innovative approach to objectively assessing brain function by analyzing patient electroencephalograms (EEGs) in conjunction with a proprietary database of standardized, high-definition EEGs and behavioral data. This groundbreaking technology promises a more precise and efficient method for evaluating brain health.
A focus on mental health
The merged company, driven by AI capabilities and positioned for commercial success, will center its efforts on developing and commercializing Firefly’s BNA platform. The primary goal is to empower psychiatrists and neurologists in the United States to diagnose mental diseases and cognitive disorders more accurately. Furthermore, the platform will enable healthcare providers to optimize treatment pathways and enhance therapy compliance for better patient outcomes.
Firefly CEO Jon Olsen emphasized the importance of this merger, stating, “This transaction comes at an important time for Firefly as we accelerate the commercialization of our BNA platform. Based on the world’s largest medical-grade standardized database of electroencephalogram recordings, BNA is the first practical and feasible way for front-line clinicians to objectively measure brain function.”
Merger details
Under the terms of the merger agreement, every issued and outstanding share of Firefly common stock will be converted into WaveDancer’s common stock at a predetermined exchange ratio. At the effective time of the merger, WaveDancer’s securityholders will control approximately 8% of the combined business, while Firefly’s securityholders will hold the remaining 92%. This merger is expected to bring about a stronger and more dynamic entity in the field of medical technology.
Name and location
Upon closing the agreement, the merged company will operate under the name “Firefly Neuroscience” and be based in Toronto, Ontario, Canada. This strategic decision reflects the importance of the BNA platform’s contribution to advancing brain health research and patient care.
Anticipated timeline
The merger has received authorization from the Board of Directors of both WaveDancer and Firefly Neuroscience. It is expected to be completed in the first quarter of 2024, pending customary closing conditions. This timeline signifies a significant step forward in the journey toward revolutionizing the diagnosis and treatment of mental diseases and cognitive disorders.
WaveDancer CEO and Chairman, Jamie Benoit, commented on the merger’s strategic significance, saying, “Following a strategic review and analysis of our long-term prospects as a publicly-traded company, the Board determined that this merger is in the best interests of WaveDancer’s stockholders and an attractive opportunity to realize significant value as Firefly pursues multiple market opportunities for its BNA platform.”
Advisors and legal counsel
In making this strategic move, WaveDancer received advisory support from B. Riley Securities, while legal counsel was provided by Greenberg Traurig. On the other hand, Haynes and Boone served as legal counsel to Firefly Neuroscience, ensuring that all legal aspects of the merger were appropriately addressed.
The merger of WaveDancer and Firefly Neuroscience represents a pivotal moment in the field of medical technology and brain health assessment. With the transformative BNA platform at its core, this combined entity is poised to revolutionize the way mental diseases and cognitive disorders are diagnosed and treated. As it continues to develop and commercialize the BNA platform, the merged company will bring hope to countless individuals and families affected by these conditions, offering the promise of more accurate diagnoses, optimized treatment pathways, and improved therapy compliance. This merger is not only a strategic move but also a significant step toward better mental health care for all.
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WaveDancer and Firefly Neuroscience Announce Merger to Advance BNA Platform for Mental Health Diagnosis
WaveDancer, a NASDAQ-listed medical technology company, has announced a definitive merger agreement with Firefly Neuroscience, a pioneer in AI-driven healthcare solutions. This all-stock deal aims to bring Firefly’s cutting-edge Brain Network Analytics (BNA) platform to the forefront of mental disease and cognitive disorder diagnosis. This partnership is set to transform the landscape of brain health assessment and treatment.
BNA to Reshape brain function evaluation
Firefly’s BNA platform has received clearance from the US Food and Drug Administration (FDA) and operates as a cloud-based, artificial intelligence-powered system. It offers an innovative approach to objectively assessing brain function by analyzing patient electroencephalograms (EEGs) in conjunction with a proprietary database of standardized, high-definition EEGs and behavioral data. This groundbreaking technology promises a more precise and efficient method for evaluating brain health.
A focus on mental health
The merged company, driven by AI capabilities and positioned for commercial success, will center its efforts on developing and commercializing Firefly’s BNA platform. The primary goal is to empower psychiatrists and neurologists in the United States to diagnose mental diseases and cognitive disorders more accurately. Furthermore, the platform will enable healthcare providers to optimize treatment pathways and enhance therapy compliance for better patient outcomes.
Firefly CEO Jon Olsen emphasized the importance of this merger, stating, “This transaction comes at an important time for Firefly as we accelerate the commercialization of our BNA platform. Based on the world’s largest medical-grade standardized database of electroencephalogram recordings, BNA is the first practical and feasible way for front-line clinicians to objectively measure brain function.”
Merger details
Under the terms of the merger agreement, every issued and outstanding share of Firefly common stock will be converted into WaveDancer’s common stock at a predetermined exchange ratio. At the effective time of the merger, WaveDancer’s securityholders will control approximately 8% of the combined business, while Firefly’s securityholders will hold the remaining 92%. This merger is expected to bring about a stronger and more dynamic entity in the field of medical technology.
Name and location
Upon closing the agreement, the merged company will operate under the name “Firefly Neuroscience” and be based in Toronto, Ontario, Canada. This strategic decision reflects the importance of the BNA platform’s contribution to advancing brain health research and patient care.
Anticipated timeline
The merger has received authorization from the Board of Directors of both WaveDancer and Firefly Neuroscience. It is expected to be completed in the first quarter of 2024, pending customary closing conditions. This timeline signifies a significant step forward in the journey toward revolutionizing the diagnosis and treatment of mental diseases and cognitive disorders.
WaveDancer CEO and Chairman, Jamie Benoit, commented on the merger’s strategic significance, saying, “Following a strategic review and analysis of our long-term prospects as a publicly-traded company, the Board determined that this merger is in the best interests of WaveDancer’s stockholders and an attractive opportunity to realize significant value as Firefly pursues multiple market opportunities for its BNA platform.”
Advisors and legal counsel
In making this strategic move, WaveDancer received advisory support from B. Riley Securities, while legal counsel was provided by Greenberg Traurig. On the other hand, Haynes and Boone served as legal counsel to Firefly Neuroscience, ensuring that all legal aspects of the merger were appropriately addressed.
The merger of WaveDancer and Firefly Neuroscience represents a pivotal moment in the field of medical technology and brain health assessment. With the transformative BNA platform at its core, this combined entity is poised to revolutionize the way mental diseases and cognitive disorders are diagnosed and treated. As it continues to develop and commercialize the BNA platform, the merged company will bring hope to countless individuals and families affected by these conditions, offering the promise of more accurate diagnoses, optimized treatment pathways, and improved therapy compliance. This merger is not only a strategic move but also a significant step toward better mental health care for all.
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