Firefly Neuroscience Forms Strategic Partnership with Neurology Consultants of Dallas (NCD) to Enhance Early Detection Efforts and Disease Management for Patients with Cognitive Disorders
NCD Will Integrate Firefly’s BNA Technology into its Patient Management Protocols for Enhanced Brain Function Insights and Improved Patient Outcomes
TORONTO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Firefly Neuroscience, Inc. (“Firefly,” “we,” or the “Company”) (NASDAQ: AIFF), an Artificial Intelligence (“AI”) technology company developing innovative neuroscientific solutions that improve brain health outcomes for patients with mental illnesses and neurological disorders, today announced that it has formed a strategic partnership with the Neurology Consultants of Dallas (“NCD”) to help enhance early detection efforts and disease management for patients suffering from cognitive decline. NCD will incorporate Firefly’s Brain Network Analytics (“BNA”) technology into its patient workflow and conduct clinical studies aimed at identifying biomarkers for predicting the onset of dementia that can potentially optimize patient care pathways.
"NCD has been at the forefront of neurological care since the 1970s, providing inpatient and outpatient services. Its expertise and dedication to improving patient outcomes makes NCD an ideal partner for Firefly,” said Jon Olsen, Firefly’s CEO. "We look forward to continuing to update our BNA technology with real patient use cases and feedback to better serve those suffering from cognitive decline and other neurological disorders across the U.S."
"Our integration of Firefly's BNA technology highlights the clinical value of the platform, providing diagnostic insights and trending analysis of cognitive health in conditions such as Alzheimer's disease, Parkinson’s disease, epilepsy, multiple sclerosis, concussions, and general aging," added Dr. Puneet Gupta, NCD's VP Health Innovation Strategy and Ventures. "Incorporating BNA into our serial cognitive exams allows for a more comprehensive understanding of patients' brain function and cognitive health over time."
By establishing a baseline for every patient, healthcare providers can more accurately track cognitive changes, which will promote the early detection and effective management of cognitive decline. The integration of BNA technology is expected to enhance neurology testing for millions of patients in the U.S. by encouraging widespread adoption of advanced diagnostic tools.
Dr. Anna Tseng, NCD’s Chief Development Officer, concluded, “Recently, NCD was selected to participate in the Centers for Medicare and Medicaid Services’ GUIDE Model, which aims to significantly improve quality of life for people with dementia. We believe that our partnership with Firefly will enhance our ability to stage the level of cognitive impairment in patients participating in the program, and thereby manage their care accordingly by the stage of dementia. This aligns with our ongoing commitment to advancing patient care through innovative technology.”
About Firefly Firefly (NASDAQ: AIFF) is an Artificial Intelligence (“AI”) technology company developing innovative neuroscientific solutions that improve brain health outcomes for patients with mental illnesses and neurological disorders Firefly’s FDA-510(k) cleared Brain Network Analytics (BNA) platform revolutionizes diagnostic and treatment methods for conditions such as depression, dementia, anxiety disorders, concussions, and ADHD. Over the past 15 years, Firefly has invested approximately $60 million in developing its BNA platform, building a comprehensive database of brain wave tests, securing patent protection, and achieving FDA approval. The Company is now launching the BNA platform commercially, targeting pharmaceutical companies engaged in drug research and clinical trials, as well as medical practitioners for clinical use.
The BNA platform is a software as a medical solution (SAMS) that was developed using artificial intelligence and machine learning on Firefly’s extensive proprietary database of standardized, high-definition longitudinal electroencephalograms (EEGs) of over 17,000 patients representing twelve disorders, as well as clinically normal patients. The BNA platform, in conjunction with an FDA-cleared EEG system, can provide clinicians with comprehensive insights into brain function (cognition). These insights can enhance a clinician’s ability to accurately diagnose mental illnesses and cognitive disorders and to evaluate what therapy and/or drug is best suited to optimize a patient’s outcome.
About NCD Neurology Consultants of Dallas (NCD), a distinguished physician-owned and physician-led practice, is dedicated to providing exceptional neurological care to the community. With a focus on treating the whole person, not just their condition, NCD offers leading-edge services for both adult and pediatric patients, inpatient and outpatient. Their team of board-certified and fellowship-trained neurologists are leaders in their field, sought out by their peers for complex cases and trusted by fellow physicians for their own families. They believe in a holistic approach, combining the latest research and technology with compassionate, individualized care.
NCD's comprehensive services include expertise across specialties, advanced diagnostics and imaging, clinical research, and neurorehabilitation. Their clinic’s state-of-the-art Neuro Testing Center offers overnight monitored EEG, epilepsy, and sleep evaluations. NCD recognizes that elevating patient care extends beyond the walls of their clinic. They actively collaborate with startups and established healthcare companies to refine products, shape future therapies, and optimize workflows, driving innovation that impacts healthcare on a broader scale.
Their commitment to excellence and patient-centered care sets them apart, making NCD the premier choice for neurological care in their community.
Forward-Looking Statements Certain statements in this press release and the information incorporated herein by reference may constitute “forward-looking statements” for purposes of the federal securities laws concerning Firefly. These forward-looking statements include express or implied statements relating to Firefly’s management teams’ expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Firefly will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Firefly’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: risks related to development and commercialization of BNA technology; risks related to Firefly’s ability to recognize the anticipated benefits of the merger (the “Merger”) with WaveDancer, Inc. (“WaveDancer”); risks related to Firefly’s ability to correctly estimate its operating expenses and expenses associated with the Merger and other events and unanticipated spending and costs that could reduce Firefly’s cash resources; the ability of Firefly to protect its intellectual property rights; competitive responses to the business combination; unexpected costs, charges or expenses resulting from the Merger; potential adverse reactions or changes to business relationships resulting from the completion of the Merger; legislative, regulatory, political and economic developments; and those factors described under the heading “Risk Factors” in the in the registration statement on Form S-4 filed by WaveDancer with the Securities and Exchange Commission on January 22, 2024, as amended, and declared effective on February 6, 2024. Should one or more of these risks or uncertainties materialize, or should any of Firefly’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. It is not possible to predict or identify all such risks. Forward-looking statements included in this press release only speak as of the date they are made, and Firefly does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Investor Contact KCSA Strategic Communications Valter Pinto, Managing Director (212) 896-1254 Firefly@KCSA.com
Media Contact KCSA Strategic Communications Raquel Cona, Vice President (516) 779-2630 Rcona@KCSA.com
