Firefly Neuroscience (AIFF, Financial) has announced its strategic acquisition of Evoke Neuroscience, a company focused on medical devices that facilitate comprehensive brain health assessments. This transaction marks a significant move in Firefly's mission to develop a proprietary model of the human brain, leveraging their Brain Network Analytics technology, which is approved by the FDA.
The acquisition brings several valuable assets to Firefly, including a vast database of over 180,000 standardized EEG/ERP assessment records, 27 granted patents, and more than 60 active commercial users. These figures represent substantial growth, with expansions of over two-fold, three-fold, and ten-fold in proprietary scans, patents, and commercial sites, respectively.
The agreement stipulates a purchase price of $6 million, payable equally in cash and Firefly's common stock, valued at $3.50 per share. Moreover, Evoke's investors may receive an additional earn-out of $500,000 in cash, contingent on the acquired business generating at least $3 million in annualized revenue within three years.
