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KENMORE, N.Y. - Firefly Neuroscience, Inc. (NASDAQ: AIFF), a micro-cap company valued at $24.63 million specializing in Artificial Intelligence (AI) for brain health, has been accepted into the NVIDIA (NASDAQ:NVDA) Connect program, a collaborative initiative aimed at enhancing software development for member companies. According to InvestingPro analysis, the stock is currently trading above its Fair Value, despite facing profitability challenges. Firefly plans to leverage the program’s resources to construct a foundational model of the human brain utilizing its FDA-cleared Brain Network Analytics (BNA™) technology. The company’s ambitious plans come amid challenging financial metrics, with InvestingPro data showing revenue of just $0.07 million in the last twelve months and an EBITDA of -$8.17 million.
The BNA™ platform, which employs Resting EEG and Cognitive EEG (ERP) data, is expected to benefit from NVIDIA Connect’s advanced software development tools, frameworks, and global ecosystem. The program provides technical training, engineering guidance, and discounts on NVIDIA’s software and hardware, which could accelerate product development and improve efficiency for Firefly.
Greg Lipschitz, Executive Chairman of Firefly, expressed the company’s honor and excitement at being selected for NVIDIA Connect. He noted that the partnership arrives at an opportune time, as Firefly’s BNA™ database, already substantial, continues to expand with each new clinical study and assessment. Lipschitz believes that the access to NVIDIA’s resources positions Firefly to create the world’s first foundational model of the human brain, a milestone that he anticipates sharing updates on with stakeholders.
Firefly’s BNA™ technology has been cleared by the FDA and is designed to revolutionize diagnostic and treatment monitoring methods for various conditions, including depression, dementia, anxiety disorders, concussions, and ADHD. Over 15 years, the company has amassed a significant database of brain wave tests, secured patent protection, and obtained FDA clearance. Firefly is now launching BNA™ commercially, targeting pharmaceutical companies and medical practitioners involved in drug research and clinical trials.
The company’s statements about its strategic initiative and future developments are forward-looking and involve certain risks and uncertainties. While Firefly’s management has expectations for the BNA™ platform’s impact on brain health outcomes, actual results may differ materially from those projected. InvestingPro subscribers have access to 8 additional key insights about Firefly’s financial health and market position, including detailed analysis of its cash burn rate and valuation metrics. This article is based on a press release statement from Firefly Neuroscience, Inc.
In other recent news, biotech firm Arrivo BioVentures has reported initial results from its SP-624-103 study, suggesting potential use of drug SP-624 in treating major depressive disorder (MDD). The study, a double-blind, placebo-controlled trial, showed changes in brain activity associated with improved synaptic plasticity, neural connectivity, and cortical arousal. The company is currently enrolling participants for the second cohort of the study, focusing on patients diagnosed with MDD.
Firefly Neuroscience, a prepackaged software company, has seen significant changes in its leadership. Jon Olsen has stepped down from the board and was removed from his role as Chief Executive Officer, with Greg Lipschitz appointed as the Interim CEO. Lipschitz was later elected as a Class I director in the company’s annual meeting, along with David DeCaprio and Jon Olsen. The meeting also saw the ratification of Marcum Canada, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
In a further development, Firefly Neuroscience appointed Greg Lipschitz as the new Executive Chairman following David Johnson’s resignation from the role. These are the latest developments in a series of leadership changes at Firefly Neuroscience, as the company navigates its strategic direction.
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