Neurovation Labs Selected as Finalists in U.S. Army xTechSearch 5 Program for Company’s PTSD Diagnostic and Treatment Development
New York, NY– March 8, 2021
Neurovation Labs, Inc., a biotechnology company developing the first objective diagnostic and companion treatment for Post-traumatic Stress Disorder (PTSD), today announced that it has been selected to advance as Finalists through the highly selective Army Expeditionary Technology Search program (xTechSearch) 5 competition. The xTechSearch competition seeks novel, disruptive concepts and technologies to support the Army’s top modernization priorities that can provide technology advancement or enable cost savings throughout the Army systems’ life cycle. As Finalists, the company received a $120,000 prize as well as an invitation to participate in the Army xTech Accelerator, powered by FedTech, a 6-month long cohort-based program that assists companies in becoming successful dual-use ventures that ultimately transition their technologies into the Army, as well as thrive as small businesses in the United States.
PTSD is an incapacitating psychiatric disorder that affects nearly 10% of the U.S. population and imposes an annual economic burden exceeding $42 billion. Developing after a traumatic event such as warfare or abuse, its incidence is particularly high among military servicemembers and veterans. At the same time, there is a large civilian population suffering from PTSD caused by accidents, assaults, natural disasters, and other traumas. Neurovation Labs is addressing critical shortcomings in PTSD healthcare. Currently, PTSD is poorly diagnosed using subjective symptom checklists and treated by off-target, ineffective drugs or by various cognitive therapies. Neurovation Labs is targeting a protein increase in the fear center of the brain—a groundbreaking discovery that offers the first potential PTSD biomarker—to develop the first diagnostic brain scan and companion medication for the disorder.
“We are honored to have been selected as one of 10 Finalists in the xTechSearch competition.” stated CEO Jennifer Perusini. “This award underscores the importance of addressing the mental health crisis both civilians and warfighters face. We look forward to building more connections with the U.S. Army over the next 6 months through the accelerator program and further developing our PTSD diagnostic and treatment for defense use.”
Neurovation Labs will participate in the Finals in October 2021 for the Grand Prize and an opportunity to demonstrate proof-of-concept of their technology.
About Neurovation Labs, Inc.: Neurovation Labs is a biotechnology company revolutionizing the way psychiatric disorders are diagnosed and treated, with an initial focus on PTSD. Founded in 2016, the company is leveraging a major brain biomarker discovery to develop two products: (1) a molecular diagnostic and (2) a companion targeted treatment. Both products are in preclinical development and have the potential to transform PTSD healthcare.
About xTechSearch: Founded in 2018, the xTechSearch competition seeks novel, disruptive concepts and technologies to support the Army’s top modernization priorities, medical technologies, military-engineering technologies and other critical technology focus areas that can provide technology advancement or enable cost savings throughout the Army systems’ life cycle. The Army xTechSearch program provides cash prizes to selected small businesses to proceed through four phases of the technology competition, ultimately leading to a $120,000 prize and invitation to demonstrate proof of concept of dual-use technologies to a panel of Army judges.
For more information visit: https://www.arl.army.mil/xtechsearch/competitions/xtechsearch-5.html
SOURCE Neurovation Labs Inc.