Firefly Neuroscience Supercharges Brain Health Innovation with Evoke Neuroscience Acquisition

May 5, 2025

DENVER, Colo., May 05, 2025 (247marketnews.com)- Firefly Neuroscience (NASDAQ:AIFF) stated that it’s acquiring Evoke Neuroscience, a medical device company focused on advanced brain health assessment technologies. This landmark deal, following Firefly’s recent entry into the NVIDIA Connect program, significantly advances its mission to develop a proprietary foundation model of the human brain using its FDA-cleared Brain Network Analytics (BNA) technology. By integrating Evoke’s assets, Firefly dramatically expanded its proprietary EEG database, intellectual property portfolio, and commercial presence, cementing its position as a frontrunner in the $8 billion global neurological diagnostics market.

David Hagedorn Ph.D., BCN, Evoke’s CEO and CSO, commented, “Over the past 16 years, we have generated approximately $30 million in total revenues while also amassing the largest known collection of EEG/ERP electrophysiology data via our proprietary hardware and software developed to aid in the diagnosis of brain disorders and disease. Given the obvious technological, clinical and commercial synergies between Evoke and Firefly, we believe this transaction represents a natural and important evolutionary step for both companies as we work together to establish a strong and growing business for all of our shareholders.”

Strategic Acquisition and Transformative Impact

The acquisition of Evoke Neuroscience catapults Firefly’s capabilities in brain health analytics, reinforcing its vision to revolutionize the diagnosis and treatment of neurological disorders. Key outcomes include:

  • Unparalleled Data Growth: Firefly now holds the world’s largest proprietary database of over 180,000 standardized EEG/ERP assessment records, a more than two-fold increase, enabling deeper AI-driven insights into brain activity and disease biomarkers.
  • Expanded IP Portfolio: The addition of 27 granted patents, a three-fold expansion, fortifies Firefly’s technological leadership in neural analytics and diagnostics.
  • Commercial Surge: Firefly’s commercial footprint grows to over 60 user sites, a ten-fold increase, spanning clinics, hospitals, and research institutions, amplifying its market reach.

The transaction terms are:

  • A $6 million purchase price, split 50% in cash and 50% in Firefly common stock at $3.50 per share.
  • A $500,000 cash earn-out for Evoke investors if the acquired business achieves $3 million in annualized revenues within three years.

Leveraging NVIDIA Connect and Market Opportunity

Firefly’s inclusion in the NVIDIA Connect program (April 2025) grants access to cutting-edge AI computing, accelerating its BNA platform’s analysis of complex neural data. The Evoke acquisition amplifies this, providing a massive dataset to train Firefly’s proprietary brain model, targeting conditions like Alzheimer’s, Parkinson’s, and traumatic brain injury, which impact over 1 billion people globally (WHO, 2025). The $8 billion neurological diagnostics market, growing at a 7.5% CAGR through 2030 (MarketsandMarkets), is ripe for disruption, with demand surging for non-invasive, AI-driven tools.

The 180,000+ EEG/ERP records enable unparalleled precision in identifying neurological biomarkers, while the 27 new patents protect Firefly’s innovations against competitors like NeuroPace. The ten-fold user base expansion—from 6 to over 60 sites—boosts revenue potential beyond Firefly’s $2 million 2024 revenue (per SEC filings), positioning it for scalability. This strategic move echoes transformative acquisitions like Firefly’s own Evoke deal, driving exponential growth in high-potential sectors.

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