IMAC Holdings and Brain Scientific to Merge

IMAC Holdings Inc. and Brain Scientific Inc. will soon become one entity.
 
The companies have announced a strategic “merger of equals” that will provide patients with end-to-end neurological solutions using Brain Scientific’s diagnostic and motion technologies and IMAC’s regenerative rehabilitation medical services. Brain Scientific CEO Hassan Kotob is expected to serve as chairman/CEO of the combined firm.
 
“We believe the combination of IMAC and Brain Scientific would be a match that provides a pathway to become a leader, a destination, and trusted brand in the growing field of neuro deficit disorders, diagnosis and treatment,” IMAC Holdings CEO Jeff Ervin said. “Brain Scientific is developing a distribution pipeline of their 510(k)- and CE-cleared products and, under Hassan’s leadership, we anticipate expense synergies and expanded service outlets will benefit all stakeholders.”
 
IMAC is comprised of two business segments: outpatient medical centers and a clinical research division. IMAC owns or manages outpatient medical clinics that deliver regenerative rehabilitation services as a minimally invasive approach to acute and chronic musculoskeletal and neurological health problems. IMAC’s research division is currently conducting a Phase I clinical trial evaluating a mesenchymal stem cell therapy candidate for bradykinesia due to Parkinson’s disease.
 
Brain Scientific has more than 24 patents, U.S. Food and Drug Administration (FDA) and CE certification. Brain Scientific’s disposable NeuroCap and portable NeuroEEG enable neurologists to save time, see more patients, and eliminate contamination risks. The company’s neurology ecosystem provides clinicians and patients confidence in gaining rapid access to accurate EEG test results, making testing more efficient and allowing clinicians to focus on test readings rather than the labor-intensive application process of current electrode placement technology.
 
“At Brain Scientific, we are accelerating the time to prep, test, and read EEG studies anytime and are finally bringing EEG testing to remote locations and in the field,” Kotob stated. “We believe that a Brain Scientific and IMAC merger would allow us to accelerate our growth and expand into new channels and markets to provide those suffering from neurological disorders with the best care possible.”
 
Joseph Gunnar & Co. LLC is serving as the exclusive financial advisor to IMAC and Brain Scientific for the merger. Olshan Frome Wolosky LLP is serving as legal counsel for IMAC, and Lucosky Brookman LLP is serving as legal counsel for Brain Scientific.
 
IMAC Holdings owns and manages health and wellness centers that deliver sports medicine, orthopedic care, and restorative joint and tissue therapies for movement restricting pain and neurodegenerative diseases. IMAC is comprised of two business segments: outpatient medical centers and a clinical research division. With treatments to address both young and aging populations, IMAC Holdings owns or manages outpatient medical clinics that deliver regenerative rehabilitation services as a minimally invasive approach to acute and chronic musculoskeletal and neurological health problems. IMAC’s research division is currently conducting a Phase I clinical trial evaluating a mesenchymal stem cell therapy candidate for bradykinesia due to Parkinson’s disease. 
 
Brain Scientific Inc. is an applied sciences technology company with multiple patents and FDA-cleared products. Brain Scientific develops next-generation solutions that advance the future of medical and OEM devices. Brain Scientific has two product lines covering neurology and precision motion. The NeuroCap and NeuroEEG are smart neurological diagnostic devices that simplify administration, shorten scan time, and cut costs. The Piezo Motion product line consists of ultra-efficient compact precision motors that will drive the next generation of OEM devices.