Exhibit 10.1


 


Brain Scientific
Updates Disposable EEG Headset Sales Plan, Supply Scale-Up, and IP Status


 


		●	3 hospitals place expanded,
                                         non-commercial orders for further testing and evaluation



		●	“Consider rapid application
                                         EEG with disposable, single use caps/ templates...” - American Clinical Neurophysiology
                                         Society COVID-19 EEG guidelines



 


NEW YORK, June 17, 2020 (GLOBE NEWSWIRE)
-- Brain Scientific Inc. (OTC: BRSF), a neurology-focused medical device and software company, wishes to update shareholders on
topics related to the commercial launch of its wholly-owned subsidiary Memory MD’s NeuroCapTM, hospital-grade, disposable,
preconfigured EEG headset.


 


To address expected heightened demand
for disposable medical products brought on by the COVID-19 pandemic, Brain Scientific is fast-tracking steps required for expedited
commercialization of its FDA cleared NeuroCap, single-use, disposable EEG headset.


 


During the second quarter of 2020, three
hospitals in New York City, Texas and New England successfully completed initial testing of the NeuroCap. Based on the initial
results, these institutions placed expanded, non-commercial orders for additional units.


 


Assuming successful commercialization,
the Company estimates potential annual revenue of up to approximately $50,000 for standalone hospitals and $600,000 for multi-site
systems.


 


As the Company continues to make progress
on its commercialization goals for the NeuroCap, it is also in the final stages of negotiations with ISO 9001/13485 contract manufacturers
in the United States capable of meeting increased product demand while maintaining a high level of quality and reliability.


 


IP Status


 


Patent applications for Brain Scientific’s
disposable EEG sets are pending in the U.S. ((Application No. 15/898,611), Europe (Application No. 18757492.6), and China (Application
No. 201880002338.7). The primary target markets in these regions are among those that offer routine EEG testing: ER’s, ICU’s,
urgent care clinics, ambulatory, and telehealth.


 


Market Opportunity


 


The Company believes that approximately
5 million patients in US emergency departments and ICUs are subject to seizures and could benefit from routine EEG tests and 1
in 26 people in the US will be diagnosed with epilepsy at some point in their life, while only 254 of 6,210 US hospitals are Level
4 epilepsy centers with 24/7 EEG services.


 








    


     


    







EEGs are among the most widely used
tests to diagnose brain conditions, such as seizures, epilepsy, headaches, brain tumors, and sleeping problems. Current EEG procedures
are often slow, expensive, and cumbersome.


 


Further, the Company believes that COVID-19
related neurologic symptoms, presenting in an estimated 35-45% of COVID patients, will drive urgent incremental need for disposable
EEG headsets such as the NeuroCapTM.


 


NeuroCap is an FDA-cleared disposable
EEG headset with 22 electrodes and 19 active EEG channels. Its single-use life span minimizes cross-contamination and optimizes
sanitary practice. The diagnostic tool is compatible with 3rd party amplifiers, it is designed to be administered by clinical
staff of any level, and it can be used in healthcare facilities or outpatient settings.


 


Importance of Disposable EEG Headsets
During COVID-19 


 


The American Clinical Neurophysiology
Society COVD-19 EEG guidelines suggest technologists “Consider rapid application EEG with disposable, single use caps/ templates
particularly if tech staffing is limited.”


 


The Company believes that the global
coronavirus pandemic creates unprecedented complexities for EEG departments and EEG technicians in emergency rooms, ICU’s,
and in clinical research


 


During the pandemic, technicians and
doctors could be at risk while performing EEG tests, which take up to 30 minutes to set up and require 8-inch proximity to the
patient. Providers are faced with having to jury-rig plexiglass solutions to limit exposure to potentially infected patients.


 


About Brain Scientific


Brain Scientific is a commercial-stage
healthcare company with two FDA-cleared products, providing next-gen solutions to the neurology market. The Company’s smart
diagnostic devices and sensors simplify administration, shorten scan time and cut costs, allowing clinicians to make rapid decisions
remotely and bridge the widening gap in access to neurological care. To learn more about our corporate strategy, devices or for
investor relations please visit: www.brainscientific.com or email us at info@memorymd.com.


 


 






    


     


    







Forward-Looking Statements


Any statements contained in this press
release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve
assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,”
“should,” “would,” “will,” “could,” “scheduled,” “expect,”
“anticipate,” “estimate,” “believe,” “intend,” “seek” or “project”
or the negative of these words or other variations on these words or comparable terminology. Such forward-looking statements are
not meant to predict or guarantee actual results, performance, events or circumstances, and may not be realized because they are
based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates, and assumptions, and are subject
to several risks and uncertainties and other influences, many of which the Company has no control. Actual results and the timing
of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of
these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or
cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability
to obtain additional financing, the significant length of time and resources associated with the development of our products and
related insufficient cash flows and resulting illiquidity, the Company's inability to expand its business, significant government
regulation of medical devices and the healthcare industry, lack of product diversification, volatility in the price of the Company's
raw materials and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified
and described in more detail in the Company's filings with the SEC. The Company does not undertake to update these forward-looking
statements.


 


Tags: EEG, EEG headset, Neurology, Disposable
Medical Products, Transmission-Free Devices, Epilepsy Testing