Charles Allan, MY01 - Timely Sensing for Compartment Syndrome | LSI USA '24

Charles Allan  0:04  
I'm excited to explain our story. We've got a continuous acute care monitoring platform for injury and healing. I'm a three time founder of micro technology solutions is my first foray into the medical space. I when I met Dr. Harvey. And he explained to me the problem around managing patients that have injuries through the hospital, we found that there could be a solution there with sensor based technology. And that's what we ended up developing. We're building a platform, our technology since 2019, we've gotten CE mark Health Canada and FDA clearance, we're we've got 14 patents, six patent families. Some, some clinical studies that have completed enrollment, and now are in publication that have shown that the technology can help increase the accuracy of diagnosis by 99%. And these are multicenter studies. We launched the product in q4 of last year, and we generated 1.2 million in sales, with growing account penetration in the hospitals that we're in, we've de risked the economic model and have a healthy gross margins. So it's exciting to the stage that we're in today, we raised the $12.5 million, series A and now we're looking at for a $20 million growth equity round the breakeven. The problem that we're dealing with is really something that's clearly a systemic issue around the serial exam. Today, that's done, it's very labor intensive, it requires a lot of routine checks. And it's not connected. So people don't talk to each other, which means that the the teams that are taking care of these patients are very siloed. And so what we wanted to do was try to find a technology that could reunite the team and really look at this from a care team perspective. And what we needed was a standardized objective, actionable data to do that. So our platform allows for that to happen, we have a connected sensor that integrates the data directly to a mobile app, and is able to provide actual data to the care team. So what that means is that we can tell if an injury is improving, as well as if an injury is deteriorating, and in that case, be able to proactively manage that patient. Again, I'll talk about our clinical validation, we've done over 150 patients, eight trauma centers that completed the study, and showed not only that we were able to increase the accuracy of diagnosis, but because we're able to unite the team together around this common data, we're able to catch the problem five hours faster than they otherwise would, which can be the difference between ever walking out of the hospital or or having these serious life changing complications are, what we actually measure is interstitial pressure. And that's a surrogate for inflammation. So it's really quantifying that problem. So in a case where you've got normal pressures, the inflammation will go up, and then it'll start to decrease over time. And we can measure that in real time and show it. And on the flip side, what you're worried about as a clinician is the fluid buildup that basically there's a certain threshold where the pressures within the cavity of the injury, if that's the muscle in the lower leg, I will start to go into a vicious loop that just continues to increase until there's a proactive intervention named called the fasciotomy. And I'll show you a brief picture what that looks like. But it's extremely invasive. In that case, our device can pick that up and see it happening before the clinical signs show up. We are a continuous measurement platform that measures interstitial pressure, we start with a sensor based technology, I'll show you just how that it's easily introduced into the body. It's what you'll see here, the very simple procedure, the sensor goes in quick when needed the return of the needle, and the device has a a an adhesive on the backside that sticks to the patient. And you just place a tegaderm over the insertion site. Once that's been deployed, there's data that can be carried and basically put anywhere into the system. So we can go directly from the patient into the health record, which has significant workflow advantages from a documentation perspective and for the team that's managing those patients. And then that offers the actual insights. The market that we're going after it's quite large, it's really any injury that has to do with an orthopedic or vascular issue where you're worried about inflammation in those muscles and the American College of Surgeons that identified those those areas and that's a 1.3 4 million patients per year in the US. I'll show you I'll briefly go through how our device is being used clinically. And we're both we're using it a lot in orthopedics and lower limb, both preoperative and post operative. We're also starting to see the you uses this technology to offer nerve block to patients that otherwise wouldn't have qualified for it. And that's driving significant opioid sparing techniques for these patients, as well as getting them out of the hospital faster. We're seeing that both for standard tibia fractures as well as elective procedures like osteotomies, as well as vascular procedures and ECMO as other Americans. So this is meant as a slide to demonstrate the platform ability of our technology and where we're playing. We're using a land and expand strategy from a commercial standpoint, so picking one area target to begin with, and then working through the hospital to build up market adoption. Our value really spans from the patient Where's where we focused, and then works all the way through the physicians and the payer side. from a patient perspective, we can offer opioid sparing pain management techniques, earlier discharge and timely intervention for the physicians, better workflow and lack and easier documentation for these patients. And from the payer perspective, we can reduce the cost of care. One of the key things is these surgeries are very invasive when you end up having to do them. And reducing the rate of those can significantly reduced the cost to take care of those patients as well as the decrease the length of stay. We've got 14 patents 10, patent pending from six patent families. Our team is very strong team. So I've got a background in in microsensor technology building out companies. And I brought in two key people that have significant background in scaling up technologies and getting them to exit within Eddie V and Gino. And we're excited about where we're going. Here's a list of some of our customers, we've got several more that have started adopting the technology today. And it's exciting time for us as a company. Our business model is quite simple. We've got a single use device, we sell it, per patient, an average hospital, we use about $500,000 worth of those per year. And we've got a strong gross margin. We're using a land and expand strategy and a hybrid sales approach. So we're working with strategic distributors that have key relationships within the hospitals to help promote our technology within them are raising $20 million. Most of its going towards sales and marketing. And we've got two clinical studies. I'd love to share more details on after this meeting that will really help grow and expand our market as we move towards getting to break even within the next few years. And from that point on looking towards strategic exits for the technology. So with that, why invest? We've got a team this demonstrated execution, we're growing and we've got great commercial traction in multiple areas of opportunity. We're clinically validated platform, solid IP position and a clear strategic interests from from the market. So love to answer all to talk to you guys after the call after the meeting and looking forward to the future of our technology.