Derek Sham, Cosm Medical - Digitizing Gynecological Devices | LSI USA '24

Derek Sham  0:04  
Hi, my name is Derek and I'm the founder and CEO of Cosm medical. We're an early stage startup with a vision to become the world's leaders in precision gynecological devices by improving a million lives by 2030. If we've never met before, you're probably wondering, why is it dude like me starting a women's health company? Half The Story is I'm an ex engineer turned General Manager with a successful private equity backed exit, and your illogical diagnostics. The other half of the story involves my grandmother. That's a picture of me and my grandma before we moved to Canada, from Hong Kong, and while I was working in the field, my grandmother suffered from pelvic floor sores and I couldn't get her the care I thought she deserved. Now my Grandma's not alone. This is a group of conditions that affect half of all women by the time they reach 80. They include pelvic organ prolapse, urinary and fecal incontinence, which currently affect half a billion women globally. Now, Women's Health and Aging health are both drastically underserved with clear unmet market needs and are projected to grow at over 15% CAGR. Adult diapers surpasses baby diaper sales in many countries, and attributes for 7% of all landfill waste in North America. There's physical therapy, the fastest growing sub segment in physical therapy is pelvic health, and has variable limited effectiveness. There's also pessaries pessaries are one of the oldest documented medical devices with over 10 million devices gold sold globally per year, which many of you have probably never heard of. They're essentially temporary prosthetics placed inside of the vagina to support pelvic organs. And they come in over 100 different shapes and sizes fit by trial and error and haven't advanced in the last 50 years. From published research, a third of women fail pessary fittings have stopped using them within a year or two and over half developed complications with long term use. Now there's surgery in the field. It's been in the news for the last decade with over 100,000 lawsuits due to debilitating complications associated with vaginal mesh. One in five women get pelvic floor surgery in their lifetime. The most popular surgery now native tissue repair has a 50% five year recurrence rate. At Kazim, we're developing GYN orthotics the world's first digital gynecology platform that includes diagnostics, AI driven cloud software and 3d printing to create patient specific devices for women's unique bodies and needs. In the last year alone, we've achieved mdsap certification Health Canada approval last quarter FDA clearance just last week for patents to date within seven families we've completed three clinicals with for for ongoing Currently, our first clinical study published in the American urogynecology Society journal demonstrated improved satisfaction lower symptoms on all patients to date with every single one preferring their patients specific guy methodic over their off the shelf device. As a business, we are essentially modeling the established billion dollar markets of customized orthotics, dental and hearing through a revenue share business model between the manufacturer and the clinician, forgotten orthotics at a $500 price point, we project about a $5 billion Available Market. We'll get into that in a sec. But how does it work? At first, we advanced precision in measurement by replacing the clinical standard of finger measurements with either a disposable hand tool or medical imaging, allowing a variety of clinicians to leverage their preference. From there, the measurements are entered into a clinical portal that allows clinicians to design the devices track how patients are doing and drive patient engagement. We leverage machine learning to predict the designs, analyze images, and perform remote therapy monitoring. And we provide patients a safe and secure way to access quality educational materials while tracking their progress really driving towards a data driven care management platform. We've published science on our AI and our two specific use cases around medical image segmentation alongside predicting pessary success, type and size. For our first approval guy methodical pessaries we have innovated to advance women's pelvic care by advancing the currently the previously available 100 different shapes and sizes to over 10 million variations towards women's unique bodies and needs from a serviceable obtainable market. Based upon a bottoms up model of provider utilization. We estimate about a $620 million market. Well my team and I are super excited about is where is gone gynec Arctic's going beyond pessaries we're completing phase one of our first study within GYN orthotics recovery, improving healing from whether it's post surgical or postpartum. We'll be publishing, presenting that science at the American urogynecology Society Meeting this fall. We've also started our first animal study in the field of what we call GYN athletics, wearable and therapeutics. Now, obviously, this is a billion dollar market opportunity. There's lots of competition in play. And it's indication specific, whether that's large med techs, CPGs other startups fast followers or researchers in the field, beyond our progress and patents, what sets us apart really is our team. I'm really grateful to be leading a women led leadership team with a variety of variety of experiences from startup to large men tech. A little fun fact three of us worked all at Bayless medical at different points in our career. Canada, one of Canada's largest medical device exits to Boston Scientific for almost $2 billion. We're grateful to be working with an evolving group of providers covering the entire spectrum of clinicians, whether that's surgeons, physical therapists, or nurses. We've secured about 10 million to date half from investors half from non diluted funders, this progress wouldn't be possible without them. We have VCs covering US and Canada. alongside doctors from both sides of the border. We have industry investors from North America, Europe and Asia. We're also extremely capital, capital efficient in that for every investor dollar we've secured, we've secured grant grant funding with a couple of the Canadian granting organizations sitting in the room today. Now, we are in the niche of women's health and also pelvic health. Looking at the market in general, it would be beholden to be not to mention some of the great exits that have occurred in the field. If you look at Sonics alone, I would argue they're an example of what's possible in advancing women's pelvic health. Their core two indications stress urinary incontinence and pelvic and an overactive bladder disproportionally affect women more than men. At chasm, we are tackling a massive market opportunity at the intersection of aging and women's health. We've gotten our first market approval with demonstrated benefit with world class technology, including AI and 3d printing. We've cleared our first product, we have a massive product category and experienced team with great backing. I am currently not actively raising but I would love some dry powder. I would we are preparing for our next raise in the next quarter. So I'd love to engage in any conversations with anybody that would like to join our village on our mission for personal pelvic health. Thank you very much