Dr. Karen Cross Presents MIMOSA Diagnostics at LSI USA '24

Karen Cross  0:03  
I'm a plastic surgeon by background and also a PhD scientist, the CEO and co founder of MIMOSA Diagnostics. And what I'm about to pitch to you today is basically my entire area of expertise. What should you know about skin injuries? Well, skin injuries are not visible to the naked eye, yet. It's the current standard of care. And it's the overlooked vital in our health care system. A healthy foot looks like this, at Tissue Injury looks like this. And even after 24 years of experience in both the clinical and the science, I can't see it. So clearly, we need more technology in this space to further assess the skin. We also know that assessments are only correct about 20 to 30% of the time, so even our frontline staff aren't able to make that assessment. Therefore treatments really aren't accurate. What happens if you get that improper assessment or you're not monitoring your patients properly, they lead to wounds or holes in the skin, amputations, and ultimately death. So these are big problems for the health care system. We have about 1.8 billion people globally at risk, costing about 300 billion USD and expenditures. And the thing I'd like to highlight today, that it's not just in our senior population, but this is also happening to our children. So it's everything as we say, a mimosa from birth to death. What's currently the problem? Well, the problem, as I've said is the current standard of care is you've got to come see me in my clinic. So it's a physical clinical visit. We also maybe have some paper rulers and a watch and wait approach to see what happens downstream. As I mentioned in proper treatments, because of the inaccuracy, or it's highly inaccurate, we have limited qualified personnel and nothing more true at the frontline post COVID. And we have no consistent standardized data. So skin imaging has been very hard to do any machine learning or any data analysis because the skin images are taken in different orientations by different people. The future standard of care really is that accuracy and assessment and really driving AI risk profiling. How do we actually solve a problem, we're solving it with technology, at mimosa, we make the invisible visible, we're using a multispectral camera, as you can see here in image one, it takes about 750 milliseconds, we look below the surface of the skin at tissue oximetry, temperature and we take a digital photo, what does that actually mean to the clinician and the patient? Well, firstly, do you have enough circulation to the skin to make it healthy? Or do not have enough and you need to see a specialist to help improve that vascularity? Does the skin have a fever? So temperature monitoring will tell you is the skin have a fever, does it have inflammation, it gives those insights at point of care and digital images is honestly are required for most skin risk assessments. The doctor nurse really in that moment can then make that treatment decision. So in real time at point of care versus what we say three or four weeks, come back and see me let's see how you're doing. Not only that this is smart technology. So unlike a traditional device, where we upload or where the images might live on the product, all of our images come off the device into a portal for remote viewing not only that, we can help you with your billing reports. So thank you to workflow efficiency. As a clinician in this space. It's not enough just to have great technology that's offering great insights. But you think to the workflow of those clinicians, again, those improvement assessments at real time will improve treatment. We're building technology, not traditional devices. So things like standard image capture, we are the first company in the market to take that same image each time, regardless of who's taking the image, that data asset being tremendous. We're collecting last year, currently not in the marketplace, but this this year, about three to 4000 images are being collected a week. Overall, we solve the melanin challenge with our melanin algorithms, again, we have the largest representative data asset for a diverse patient population. And then finally, enhancing workflow, as I mentioned, that really drives adoption, the more adoption we have in the clinical space, more data we have. Overall, what's our value to the stakeholders? Well, we understand what that means for the doctor. We understand what it means for a facility and we understand what it means for the payer. So for a facility, we have reimbursement codes, there's cost savings, as well as we're documenting medical necessity, we're helping also solve some of the litigation issues that they have at a at a hospital level. For a doctor. It's documentation efficiency, cost savings, and protecting Medicare funding, and for the insurance really qualifying the right patient and that cost savings and we have a health economist who's the head of our Clinical Affairs Division. Mimosa pro really is best in class in this space where the lightest in the market half a pound. In fact, I could put it right in my pocket except I have another device in there. It's intact skin and wounds. So it's not just wound care, three insights, one capture all clinical settings, the melon adjustments over the air updates, and unlimited cloud storage for your data. Overall, the market size in wound care is about $56 billion. This is a global problem and it's really meeting and on our sights on unmet need. Our potential US market is 7 billion and a 5% market share by year five of 350 million What's our commercial strategy? We started working with an award winning group of KOLs this time last year. So last year at LSI, we were really not a commercial technology. But it was that test and try with those key opinions. So Mayo Clinic Cleveland Clinic, Keck School of Medicine big players in the space, we have five direct sales people are WTS, and key reimbursement regions, and now have over 250 commission based sales reps, fully trained covering all 50 states. In fact, our Chief Revenue officers here he is an expert. In these types of models. We have two specialty distributors both targeting the VA in wound care. And that specialty distributor, again, has already purchased product from us, and is continuing to create demand for Mimosa in the space. Our plan this year is to expand distribution arrangements with key industries to partners in the therapeutic sector. So again, just as a reminder, last year at LSI, we are not a commercial company. Overall, our business model is the capital purchase. So about $25,000 plus 150 months, or you can do a leasing model with setup fees and about $1,000 per month. We have key development partners by channel. So the wound monitoring where we currently live. So I've highlighted that in Orange is with Northwell Health Tech school of medicine that helped really inform the product you see today, we're moving into pediatric ICU. So the Cleveland Clinic number one doctor in the sector, using it for intensive care applications post cardiac surgery. So an application we weren't really thinking about when we started in the market. But clearly the doctors have adopted the technology for other things as well. The Holy Grail for us is in pressure injuries or bed sores. So working with the National Pressure Injury Advisory Panel, as well as the Canadian pressure injury advisory panels. These are national bodies that inform how we should look and detect pressure injuries in the space, as well as Emory and Keck. Where are we currently so right now we sell into private clinics, mobile wound care groups, as well as long term care. And again, to highlight the launch of this product just really happened late October last year. So we're already in these three sectors this year really moving on into hospitals and hospital networks. We already have those deals in the pipeline and very large deals with the hospital sectors. The nice thing about our company is we first started off in wound care where you're assessing the wound. But naturally, these outpatient clinics took it over to the hospital say this could be a great avenue for pressure injury detection. And that's where we're focused this year. We're actually scaling quickly. So we received our FDA clearance in 2021. At that time, really it was that test and try Did we get it right with our accumulators saying, our pre market launch, as I mentioned happen thereafter. And October was the launch of the Pro. And then just for shorts. short months later, we have a rapidly growing pipeline partnerships with a niche OneCare distributor distributor, as I mentioned, two of the largest hyperbaric groups over 1300 clinics in the United States, four of the largest mobile home care groups with 5200 units and sales already closed one of those deals last week, and major associations driving Mimosa as the standard of care. What's the future for us this year alone, we have a projected 700% increase in sales. So this is truly a big hockey stick for us this year, projected 100% increases, and we have the pipeline to show that we can do it. Our breakeven is anticipated by early next year, which I think is a phenomenal, you know, we're just launching a product to be breakeven in about 18 months, we have a partnership agreement, we're about to sign with a big multinational corporation in the data space. This is for a co selling and CO marketing agreement for enterprise solutions for hospital therapeutics strategic a distribution deal has already been negotiated and ready to be inked with a large top 10 wound care company in the space that will distribute our product along with their therapeutic. And finally, also another possible exit opportunity for us now one global medical device company looking to have us evaluate their hospital products for efficacy in the space. So already again, four months later, we have three strategic at the table that also could be the possible exit opportunity. Were looking for about a million and a half for this particular round, as well as commercial partners in the therapeutic space. Happy to talk about the details as it relates to that doing really well almost done just announced the raise about six weeks ago. So I think we're doing quite well to have it almost all finished up. And finally I'll leave it at there any questions please reach me afterwards. I really think we're changing the space and certainly happy to LSI for the opportunity to present again this year and also for our progress in a very short order.