Video Transcription
Jorge Presa 00:02
Jorge. I am Jorge Presa, CEO of Cyber Surgery. We have developed a robotic platform for surgery. Mainly we have focused on spine, although right now we are moving to other specialties like brain. There are multiple spine diseases, and the whole standard is vertebral fusion. It consists of pedicle screws and connecting them with ROS; it's a very complex procedure, and in many, many cases, a new surgery is required. Only 1% currently is done with existing robots—not many things to talk about. The market is a huge market; the spine is a growing market. And regarding robotic surgery, this market is growing quite fast. It's important to point out that accuracy is very important for spine, not like in other specialties.
About competitors, four robots globally are fully certified for FDA, CE Mark; there are others coming soon. That's why we need to speed up. And I would like to point out two things. First of all, all of them use optical tracking cameras. I'm going to explain right now, cameras for knowing what is the baseline and what is the robot. Another thing is that all of them focus on pedicle screws. So with optical tracking, with the cameras, it's like our eyes looking at what is the robot. The problem is occlusion. If anybody crosses the line outside, it's a very sensitive system. The setup takes around 10 minutes, and the control loop frequency, the moment that you take a look at where the robot is, is 200 hertz; this is very important for future applications.
On the other hand, two or three devices in the operating room, the footprint is a problem in the operating room. So our solution, our proposal, is Saudi technology. We have created a technology in which the most important point is that side details, instead of using this optical tracking, is the only robot that we use electromechanical tracking—the only one of them. And also, we focus on artificial intelligence in order to support solutions during the surgery. So this year, we release Alaya Spine, a modular version that is accurate and efficient, and the next generation that I'm going to explain is Alaya Infinite, where we use this solution for other specialties and other functionalities.
Here is the current solution. This is the tracking, and this is the guiding tool. So in this case, it's part of the cadaver. What the solution is going to do is to move this part of the collar, and you can realize how fast the robot reacts. It's like you are touching what is the cadaver, and you are pointing and guiding the surgeon. So if there is any movement in a very accurate way, you again track the time, the trajectory. CE Mark next October. We did the last audit this past July, so the notified body has confirmed that now, in October, November, we are going to perform some usability tests in the U.S., and after three pre-submissions, we are going to submit in January 2025 for FDA as well.
But that is not everything. Our current solution, what it does, is bone cutting—something that is totally new. Imagine that the robot, instead of just guiding, you could hold the drill, or it could be fully automatic, and you decide which area you want to perform the bone cutting, and the system is going to do it by itself. If you want to do it manually, you are going to hold the drill, but the robot won't allow you to go further or deeper. You establish the boundaries. This is something that is not on the market at this moment.
The other part that we are working hard on is with the automatic planning, helping the surgeons to plan all of the surgery, how to align the roles, the biomechanics of the patient, with artificial intelligence. We are also working on this new version, in some workflow improvements, and we are moving to brain. We have some prototypes. We work mostly with neurosurgeons, so they are pushing us to use this robot also for epilepsy, brain stimulation, adding value—safety, safety, safety—as it is more accurate, artificial intelligence, modular. We believe that current hospitals cannot afford to have a robot for everything; it has to be a platform that you could use for several specialties and for several functionalities.
User-oriented. What they really like, surgeons, honestly, is not accuracy. What they really like is the workflow, how they have improved the workflow, how they reduce calibration, how they reduce the time of the surgery. Okay, and also, in order to be cost-effective, it is an open platform. You could use the robot for any manufacturer of screws. The current solutions, Medtronic, Globus, and Brail Lab, are for only one kind of screws, so it's mandatory to buy that, and it's something that hospital administration really likes.
There are 32 of us. We are based in the north of Spain, with PhDs or master's in engineering, now with an International Medical Advisory Board, people not only in Spain, Germany, the U.S., or the United Kingdom, that are helping us develop this solution. Testimonies I’m going to pass on because I'm running out of time.
Business model. This is very, very important, and this is why we already have five hospital committees pay-per-view. They want to move from caps to office. So in several places, what they want is, instead of buying the robot or even renting for private health, they charge to the patient or to the insurance.
Okay, market approach Spain, we want to go straight like right now, in order to have the feedback. But in Europe and in the U.S., we have the support of distribution. We already have some distribution; some of them we have agreements with. But the idea is to finish all of the agreements within this year, a long way until right now. From 10 years ago until now, we are going to be in the market. And our current investors, we are a spin-off of an industrial company, so we know how to manufacture. That is why everything is very precise in Q; it is a health insurance company with three hospitals, and the rest are like small venture capital and business angels. We raised 5.7, and in total, we have used 30 million. Right now, we are looking for 10 million more; three of them are already committed, and the elite investors are going to be the existing investors. So we are looking for 7 million more.
Why not for certification? What we want? Sales, distribution, manufacturing, commission in maintenance, so the product is right there. What we want now is market traction, okay? So speeding up a little bit the value of the company. We are right here one month before CE mark; in one year and a half, the value of the company is going to be totally different. We have hospitals committed; we see CE Mark and FDA; it is going to be a totally different exchange state. So that's why we consider that could be a very good moment for this investment.
Jorge Presa 10:00
So as I mentioned, three of the millions are committed. We are looking for 7 million more, and we already have this new investor; the best exit could be at this moment to be acquired. Honestly, we consider that several robots are coming to this field. This is a different technology, but what we are looking for is someone that comes to us at this moment where we are already having several meetings with corporates, with strategic investors, and this could be a good moment for the exit. Thank you very much for your attention, and if you have any questions, please let me know.
