Joseph Perekupka Presents Freespira at LSI USA ‘23

Transcription

Joseph Perekupka  0:06  

All right, good afternoon, everybody. Good news is the bar opens at five. So I'm only like one or two people between you and, and a nice cold beverage at the end of the day. But I thank you will for kind of saying here. As you heard, my name is Joe. I'm the CEO of Freespira. And we're the only at home treatment for anxiety disorders such as panic disorder and PTSD. So let's talk about why this is such an important marketplace. 39 million adults suffer from panic attacks and PTSD in the United States. Currently, right now we look at our total addressable market is 18 million. That's the actual number of individuals that are actually diagnosed with either panic or PTSD. And our target market is 14 million because we believe that that's the number of patients roughly 80% of them that actually suffer from the underlying physiological cause which we will address as our motor as our main point of action. This equates to an $18 billion market opportunity for Freespira. So let's talk about the importance of this. If you look at the economic burden and panic and PTSD, it now ranks higher than both substance use disorder associated with illicit drugs and depression. And the reason we compare that to them is because they're the two most highly profiled mental health disorders in the country that we're trying to solve for now. What it does is it creates an overshadowing effect on two other on a lot of anxiety disorders such as panic in PTSD. In fact, PTSD is growing so rapidly that in the next five years, the government attributes that the largest population of PTSD patients will not be veterans and military, individuals, but rather general civilians. And if you look here, they now separate out the annual costs. So for civilian the annual costs associated with treating PTSD is $18,640. For veterans, it's over 25,000. But let's put it in better context. 14% of teens and adults in the US are suffering with panic or PTSD. So to contextualize that for you, when you compare that to depression, which is one of the most focal mental health disorders out there, roughly seven to 10% of the population will suffer is currently diagnosed with depression or suffers with depressive symptoms. When you compare it to a chronic condition, like diabetes 10, and a half percent of the population has diabetes. So the reason I put that in that framework for us to understand that this is already a large population that suffering through these disease, these unfortunate disorders, and it's one of the fastest growing segments within healthcare in the United States. Now. What is Freespira? Well, we are a single course therapy over the treated in the patient at home. Over the course of 28 days, we're the first non medication treatment to address the underlying cause of panic and PTSD, which is breathing dysfunction associated with co2 hypersensitivity. If you look at the picture here, this is what we're shipping to the patient directly to their home. It's an off the shelf tablet with our proprietary algorithm in it. The white device that you see there with the Freespira logo is the sensor that will actually is wirelessly connected to the tablet, and the patient wears that nasal cannula that's attached to it. We're guaranteeing breath by breath measurements of the patient. And we're going to transpose onto that tablet respiration rate and exhale co2 rates. During the course of the 28 days, the patient's going to go through the session where it monitors their breathing via the algorithm and then performs gives them audio cues to breathe to inhale and exhale accordingly so that they can begin to manage that co2, differential better. What we're doing is training these patients to stabilize their exhaled co2, stabilize their breathing so that they can manage that exhaled co2 better. And this will allow them to avoid having the symptoms of panic and PTSD in the future. We've been methodical in our approach in the sense of making sure that we can prove out our model we've made necessary refinements and we believe we're at a state now where we have the foundation that we can really accelerate from, we now have five contracts in play between commercial Medicaid and the government sector. We've got 17 million member lives under contract, and we're looking for an investment to be able to accelerate our commercial strategy. We have a very unique patient journey. It's four steps. And the first is critically important. It's the accurate identification of patients. There's a large volume of patients that are undiagnosed with both of these disorders in the country. We work we work very closely with our payer partners in getting the claims datasets from them and working with them and identifying these unnecessary patients. The second step is actually activating and engaging these patients. We do direct outreach to their members and providers with co-branded marketing materials. Announcing both the payer and free spirit collectively together, we actually then engage the patients directly through multiple different marketing channels, get them to enroll in the program, we then ship the device directly to their home, we pair them with a dedicated Care Coach that will help guide them through the full 28 day treatment. And then at the end of the 28 days, they put the device back in the box and ship it back to Freespira where we can refurbish it and utilize it again, that has an incredible impact on overall gross margins. We build the payer immediately upon shipping, a single invoice case rate price, using hickspicks, code 899. One. And then Quarterly, we have business meetings with the payers where we're sharing with them the aggregate clinical and economic app savings that they can achieve within their members. All of this leads to an incredible adherence profile where 75% of patients are adhering to the protocol over the 28 days. One important clinical trial we did with a Blue Cross Blue Shield partner in Pennsylvania, they measured long term clinical outcomes as well as cost reductions. And you can see here at the end of the treatment, 86% of patients were qualified as panic attack free 12 months later, not having any additional Freespira interaction, those same patients were still 73% of those patients were still qualified as panic attack free. But more importantly, what we saw was a 35% medical reduction in total costs, and we saw 65% reduction in emergency department costs. That's hard dollar savings back to the payer. So why do you want to invest in pre spear we've got three key components of the market kind of figured out already. The first is the patient engagement and services piece, it's critical to the success of any at home technology, accurate identification of patients is the first component. But getting the patients to engage is critically important. We've demonstrated a 47% patient engagement rate. Within the first year, we're able to convert 15% of the total target patient population and enroll them as acquired patients into the Freespira Program. We believe that direct relationship start to finish with the patients is what actually leads to our high overall adherence rate of greater than 70%. More most importantly, for the patient, we're providing a different pathway to achieve treatment, where they can actually access a new treatment modality without having to visit the clinicians office on a routine basis. The second piece is pricing invoicing and distribution. We're the only digital therapeutics that we're aware of that's credentialed H QA credential by CMS to invoice and distribute our product directly to the patients. We don't need to work with third party distributors and pay them high fees to actually manage that process for us. We've also offering value based purchasing programs to our client partners where patients that do not meet clinical criteria, they'll get a rebate back so that they pay $0 for those patients. That's how confident we are in our product and our clinical outcomes. And this also gives us incredible flexibility to operate within the framework of the payer, we can be covered as a medical benefit under traditional policy, where we can actually be processed through the digital pharmacy if that's the route they want to go. And lastly, we're a leader in the marketplace. Because we've gained adoption across multiple different marketplaces, we've now proven our model in the commercial sector, the Medicaid managed Medicaid population, and the VA in the government sector. We've also demonstrated to the party or payer partners that we can successfully integrate in their ecosystem and be flexible in that process as well. And lastly, most importantly, we can be consistent in terms of our clinical outcomes and cost savings across any line of business. We've raised $48 million year to date to invest in achieving significant clinical milestones, commercial scalability, patient operations and data analytics. We're looking for a $15 million funding round the driver commercial growth, which will include expanding our commercial strategy, significant investment in marketing functions, accelerate our revenue and achieve breakeven in less than 18 months. We're surrounded by an incredible executive team that's got greater than 30 years experience in each of their given functions, with several of us actually having successfully exited many different companies. If you'd like to learn more about Freespira and partner with us on this incredible journey of changing the face of mental health. Please find me afterwards. My phone number and my email are here. Thank you all