Ju Zhang Presents Formus Labs at LSI USA '23

Transcription

Ju Zhang  0:05  

Hi everyone. It's a great privilege to be here. Second time at LSI and this time presenting come from all the way from New Zealand to tell you a bit about Formus Labs and what we're doing. First of all, my background is in biomedical engineering. This is a spin out from my PhD and postdoc research. And what we're really about is harnessing the latest in AI, but also combining it with bleeding edge computational biomechanics, to improve the lives of patients undergoing joint replacement surgery. And built on about 15 years of research and New Zealand but also at Stanford Imperial College. We're really bringing the next generation of pre planning software to the market that's infinitely scalable and brings unprecedented insights into patient function. So why are we doing this? It's because arthroplasty is a $28 billion market that is facing rising demand both in terms of volume and outcomes. So without the without accurate sort of preoperative information, we're seeing lagging patient satisfaction rates, higher than necessary revisions, and really unsustainable costs across the industry in terms of inventory and logistics. So the former's platform addresses these problems and it touches three fundamental problems facing pre-op planning today. One is surgeon says don't have time to do pre op planning. And you know, what is ubiquitous out there 2d pre op planning on X ray, it often just doesn't give the value, the worth the time that surgeons spin on it, and not to mention the inaccuracies of looking at a 2d image of our 3d bodies. And the end while there are 3d other 3d printed planning services out there, they tend to be manual they take days two weeks to generate a plan. And that's unscalable To be honest, that it's not scalable to have a room full in full engineers doing your pre op planning. So what I am showing here is former's hitless, the first application on the former's platform, this automates pre op planning for total hip replacement, from upload of CT to generation of a plan that takes about 30 minutes, no touch by anyone, not the rep, not the surgeon. And we find that about 60% of our Surgeon, users just love to get on with the surgery, they get the plan and they can get into it. The other 40% Love to log onto our 3d planet have a tweak, we still want to give surgeons the agency to modify their plans as they see fit. And they can do that. And it being software as a medical device cloud based, we do monthly updates to this. So it's a rapidly evolving platform. So that about the technology and the platform itself. So as I said, it combines AI automation with computational biomechanics. What that means is we can simulate automatically the fit of implants, of course, but also the patient's active, passive and importantly, active function, range of motion, and then also what we're doing. And this is what our Kol, so called the next frontier of orthopedics, is modeling the soft tissues, because it's the muscles and the ligaments that actually keep our joints together that prevent us from dislocation and allows us to do our favorite activities. No one out there is looking at the soft tissue, we're really excited about bring that to the market in the next six to 12 months. And then many of you know that doing Biomechanics is a time consuming exercise, PhD students can spend the whole three years doing one model. But because we've coupled it with an AI pipeline, that's our secret sauce, we've been able to automate that entire process. So looking back at that $20 billion market, what we can address with our platform as a $2.4 billion slice of that across the major joints and across the patient journey. We started off in the pre op planning space. But we're moving into integrations with and for alternative delivery systems. We're talking to partners and a key hospital site to look at ways that we can improve efficiency around inventory logistics. And of course, we're actively exploring ways in which our biomechanics can inform the prehab and rehab stages of patient care as well. So our business model, we partner with strategics, and today we have a partnership with Zimmer Biomet in Australia, New Zealand and looking to expand that further. We want to leverage our tech stack to address the needs of the strategics at three different levels because of course, everyone has a slightly different ecosystem and technology strategy at tier one. Well, we Formus Flow is about automated image processing and annotation. So that was generating 3d models of the bones, soft tissue landmarks and so on to fit into existing patient specific workflow to reduce costs and increase the efficiency. This is more of a simple SAS based revenue model so you can get up and go quick and easy. At Tier Two where we're calling Formus Plan this is automated 3d pre planning for every surgeon for every surgery. And this allows us strategics to vastly increase the scalability or the scale of their 3d pre op planning, offering to the surgeons. And today, as I said, was the Zimmer Biomet in Australia, New Zealand, we have a partnership and the tier two formers plan level. And then at the third tier, foremost, advanced This is where the bleeding edge, disruptive technology sits on top Formus Plan. This is what we're talking about in terms of soft tissue modeling, integration of robotic systems, and it gives any strategics a highly differentiated competitive advantage when it comes to customer acquisition and adding value to the whole tech ecosystem. So behind all of this as a small but really proud and exceptional team that's making it all happen. The management team, myself, my Chief Science Officer, and our chief marketing officer, between us we have about 25 years of research experience and 20 more than 20 years of orthopedic marketing leadership. Our board has about 30 years of combined med tech strip strategy experience, Sabine, who's a LSI alumni Mirage, and we have a growing team of world class KOLs internationally. Dr. Bob Mason at OrthoCarolina, James Germano and Long Island and a tall Kamath at the Cleveland Clinic who has close relationships and across close relationships with asthma balm, it's a period and the other sort of key strategic companies. This team over the last sort of four years, we've done a lot, we'd raised $6 million and funding. We've been really capital efficient with that. With that we've secured a key strategic partnership, we've gone through all the regulatory quality system work launch the product into the market, we have a growing portfolio of protected IP eight plus patents filed internationally. We have regulatory approval, of course in Australia, New Zealand and FDA clearance 510K clearance imminent, along with Japan later in the year. And so looking ahead to this year, we just on the closing end of a $2 million bridge round. It's pretty much allocated, but we open two overs. And then quarter two, we're looking forward to some really exciting stuff. There are FDA clearance, as well as the launch of Formus Flow. We've been having some really excellent discussions with potential partners there. So I'm very happy to talk about that. And then later in the year, we have our Japan regulatory clearance coming up as well as the launch of the first iteration of Formus Advanced. And then with those milestones in the bag, we're looking at a healthy series A towards the end of the year. So thank you very much for hearing about Formus. We got a really great technology that's going to fundamentally change how pre op planning is seeing in the market, how it's used by surgeons how it's used by the industry. And I hope that you guys can join us and planning for the future. Thank you very much.