Kris Buchanan, RedDrop DX - Studio Interview | LSI USA '24

Kris Buchanan  0:00  
Kris Buchanan, CEO and co founder of reddrop dx. We're a pain free blood collection device, and we're located in Fort Collins, Colorado. People don't have the ability to collect their own blood sample today, they're forced to go to a phlebotomist and have their blood drawn, which involves using a real needle and getting a needle poked into your veins and that blood drawn. There's the pain factor, there's the fear of needles, there's also the exposure of potentially being exposed to other germs, and also the travel and inconvenience. So red drop solves all of those problems. You simply just get a kit, your red drop device in the in the mail, and you open the kit, follow the instructions, and when you're all finished, you have a tube of blood, and you can send that tuba blood or test it immediately. No pain. It disappears. It's very convenient, it's easy, it's safe, and it's very reliable. So all of those things together make reddrop a real opportunity for people to take more control over their health. So when you receive your kit, your reddrop dx kit, that has your red drop one product inside, it'll come in a box like this. You open the box and you'll find your instructions for use, as well as all the components, there's the heat pack, there's the alcohol towelette and the red drop blood collection module, after you've placed the tube on it. So the first step in the process is you actuate your heat pack. So you snap this coin inside the heat pack, and when you do that, you'll see that it turns white, and then immediately it warms up. So you take your heat pack, place it on your arm, and at this point, you hold it on your arm for two minutes. So you know that red drop is going to work because your arm has turned red. That's your all your capillary blood that's come to the surface. Now all we're going to do is is tap into that capillary blood and put it into the red drop device. So the next step is you clean off the surface of your skin to remove any contaminants so they don't affect the blood sample. Now you remove the paper from the bottom of the device. You just place the red drop device on your arm. Hold it for a few seconds, actuate it, you don't feel anything, and in just about 20 seconds, you'll see your first drop of blood, and about another two minutes after that, you'll have plenty of blood for your test. So after just a few seconds, we see our first drop of blood, and now you keep an eye on the blood sample to see when you want to remove the blood the red drop device, you can see that the sample of blood is now between the two lines on the tube. Those are the two reference lines for the anticoagulant. So now you can take red drop off the arm, so you just simply peel it off, you can see just a tiny bit of blood left on your arm. You remove the tube at this point, you cap the tube and invert it a few times, and at that point, we're now ready to test our blood several estimates, there are about 8.6 billion blood tests per year globally. There are about a billion blood tests per year just in the United States. And so that's a pretty significant market opportunity. But more than just that, it's a chance for people to improve their health and to really leverage this ability to decentralize healthcare. We're in the process of getting our 510, K approval with the FDA. We're kind of on the cusp of getting that approval, and as soon as we do, then we'll become a commercial enterprise, people will be able to buy bread drops. We completed our clinical trials in late in 2023 which was a fantastic experience. We did 100 people. We tested 100 people. They self collected. So they did it themselves. They weren't assisted. And out of those 100 people, only two failed to get blood, so we were 98% effective. That is by far and much higher than any other capillary blood collection device that's on the market today. First, the first customers for red drop would probably be remote clinical trial. Cells, and then also people who want to have their blood tested but don't have the ability to go visit a phlebotomist. So for lab blood testing, we have raised 2.5 million so far in convertible note financing, and right now we're raising 5 million on a Series A round, and that money is to be used for scaling up our manufacturing. Our plan is to to achieve a high rate of manufacturing, 100,000 units per month later this year, so we can really scale that up, grow the company, and we have multiple other products in development as well. So our products and development really are focused on other applications where we want to, say, increase the stability of the blood samples so that it can last longer, a longer period of time in heat and cold. So they're focused on that, also those cases where people need a really large volume of blood. We also have products in development that address that we see also that there's a really great opportunity for a kid's version of reddrop. We see a nice application for elderly use of reddrop. So maybe a special version of that there might be a special version of reddrop for complete blood count testing. So there are many different possibilities in many different products that we have in development. Blood collection and blood testing is a worldwide need. We see a need for reddrop to be able to address blood collection for testing all over the world, in literally every application where someone needs a blood sample for testing, there's there's a lot going on at Red drop. We're planning to be a global Multi Product company very soon, and we see that we can really make a big impact and a big difference in the world.