Lishan Aklog Presents Veris Health at LSI USA '23

Transcription

Good morning, everyone. It's good to be here. This is, I believe, my fourth Emerging Medtech meeting, it gets better every year. I'm excited, I want to congratulate Scott and the team for this thing is actually a little bit of an interesting coincidence, I used to be a heart surgeon and following two presentations, we're trying to put heart surgeons out of business. So I'm glad I'm actually no longer no longer have to worry about that. So what I'm going to talk to you about today is a company that we've started Veris Health, which is in the remote patient monitoring business, we're looking to enhance personalized cancer care through remote patient monitoring. This is the first time we're presenting on this particular project or company we've previously presented. We have a parent company PAVmed, which is a NASDAQ listed company that's a diversified company and commercial stage and multiple areas, including devices diagnostics, and digital health. So today, we're going to talk mostly about the digital health in the device side of things. PAVmed, as I mentioned, is, is the is the parent company, we have a shared services corporate structure. We have a subsidiary Lucid Diagnostics, which I talked about last year, and today, we're talking about Veris Health, which is privately held. So Veris Health is a commercial stage digital health company, we're focused on enhancing enhancing cancer care. And really, just to put that in a bit of a broader context, there's a panel that I'm participating in later today, I believe, as a former as a physician and a former practicing physician, that we're in the midst of a revolution in how we are going to be taking care of patients moving forward about transitioning from episodic care in a physician's office to bringing the collection of data and the reporting of symptoms from patients in a continuous manner to their caretakers. And this is part of what we believe is a broader project, their cancer patients in particular face high rates of complications, which drive poor patient outcomes and health care costs. These are expensive, as you might imagine, about $70,000 per hospitalization, and at least 50% of them are avoidable. So we're looking to improve outcomes through innovative RPM or rope remote patient monitoring tools. There's actually really good data about the the actual clinical impact of this, I won't go through each of these slides. But just to give you the overall picture, we actually have published data. Shockingly, honestly, when we acquired this technology, this is the data that jumped out at me more than anything, which is that if you put a Fitbit on a cancer patient, and you just monitor their activity level, even acknowledging as the bottom panel shows that compliance is not great, maybe we'll get a third of people to actually wear it during the entire period of time. But just getting actual continuous data, even on a subset of patients has an impact on clinical outcomes and even survival. And this is the one study, the impact of just tracking patient information or physiologic data had an impact on survival that was comparable to the chemotherapy itself. So so we know that this works. And there's an opportunity to move forward on that. And we have technologies to do so. So Veris Health solution is as follows. We have two components to add one which is active and currently being commercialized, and one which is in progress. And we hope to launch next year and is combining a cancer care platform, a digital health platform that includes a smartphone app for the patient, as well as their caretakers and loved ones, a cloud based clinician platform. And it's an a box, a branded box of external connected devices that allow the patients to check their heart rate, their temperature, their weight, the oxygen saturation, activity and blood pressure. And that's what we've launched today, the various CCP. But the key for our long term vision is to actually transition to an implantable monitor, we have a RPM implantable physiologic monitor that's currently in progress, we have a clear path through FDA to get that. And the key here is that about half of these patients require implantation of a port of a chemotherapy port. So we thought there is an opportunity since they're undergoing that procedure anyway, to convert what's a dumb port into a smart port and port that can actually be collecting data and transmitting it to their patients. And you can see our design here involves what looks like on the right, a fairly traditional implantable cardiac monitor, but it has a design in place so that you can actually implant you can actually make a chemotherapy poured with it and implant them at the same time. Couple of recent highlights who executed our first commercial contract late last year it's alive. We have patients that are transmitting physiologic data right now. It's we're having we have really good reports about the adoption and the feedback from patients. Patient practices are billing for these services. And we're also receiving payments under this recurring revenue business model. The patient experience is great. The app is really really nice and includes both reporting of symptoms. E Pro, which is a term used in the space, as well as general health and quality of life parameters and as well as drilling down a bit more on symptoms, as opposed to just highlighting what those individually are. The clinician portal is Designed to sit on top of the EHR and to be the front end of how the clinicians interact with their patients. I won't go through all the details here, it has a telehealth component to it. So when they see abnormalities, they can immediately contact the patient and interacting with that way and has all sorts of trends and alerting and pulls in data from the EHR and a whole variety of other ways to make their life simple. It was designed by the founder of the company we acquired, who's an oncologist himself, our commercial growth strategy, there are about 1200 12,000 oncologists 2000 practices, about 2 million diagnoses a year. And we're targeted at targeting this larger market opportunity by focusing initially on independent oncology practices and those who are focused already on value based platforms that are that have been offered by Medicare as well as private payers. The business model is super attractive. This is we get to operate within an existing billing environment, we got to offer this as Software as a Service recurring revenue, we establish these codes on the right you can see the bottom line number is that if a pay for physician practice does this correctly, they can collect about $200 a month per patient if the patients are compliant in terms of transmitting this data, and we have a subscription model where we effectively split that 50-50 with the practice, there are additional revenue opportunities as well with enhanced technical support. We're considering providing some clinical support to allow the practices to handle the extra flow of information. And then obviously, when we have the implantable implantable device that'll add to the overall market opportunity, which is now we estimated about $2 billion. The implantable physiologic monitor is on the way, we have a clear path through FDA, we've got about a half a dozen pre submission meetings with them. We're using existing implantable cardiac monitors as our predicate. And we expect to, to have this submitted to FDA by the end of this year. And a key element of this in addition to obviously, the clinical impact of being able to measure these various parameters, as I've listed here is that from a RPM point of view, it guarantees you 100% compliance right now, existing RPM technologies out there, you know, the standard is if you can get 30 or 40% of patients who are reporting the minimum 16 days a month that they have to report for the physician to be able to bill. You know, that's a low number that we don't think is really, you know, acceptable, we should be pushing that higher. And with an implantable device, as opposed to wearables and connected devices, you're not dependent on the patient compliance, you, you effectively guarantee 100% compliance which maximizes the economic business model that I previously described. So we're excited to get this submitted and onboard by and in the market early next year. The competitive landscape is as follows There are a variety of other companies I mean, digital health is a booming is a booming area right now. There really are no other companies right now that are except perhaps for Jasper then I have all the elements with regard to EHR integration focusing on oncology having adware at home technologies that are that are designed to facilitate RPM not have of course, actually will be where we are next year with regard to a continuous RPM implantable, the feedback has been fantastic from from both physicians who are looking to do this, the entirety of the engagement with the practices is excellent, where some maybe a bit surprised, but perhaps not, we shouldn't be surprised that there is a lot of understanding and focus already on remote patient monitoring that this trend is something that had that practices understand and they understand the impact on their economics moving forward. So it's been a very, it's been a really good early stage of engagement, I'm not going to spend much time on this slide. But obviously with any digital health enterprise, there's a focus on data, we're going to be collecting an enormous amount of that. And there's an opportunity to to utilize that data both for analytics for as well as potentially monetize that in a variety of variety of settings. We're building with Veris Health not simply an oncology program, but a program that is looking to sort of rinse and repeat and focus on other areas where the combination of remote patient monitoring in acute diseases or or you know, high risk diseases can have a big impact. There a variety of settings here, we may have heard about hospital and home, heart failure and stage renal disease, we have a microphone built into our system. So we'll be able to listen to heart and breath sounds which could have an impact on COPD and other and other care care opportunities. So with that, I'll wrap it up but we're you know, even though Veris is part of a as a subsidiary of a public company, we're actually we actually are looking at potentially for partners on the financial side for investments up to about $10 million, as well as, as strategic opportunities to work together. So if there's any interest or common to that you can contact me or Varun Agriwall our VP of BD. So with that I will end thank you very much for your attention.