Neal Patel Presents Endoluxe at LSI USA ‘23

Transcription

Neal Patel  0:05  

Hello, everyone. Thank you for having me. So, my name is Neal Patel. I'm the CEO and founder of Endoluxe. We are a company that has taken the surgical tower that you see in almost every single operating room that does any type of laparoscopic or endoscopic procedure. And we've shrunk it into a device that's size fits in the palm of your hand. So all the same exact tech that you see in the tower, including visual processing, light source generation, even visualization we can do now on the edge for the scopes, our system wirelessly projects to the OR. So it's a great advantage to surgeons to not have wires. I'm a surgeon myself, and I designed this system with me in mind. And what we've realized over the years, and what we presented last year is that once this was debuted, it was a game changer in our field in urology and we're starting to see it change other specialties. Mainly because our system is agnostic. It doesn't matter if you're a urologist and ENT doc, a pulmonologist, a general surgeon, as long as you're using a scope that has an eyepiece and a light source, which is still 70% of all endoscopy done. This is a very nice, elegant, portable wireless solution. And the untethered feeling that our surgeons feel is something that they never realized they liked until they tried it. Last year, we talked about our system, we talked about all the data collection that we're doing and the AI potential. I'm not here to talk about that this year. What we're here to talk about is as we have grown the company and generated revenue, we have decided that we want to leverage our wireless technology to complement the analog endoscopy market with the new digital market that's sort of evolving, and we're seeing more and more disposable endoscopes throughout the field. In urology alone, CMS released a reimbursement code just in January that allows for reimbursement of disposable endoscopes. And one of the things that we wanted to announce today is that Endolux is announcing the world's first wireless laparoscopic endoscope, and so this is a single use disposable endoscope that's completely wireless. We feel it's going to change the paradigm as to how endoscopy is done throughout the world. And so this is where we're heading with our proprietary single use disposable scope. This will allow us to capture quite a bit of data that we can use to leverage for annotation labeling and all the things that you've heard at this conference in regards to data. We've got a great team that's been working on this, myself and Dr. Zhao are both neurologists. We were previously involved in a flash fascial closure device company that has since been licensed to New Wave Endo, Louise and Scott Tino are very experienced healthcare professionals. And we have a great team here at LSI as well that have been involved in multiple exits. Our system is agnostic to site of service we've seen physicians in hospitals surgery center in office all use this system in many different ways. And they're the bigger market that we're even starting to see now is that e and t. Doc's are converting a lot of their clinic rooms into procedure rooms in the office to allow them to be more productive with doing diagnostic endoscopy. Like I said before the system is agnostic, it really is a system for all endoscopy. We've seen great success in urology and gynecology, we've generated over 1.2 million in revenue. Just in urology alone, we're starting to expand into ENT next is Gyne, pulmonology, and then eventually orthopedics in general surgery with our generation two laparoscope. The great thing about this scope is that it is completely interchangeable. And so we're going to have multiple different types of scopes to match the specialties need. And we feel that that's a big change in how we've approached endoscopy where you can switch between a flexible and a rigid on the fly in the AOR. Whereas right now, it's much more cumbersome to do. So our system currently is this orb. That's what we've commercialized. We're generating revenue, like we talked about. It's the only smart camera system that has sensors built in to give feedback. So we have gyros we have accelerometry data, we have image stabilization that you don't have on traditional camera systems. So this is not just a dumb camera system. This has quite a bit of intelligence and again, it has wireless and most importantly, what we found is that most traditional towers are very expensive. They are over $100,000 From all the major players our system is significantly lower cost and we're seeing a lot of attraction from you from offices and ambulatory surgery centers where they're very price sensitive. As we discussed, we are launching our gen two system here in the next year. I wanted to announce it here today. But we're really excited to be able to produce a disposable scope with an interchangeable tip. It allows us to do a lot of fun interesting things with the tip for any type of specialty. There are tons of endoscopy is being done, we hear all the time about infections and reprocessing traditional endoscopes, FDA warnings just going out last week to some major players. And so in urology, what we're seeing is a big move to the disposable market mainly because it decreases cost of sterilization, reduces maintenance and repair costs, and provides a good quality visualization every single time. And where we're looking is. When we go to the single use market, there's quite a bit of procedures done every year that can be benefited from a disposable digital endoscope. Again, it uses utilizes the same tower tech technology that allowed us to do wireless with a traditional analog scope. It is single use, but can also be rigid or flexible, depending on the need. We're working with multiple therapy companies to put custom design work into the scope tips to help direct and improve therapy delivery from various different other companies. And again, we wanted to preserve the wireless snus the the low cost feature in the portability, while maintaining sort of that specialty agnostic feature that our generation one system had. As you can see, now we're in 2023, and we're selling our our Gen one system, and it's going very well. In the following year, we're going to be launching this system commercially. And then one of the things that we discussed last year that we want to leverage going forward as we sort of build out our market is the seamless ability to capture endoscopic video data. It's very tough to do, it's very cumbersome. Even as a surgeon, I don't want to do it unless it's my system. And we want to change that we want to make it so seamless that the second you're done with your procedure, that data is in the cloud that you can show to your patient. If you're a research partner, we can use that to start developing some great detection and clinical decision support algorithms. With the with the involvement with the introduction of our digital endoscope, we feel that our revenue will will significantly increase mainly due to reimbursements that we're seeing happen from CMS for disposable endoscopes. We believe that this will expand to all other specialties in the coming year. Everyone's looking at urology right now. And we'll see that expand and we want to be part of that process as we start developing specialty specific disposable endoscopes. So where are we are now we've achieved sales and growth in targeted territories, where we're working on getting the our next generation of our orb up and running. And then subsequently after that, we're going to be launching our disposable system. And then eventually, in the in the coming year start working on our our first application of our AI technology to do detection for enlarged prostates, and lower urinary tract anatomy. So currently, to date, we've raised 5.5 million in seed and series A and that has led us to 1.2 million in revenue with a $3.6 million three year distribution contract. What we're trying to do now is raise a series B of 20 million to help build in expand our sales efforts. We're getting a lot of pull from around the world where they feel that the low cost of entry for this technology is disruptive. We want to develop FDA clearance for our next project and begin working on what we're really excited about, which is the clinical decision support that we can provide with the data that we've collected. And we're planning to close this by mid to late year. So in summary, we've got a great team, a great technology. It's a massive market that we can address. And we're trying to raise funds to grow. Thank you for your time today. And if you have any questions, please let me know