Neal Patel, Endoluxe - Wireless Endoscopic Video Imaging | LSI USA '24

Neal Patel  0:06  
Thank you Mateus. Thank you LSI for having us here this year, it's always a pleasure to come and present at LSI. So the problem that we're trying to solve is it's a, it's a fairly pervasive problem in our field. I am a urologist by training in one of the things that we see in the hospitals in our surgery centers, even in our office is a very large, costly tower. What you're seeing on the left side of the screen is usually anywhere from 85 to $125,000. What we have done at N Deluxe is realize that we can miniaturize this technology pretty significantly and make it wireless. And that's exactly what we did. So what you're seeing on the right hand side of the screen is a commercialized wireless visualization platform that we developed. And what we've done with that is we have shown that we can do wireless visualization, we have commercialized it across the United States, it's been used around the world in 1000s of procedures. And we realized that we can develop a really disruptive diagnostic tool for under $10,000. In what we want to do with that is now leverage our knowledge and experience with doing wireless visualization and expand it quite a bit more. And so we have a really great team. Myself and my co founder are both neurologists. We realized this concept quite some time ago in residency and we spent quite some time now iterating and developing it over the years, we've got a great financial team and operations team who have a lot of years of experience in med tech. Recently, we were featured in the urology times for our ability to to disrupt in the urology space with visualization, we've got quite a number of great testimonials from surgeons around the world. And in the United States, we've got a great Advisory Board, sort of dedicated to expanding our reach around the world but also very well known here in the United States. What you can see here is that our system can be used in hospitals, surgery centers, urology clinics, also EMT clinics as of recently, so we can touch every part of the market related to visualization. But we took it a step further, we realized that we don't just want to do wireless visualization. Most towers most other visualization companies are just trying to do the visualization without really anything else tied to it. And so what we did is we took it a step further and we built quite a bit of intelligence into our orb were the only camera had that has significant amount of sensor data built into track, six axis gyro position in 3d space, rotation, all these things can be leveraged to help with device directed therapies. We also have shown in the past our ability to take the video data and leverage it in show our artificial intelligence capabilities with polygonal level detection of of anatomy in the lower urinary tract. However, what we realized is that even though the market currently is mainly still analog, there is a big push into digital endoscopes. And what we've seen in the urology space, specifically is a massive push into the disposable digital endoscope market. Most of my procedures in the office now are done with with disposable endoscopes as well as in the surgery center when we treat kidney stones is done with disposable endoscopes. And the reason is, is there's a lower you know, if you look at the total cost of ownership of a sterilizable device versus non it actually ends up being cheaper to use it once and throw it away. And so what we've seen is this massive shift, at least in urology, but we're seeing it elsewhere to this disposable place. And what we're also seeing is that it's being reimbursed so the disposable flexible ureter scopes are actually being reimbursed by CMS through a pass through code that many of these large companies are utilizing like Boston Scientific and Ambu. But what we're seeing with these disposable scopes, is that they are trying to make it at a very low cost and what you sacrifice there is innovation. You're trying to make something as cheap as possible. So that you have some margin on when you sell for Single use. And I didn't like what I was seeing as a surgeon, I was seeing bad resolution I was seeing poor latency. One day I took a part of disposable on and just in saw how basic these things are, which I understand if you're doing a single use, but there has to be a better way. And so what we decided is that we're going to leverage our knowledge and our experience in the wireless market and create the world's first single use rigid and flexible, wireless, smart endoscope. So leveraging all the the experience that we have in adding sensor data to our camera had, we have come up with what you see on the left is what our existing system can do. We're upgrading it based off of initial early adoption market feedback from that device, and producing a newer version of our our camera head that can handle 4k transmission at less than 100 milliseconds with a detachable interchangeable light source depending on the needs of your your your light in the case. That same platform is also being used to power our flexible, disposable endoscope. You can see here that we've developed a power pack that includes all the transmission hardware battery, to power, the endoscope, and what we've been able to do is put all of our great technology into these disposable endoscopes and keep part part of it re poseable. It's easy to sterilize because we still need those. And we still have them in the hospitals in the surgery centers. But keep the The nice part about having a disposable scope without sacrificing on technology. So as you can see here, we offer a lot of the same features that the others do, except that we feel that we can add more to the technology layer than most of the other companies on the market. We're attacking both flexible and rigid, because there is a lot of potential opportunities in therapy partnering. Even in the in the from a urologist standpoint in the benign prostatic hyperplasia. Market, there is a big push for therapy, partnering and augmenting delivery of therapies using AI and visualization. And we feel that we are well positioned to do this. So differentiating factors for us the current disposable market that are wired with limited in scope technology, there's no positional data capture. There are dumb visualization tech, there's no surgical intelligence built into it. And one of the things that we see a lot even in urology is the need to switch between analog and digital. And they're always two different systems. And so then Deluxe platform combines it all so that you can do both analog and digital as you're changing between different platforms. But we also offer wireless 4k with low latency, in addition to the sensor data to track position in 3d space. We think that there is a huge market for this sensor data being paired with the video data that we record in our systems. And that will further augment and help us in training a future AI ml algorithms to help with the help the surgeon deploy therapy better. And we're going to do it at a lower cost. And like I said, we're universal. So we generated quite a bit of revenue our first year with the orb, we sold it faster than we were able to make it. And then we hit procurement issues. And so we decided instead of building more of the same, let's go ahead and upgrade and build out the next version of our platform. So we generate quite a bit of revenue in year one. This year, we are in the development to make our system better and start working on our disposable tech. We have a very robust commercialization strategy for launching the scopes. And as you can see here, we have a plan and a product roadmap for how we want to deliver these scopes. We believe there is a huge potential for enterprise value, specifically from the single use flexible scopes. And this is our plan to make it happen. We're well on our way we've met a lot of the engineering milestones, we're locking in designs. And right now we're raising a 20 million Series B we've recently closed a three round last year with mammoth VC. We've raised about 6.7 million to date. And that's what allowed us to commercialize this technology. And so we're planning to try and close this by the end of the year. So thank you so much for your time