Tim Spong Presents Vistapath Biosystems at LSI USA ‘23

Transcription

So it's always good to follow up with a fellow Boston native, you can probably tell by my tan, that I'm from the East Coast as well. And I'm the co founder and CEO of Vistapath. And Vistapath is today, the leader in pathology processing platforms in the US. And we work every day to improve the lives and clinical outcomes of patients all over this country. And a lot of you might be asking, like, well, what is a pathology processing platform? And really, the question is, what is pathology? I think a lot of people imagined pathology is ultimately sort of the idea of like CSI, there's a pathologist sitting at a scope, they're reading a pathology slide, and they're making a diagnosis. But the reality is, most of the time, most of the money most of the effort, and frankly, most of the errors that occur in this process, actually occur in what we call the histology lab. And that's really the laboratory portion of pathology. And if I had more time, I'd certainly go through this entire process with you. But really, the goal of a histology labs to turn a piece of tissue that we received from a clinic from surgical suite into a microscope slide. So had a pathologist can render that diagnosis. And the first step of this process where we really set the stage is called grossing. And that's where tissue is received into the lab, we do a data entry piece where we enter the information from the clinician, from the surgeon into the lab information system, then we're actually going to gross the tissue, meaning we're going to make a descriptor report of that tissue, saying the size, color, consistency, and important features of that tissue because downstream that tissue is often manipulated or destroyed in the creation of of a slide. And so we want that really accurate, initial report. And it's this effort that occur in these labs and labs like it that inform about 70% of all patient care decisions in healthcare. Today, many of you have a cancer diagnosis, if you have a significant health scare. It usually comes from a clinical lab. And the issue is that these labs are becoming increasingly more incapable to provide prompt and safe care to the patients that they take care of. And well, why is that? Well, a simple visual. A couple of quick images to sort of spell this out. Well, this is a a lab from 1920. And this is a similar lab 100 years later. That is to say there hasn't been any significant real significant innovation in histology labs in 100 years. And that means that labs, histology labs, in in proportion to other labs, in healthcare about a 20th of efficient as efficient as other labs, while they cost about five times more than like chemistry or hematology to do the work that they do. And in addition, they're becoming impossible to scale. For every single sample that they bring in. And volumes are increasing six to 10%. Each year. The revenue that pap that pathology labs get from their work is not sustainable. So there needs to be a solution. But first, I want to take a little step back really a step back in time because this is where I come from. I still have a certification in histo technology. I may histo. Tech, my wife is a hysto tech. We come from this world, right. And a few years back at my first real management gig. In Chicago, I was running the pathology networks for a number of hospitals throughout the Chicagoland area. And we had a senior tech grossing to prostate core biopsies that we use to find if someone has prostate core prostate cancer, she accidentally swapped to prostate corps at this grossing step. And because of that error, we did a radical prostatectomy on a healthy 42 year old. And we gave a 72 year old, a clean bill of health despite having prostate cancer. So when I moved back to Boston, I got involved with the MIT community, particularly the Martin Center for Entrepreneurship. My co founder Ben Burley, and our VP of engineering, Jacob Guggenheim. They're eventually brought on a new VP of Sales and Marketing, Fernando, who's in the audience today. And we got to work building what we call the Sentinel and the Sentinel is a AI equipped smart workstation for pathology labs. It's FDA registered and ISO compliant. And we use AI to automate the task of grossing tissue biopsies. We can do that about 90% Faster Than Human technicians today, all while avoiding about 99% of the labeling errors that occur in the pathology lab that leads to those errors that I told you about a minute ago that I experienced. Additionally, we can put our device are setting out within surgical suites, or clinics themselves to enable new workflows, and gather new insights from the actual tissues themselves, that can help better describe or inform diagnostic information for the pathologists moving forward. But of course, that's impact, there's so much more to growing a business. And one of those is listening to your customers, and providing what they need. The One way we do that is we don't require any special consumables. If you have labeling, if you have cassettes, if you have bar coding that you like to use, you can continue using those with Vistapath will work with anything. Additionally, we'll work with any workflow. So pathology labs are very initial, right? They like to work with the workflows that they've had for 20-30 years, and they don't want to change that. And if you want to sell into this space like we do, you can't have an impact in any negative way on their workflow. And finally, we have a flexible subscription based business model that provides ROI literally from sample one for our customers. And so when we sell into a group, it's not a 612 month process. It's a one three month process. I won't dive into these too much take a picture. We're very proud obviously of these statements, one from a CEO of a national commercial lab, another one from a pathology, Medical Director from a top 10 US hospital. But they really say the sort of impact and mindset that pathology has or that VISTA bath has in the pathology realm and why they want to work with us. So what have we been able to achieve to date with this product in this team? Well, one today, Vistapath has agreements with 30% of the top 10 largest hospitals in the country. And we've only been on the market for six months 30%. Additionally, we have two partnerships we have announced already and more coming with some of the top leaders in the pathology world including path AI, who really operates in the AI based diagnostic realm, and Gestalt diagnostics, one of the leaders in digital pathology providers. And also this year alone with our amazing engineering team. We are releasing releasing four new products both in the software and hardware space, as we move both upstream of the traditional grossing workflow, and downstream. And all of this work was really informed by our customers. It's a huge market. Obviously, we've immediately started moving into the commercial lab sector that was our beachhead, and our go to market strategy. But we're also starting to move into academic hospitals and are really excited this year to start moving into biotech, and life science. And that's really our checklist for 2023. One we'll be publishing with our academic and commercial partners over the coming months. Obviously hope that you check those out when they come out. To we're breaking into the $10 billion CRO and life science market. We've already done customer discovery on that in our product fits into those workflows today, without any significant revisions. And three, doing a series a to both enable further automation and really own the entirety of the histology lab. That is the goal of Vistapath. And we will achieve it but also show new insights and new breakthroughs in how we use AI to assess tissues in pathology labs. So thank you so much for your time. Fernando put a ton of effort into our new website. So I encourage everybody to go there Vistapath.ai And if you have any questions or want to talk after the presentation today, please come find me or email me at Tim@vistapathbio.com Thank you very much.