Eeg final presentation
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Transcript of Eeg final presentation
CREmedicalC
What can CREmedical do? • Bring EEG into the 21st century with a new platform.
• 194 individuals talked to. • Changed from one main product to product mix.
CREmedical
“Seeing the Unseen”
ThenThen
NowNow
CREmedicalC
Principal Investigator – Walter BesioOver 12 years industry experienceOver 14 years CRE experience
Entrepreneurial Lead – Xiang LiuWorked with tEEG since 2008M.S. in Physical Electronics
Mentor – Jim PetellOver 20 years of business experienceStart-up to large corporate companies
CREmedicalC
Initial Idea – Manufacture, sell, and service tEEG front-end
By 2015•Total physiological monitoring equipment (TAM): $4.6 B•EEG & EMG (SAM): $1 B•EEG: $500M
SAM $1 B
TAM $4.6 B
EEGTarget $500 M
CREmedicalCThe Business Model Canvas V1
ManufacturersManufacturers
DistributorsDistributors
Parts SuppliersParts Suppliers
Product Development
Product Development
End User AcceptanceEnd User
Acceptance
FDA ApprovalFDA Approval
IP ProtectionIP Protection
ISO Certified ManufacturingISO Certified
Manufacturing
Product Development Team
Product Development Team
FinancingFinancing
Improved Product Performance
Improved Product Performance
Unmet NeedsUnmet Needs
UsabilityUsability
End Value to Customers
End Value to Customers
End User CliniciansEnd User Clinicians
HospitalsHospitals
DistributorsDistributors
Device DistributorsDevice Distributors
Medical Supply Distributors???Medical Supply Distributors???
Electrodes???Electrodes???
Physiological Signal SystemsPhysiological
Signal Systems
Sensors???Sensors???
Development CostsDevelopment Costs
Cost of ProductionCost of Production
RegulatoryRegulatory
LegalLegal
MarketingMarketing
Device Systems Sales
Device Systems Sales
Electrodes: Low Value???
Electrodes: Low Value???
Sensors : Any Value?
Sensors : Any Value?
Existing EEG Markets
Existing EEG Markets
CREmedicalC
Who Did We Talk To… • Robert Fisher – Head Epilepsy Center Stanford
• Andrei Medvedev – Director EEG and Optical Imaging Laboratory, Georgetown University
• EEG electrodes distributor
• Research/Education neurophysiology equipment distributor
• Sales Manager Electro-Medical
• Electrodes and sensor manufacturer
• Steve Schachter – Past President American Epilepsy Society
Customers175
Channels 15
Partners 4
CREmedicalC
Why are we better than competition…
Movement artifact eliminated
• Fact: EEGs are not used as a stand alone.• Proprietary tripolar interface exceeds
traditional disc electrode performance: Improved signal to noise ratio (375%). Improved spatial selectivity (257%). Reduced overlap information (only 8.3%).
Them Us
CREmedicalCThe Business Model Canvas V4
ManufacturersManufacturers
Value Added Resellers
Value Added Resellers
Parts SuppliersParts Suppliers
Product Development
Product Development
End User AcceptanceEnd User
Acceptance
FDA ApprovalFDA Approval
IP ProtectionIP Protection
ISO Certified ManufacturingISO Certified
Manufacturing
Product Development Team
Product Development Team
FinancingFinancing
End User CliniciansEnd User Clinicians
HospitalsHospitals
Development CostsDevelopment Costs
Cost of ProductionCost of Production
RegulatoryRegulatory
LegalLegal
MarketingMarketing
FoundationsFoundations
AssociationsAssociations
SocietiesSocieties
Early AdoptorsEarly Adoptors
Improved SNRImproved SNR
Improved SpecificityImproved Specificity
Improved Spatial Resolution
Improved Spatial Resolution
Improved SensitivityImproved Sensitivity
End User Researchers
End User Researchers
Device Value Added Resellers
Device Value Added Resellers
Device Retailers / Resellers
Device Retailers / Resellers
Neurologists, Neurosurgeons, Psychologists,Audiologists,
NeuroscientistsAnesthesiologists
Neurologists, Neurosurgeons, Psychologists,Audiologists,
NeuroscientistsAnesthesiologists
Existing EEG Markets
Existing EEG Markets
Research SystemsResearch Systems
Tripolar EEG Front End Retrofit Sales
Tripolar EEG Front End Retrofit Sales
Tripolar EEG Front End New Sales
Tripolar EEG Front End New Sales
Electrode Replacement Sales
Electrode Replacement Sales
Device Value Added Resellers
Device Value Added Resellers
Medical Supplies Retailers DMS
Medical Supplies Retailers DMS
DistributorsDistributors
Improved Product Performance
Improved Product Performance
Unmet NeedsUnmet Needs
UsabilityUsability
End Value to Customers
End Value to Customers
DistributorsDistributors
Clinical SystemsClinical Systems
CREmedicalC
NeurologistNeurologist EEG Diagnostic
EEG Diagnostic
NeurologyDept
NeurologyDept
HospitalAdmin
HospitalAdmin
InsuranceInsurance
PatientPatient
Workflow for Clinic But… Pivot???•EEG device replaced 5-10 years.. •Our interface price is $3,300. Electrode set price is $600.•Hospital insurance billing: >$300,000 annually per EEG.•Question: How can you capture revenue from each test?
CREmedicalC
Neurologist?
Neurologist?
EEG Diagnostic
EEG Diagnostic
OR Surgery – Anesthesiologist
OR Surgery – Anesthesiologist
HospitalAdmin
HospitalAdmin
PatientPatient
CREmedicalC
NeurologistNeurologist EEG Diagnostic
EEG Diagnostic
OR Surgery – Anesthesiology
OR Surgery – Anesthesiology
HospitalAdmin
HospitalAdmin
DMSDisposable
DMSDisposable
PatientPatient
“New Market Segment”– Pivot•EEG used in OR require sterility >>> sterile sensors.•Over 4,000 ORs in the US.•Disposable sterile sensors are replaced every test!•Hey… we are in the “ink jet printer / cartridge business”.
CREmedicalC
How Pivot changed the market opportunity … • Gross revenue increased to $163MM at Year 10 with
21% margin.
924,000 units sold Yr 1018,000 units sold Yr 10
BUT….
75,000 units in use & more counting
CREmedicalCThe Business Model Canvas V5
ManufacturersManufacturers
Value Added Resellers
Value Added Resellers
Parts SuppliersParts Suppliers
Product Development
Product Development
End User AcceptanceEnd User
Acceptance
FDA ApprovalFDA Approval
IP ProtectionIP Protection
ISO Certified ManufacturingISO Certified
Manufacturing
Product Development Team
Product Development Team
FinancingFinancing
End User CliniciansEnd User Clinicians
HospitalsHospitals
Development CostsDevelopment Costs
Cost of ProductionCost of Production
RegulatoryRegulatory
LegalLegal
MarketingMarketing
FoundationsFoundations
AssociationsAssociations
SocietiesSocieties
Early AdoptorsEarly Adoptors
Improved SNRImproved SNR
Improved SpecificityImproved Specificity
Improved Spatial Resolution
Improved Spatial Resolution
Improved SensitivityImproved Sensitivity
End User Researchers
End User Researchers
Device Value Added Resellers
Device Value Added Resellers
Device Retailers / Resellers
Device Retailers / Resellers
Neurologists, Neurosurgeons, Psychologists,Audiologists,
NeuroscientistsAnesthesiologists
Neurologists, Neurosurgeons, Psychologists,Audiologists,
NeuroscientistsAnesthesiologists
Existing EEG Markets
Existing EEG Markets
Research SystemsResearch Systems
Tripolar EEG Front End Retrofit Sales
Tripolar EEG Front End Retrofit Sales
Tripolar EEG Front End New Sales
Tripolar EEG Front End New Sales
Electrode Replacement Sales
Electrode Replacement Sales
Device Value Added Resellers
Device Value Added Resellers
Sterile Disposable Sensor Sales
Sterile Disposable Sensor Sales
Medical Supplies Retailers DMS
Medical Supplies Retailers DMSSterilitySterility
DistributorsDistributors
Improved Product Performance
Improved Product Performance
Unmet NeedsUnmet Needs
UsabilityUsability
End Value to Customers
End Value to Customers
DistributorsDistributors
Operating RoomsOperating Rooms
Clinical SystemsClinical Systems
CREmedicalC
Distribution Channels
Contract Manufacturer
Contract Manufacturer
LaboratoriesScientists
LaboratoriesScientists
VARInterface
VARInterface
VAR / DMSElectrodesVAR / DMSElectrodes Hospitals
AdminHospitals
Admin
NeurologistAnesthesiologist
NeurologistAnesthesiologist
StockProductStock
ProductCREmedicalCREmedical
DMSDisposable
DMSDisposable
Channel Customers
CREmedicalC
•Our platform is readily used for ECG in cardiac diseases and for EMG in neuromuscular disorders.•The total neurophysiological market in 2015 grows to $4.6 B for all “E-testing” (TAM).
TAM $4.6 B
InitialTarget $500 M
CREmedicalC
Why Invest Increased sensitivity and performance over current
products. Customers, VARs and DMSs want product. Diverse revenue streams. Scalable, platform technology. Fast time to market (<2 years). Platform potential for treatment of epilepsy, pain and
neurological disorders.
CREmedicalC
“What We Are Going To Do” Build 20 prototypes for early adopters and
earlyvangelist to validate product. Submit SBIR. Finalize VARs and DMSs partners to sell product. Work with key manufacturing partners to scale up
production. FDA 510k. Go after new opportunities for treatment.