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What can  CREmedical   do?   <ul><li>Bring EEG into the 21 st  century with a new platform. </li></ul><ul><li>194 individu...
<ul><ul><li>Principal Investigator  – Walter Besio </li></ul></ul><ul><ul><li>Over 12 years industry experience </li></ul>...
Initial Idea  –  Manufacture, sell, and service tEEG front-end <ul><li>By 2015 </li></ul><ul><li>Total physiological monit...
The Business Model Canvas V1 Manufacturers Distributors Parts Suppliers Product Development End User Acceptance FDA Approv...
Who Did We Talk To…  <ul><li>Robert Fisher  –  Head Epilepsy Center Stanford </li></ul><ul><li>Andrei Medvedev  – Director...
<ul><ul><li>Why are we better than competition… </li></ul></ul>Movement artifact eliminated <ul><li>Fact:  EEGs are not us...
The Business Model Canvas V4 Manufacturers Value Added Resellers Parts Suppliers Product Development End User Acceptance F...
Neurologist EEG  Diagnostic Neurology Dept Hospital Admin Insurance Patient <ul><li>Workflow for Clinic But… Pivot??? </li...
Neurologist? EEG  Diagnostic OR Surgery –  Anesthesiologist  Hospital Admin Patient
Neurologist EEG  Diagnostic OR Surgery –  Anesthesiology  Hospital Admin DMS Disposable Patient <ul><li>“ New Market Segme...
<ul><li>How  Pivot  changed the market opportunity …  </li></ul><ul><li>Gross revenue increased  to $163MM at Year 10 with...
The Business Model Canvas V5 Manufacturers Value Added Resellers Parts Suppliers Product Development End User Acceptance F...
Distribution Channels Contract  Manufacturer Laboratories Scientists VAR Interface VAR / DMS Electrodes Hospitals Admin Ne...
<ul><li>Our platform is readily used for ECG in cardiac diseases and for EMG in neuromuscular disorders. </li></ul><ul><li...
<ul><ul><li>Why Invest </li></ul></ul><ul><ul><li>Increased sensitivity and performance over current products. </li></ul><...
<ul><ul><li>“ What We Are Going To Do” </li></ul></ul><ul><ul><li>Build 20 prototypes for early adopters and earlyvangelis...
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CRE Medical Final NSF I-Corps Presentation

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CRE Medical Final NSF I-Corps Presentation

  1. What can CREmedical do? <ul><li>Bring EEG into the 21 st century with a new platform. </li></ul><ul><li>194 individuals talked to. </li></ul><ul><li>Changed from one main product to product mix. </li></ul>CREmedical “ Seeing the Unseen” Then Now
  2. <ul><ul><li>Principal Investigator – Walter Besio </li></ul></ul><ul><ul><li>Over 12 years industry experience </li></ul></ul><ul><ul><li>Over 14 years CRE experience </li></ul></ul><ul><ul><li>Entrepreneurial Lead – Xiang Liu </li></ul></ul><ul><ul><li>Worked with tEEG since 2008 </li></ul></ul><ul><ul><li>M.S. in Physical Electronics </li></ul></ul><ul><ul><li>Mentor – Jim Petell </li></ul></ul><ul><ul><li>Over 20 years of business experience </li></ul></ul><ul><ul><li>Start-up to large corporate companies </li></ul></ul>
  3. Initial Idea – Manufacture, sell, and service tEEG front-end <ul><li>By 2015 </li></ul><ul><li>Total physiological monitoring equipment (TAM): $4.6 B </li></ul><ul><li>EEG & EMG (SAM): $1 B </li></ul><ul><li>EEG: $500M </li></ul>SAM $1 B TAM $4.6 B EEG Target $500 M
  4. The Business Model Canvas V1 Manufacturers Distributors Parts Suppliers Product Development End User Acceptance FDA Approval IP Protection ISO Certified Manufacturing Product Development Team Financing Improved Product Performance Unmet Needs Usability End Value to Customers End User Clinicians Hospitals Distributors Device Distributors Medical Supply Distributors??? Electrodes??? Physiological Signal Systems Sensors??? Development Costs Cost of Production Regulatory Legal Marketing Device Systems Sales Electrodes: Low Value??? Sensors : Any Value? Existing EEG Markets
  5. Who Did We Talk To… <ul><li>Robert Fisher – Head Epilepsy Center Stanford </li></ul><ul><li>Andrei Medvedev – Director EEG and Optical Imaging Laboratory, Georgetown University </li></ul><ul><li>EEG electrodes distributor </li></ul><ul><li>Research/Education neurophysiology equipment distributor </li></ul><ul><li>Sales Manager Electro-Medical </li></ul><ul><li>Electrodes and sensor manufacturer </li></ul><ul><li>Steve Schachter – Past President American Epilepsy Society </li></ul>Customers 175 Channels 15 Partners 4
  6. <ul><ul><li>Why are we better than competition… </li></ul></ul>Movement artifact eliminated <ul><li>Fact: EEGs are not used as a stand alone. </li></ul><ul><li>Proprietary tripolar interface exceeds traditional disc electrode performance: </li></ul><ul><ul><li>Improved signal to noise ratio (375%). </li></ul></ul><ul><ul><li>Improved spatial selectivity (257%). </li></ul></ul><ul><ul><li>Reduced overlap information (only 8.3%). </li></ul></ul>Them Us
  7. The Business Model Canvas V4 Manufacturers Value Added Resellers Parts Suppliers Product Development End User Acceptance FDA Approval IP Protection ISO Certified Manufacturing Product Development Team Financing End User Clinicians Hospitals Development Costs Cost of Production Regulatory Legal Marketing Foundations Associations Societies Early Adoptors Improved SNR Improved Specificity Improved Spatial Resolution Improved Sensitivity End User Researchers Device Value Added Resellers Device Retailers / Resellers Neurologists, Neurosurgeons, Psychologists, Audiologists, Neuroscientists Anesthesiologists Existing EEG Markets Research Systems Tripolar EEG Front End Retrofit Sales Tripolar EEG Front End New Sales Electrode Replacement Sales Device Value Added Resellers Medical Supplies Retailers DMS Distributors Improved Product Performance Unmet Needs Usability End Value to Customers Distributors Clinical Systems
  8. Neurologist EEG Diagnostic Neurology Dept Hospital Admin Insurance Patient <ul><li>Workflow for Clinic But… Pivot??? </li></ul><ul><li>EEG device replaced 5-10 years.. </li></ul><ul><li>Our interface price is $3,300. Electrode set price is $600. </li></ul><ul><li>Hospital insurance billing: >$300,000 annually per EEG. </li></ul><ul><li>Question: How can you capture revenue from each test? </li></ul>
  9. Neurologist? EEG Diagnostic OR Surgery – Anesthesiologist Hospital Admin Patient
  10. Neurologist EEG Diagnostic OR Surgery – Anesthesiology Hospital Admin DMS Disposable Patient <ul><li>“ New Market Segment”– Pivot </li></ul><ul><li>EEG used in OR require sterility >>> sterile sensors . </li></ul><ul><li>Over 4,000 ORs in the US. </li></ul><ul><li>Disposable sterile sensors are replaced every test! </li></ul><ul><li>Hey… we are in the “ink jet printer / cartridge business”. </li></ul>
  11. <ul><li>How Pivot changed the market opportunity … </li></ul><ul><li>Gross revenue increased to $163MM at Year 10 with 21% margin. </li></ul>924,000 units sold Yr 10 18,000 units sold Yr 10 BUT…. 75,000 units in use & more counting
  12. The Business Model Canvas V5 Manufacturers Value Added Resellers Parts Suppliers Product Development End User Acceptance FDA Approval IP Protection ISO Certified Manufacturing Product Development Team Financing End User Clinicians Hospitals Development Costs Cost of Production Regulatory Legal Marketing Foundations Associations Societies Early Adoptors Improved SNR Improved Specificity Improved Spatial Resolution Improved Sensitivity End User Researchers Device Value Added Resellers Device Retailers / Resellers Neurologists, Neurosurgeons, Psychologists, Audiologists, Neuroscientists Anesthesiologists Existing EEG Markets Research Systems Tripolar EEG Front End Retrofit Sales Tripolar EEG Front End New Sales Electrode Replacement Sales Device Value Added Resellers Sterile Disposable Sensor Sales Medical Supplies Retailers DMS Sterility Distributors Improved Product Performance Unmet Needs Usability End Value to Customers Distributors Operating Rooms Clinical Systems
  13. Distribution Channels Contract Manufacturer Laboratories Scientists VAR Interface VAR / DMS Electrodes Hospitals Admin Neurologist Anesthesiologist Stock Product CREmedical DMS Disposable Channel Customers
  14. <ul><li>Our platform is readily used for ECG in cardiac diseases and for EMG in neuromuscular disorders. </li></ul><ul><li>The total neurophysiological market in 2015 grows to $4.6 B for all “E-testing” (TAM). </li></ul>TAM $4.6 B Initial Target $500 M
  15. <ul><ul><li>Why Invest </li></ul></ul><ul><ul><li>Increased sensitivity and performance over current products. </li></ul></ul><ul><ul><li>Customers, VARs and DMSs want product. </li></ul></ul><ul><ul><li>Diverse revenue streams. </li></ul></ul><ul><ul><li>Scalable, platform technology. </li></ul></ul><ul><ul><li>Fast time to market (<2 years). </li></ul></ul><ul><ul><li>Platform potential for treatment of epilepsy, pain and neurological disorders. </li></ul></ul>
  16. <ul><ul><li>“ What We Are Going To Do” </li></ul></ul><ul><ul><li>Build 20 prototypes for early adopters and earlyvangelist to validate product. </li></ul></ul><ul><ul><li>Submit SBIR. </li></ul></ul><ul><ul><li>Finalize VARs and DMSs partners to sell product. </li></ul></ul><ul><ul><li>Work with key manufacturing partners to scale up production. </li></ul></ul><ul><ul><li>FDA 510k. </li></ul></ul><ul><ul><li>Go after new opportunities for treatment. </li></ul></ul>

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