Caduceus Medical Corp is developing non-invasive devices to monitor intraocular pressure and treat glaucoma and other eye conditions. Their first product, the IOP Sensor, continuously measures intraocular pressure over time to aid in earlier diagnosis and treatment. They have filed patents and plan to market to ophthalmologists and optometrists in the US initially. The management team has extensive experience in ophthalmic devices. They are seeking $14 million to complete development and clinical trials and launch the product.
3. Mission “Our primary mission is the improvement of vision care, with an ultimate goal of a Better Quality of Life through patentable advanced medical technology.”
4. Initial Target Market Existing Glaucoma and Dry Eye Patients Patients that are Glaucoma suspects Administered by both Ophthalmologists and Optometrists
5. Problem We Are Solving The ability to monitor IOP and Blood Pressure changes over a period of time will aid doctors in earlier diagnoses, better prescription and management of drug therapies, and better patient compliance. Estimated 65 million people worldwide have glaucoma. 7 million examinations annually in the US alone under CPT code at $150/patient
6. Our Solution The first non-invasive intra-ocular pressure (IOP) monitor that measures data over prolonged periods of time. The first nano-technology based scleral drug infusion device to treat glaucoma, dry eye, Age Related Macular Degeneration (AMD) and other ailments of the eye. Currently not included in financial projections.
7. Intellectual Property A provisional patent was filed on February 7, 2008. Application # 61/063,923 Titled: “Sclera Insert and Method for Intraocular Pressure (IOP) Monitoring” PCT Patent filed February 9, 2009
8. We believe that our sensor product will follow existing Medicare and Private insurance reimbursement CPT code 91200 Serial Tonometry (separate procedure) with multiple measurements of intraocular pressure over an extended time period with interpretation and report as defined by the American Medical Association. A proprietary CPT code will be obtained for our nano-therapeutic infusion systems. Reimbursement Strategy
9. Products IOP Sensor™ IOP24Rx™ Nano-Infusion Device IOP reader and receiver IOP Sensor office download system
13. Nano-Infusion Devicesalreadysuccessfullyusedonlargemammals Humanform of devicewillbelessinvasive, givenits nano-scale Devicewill use already FDA approveddrugs IDE approvalnecessarybutwillbe configure as a medical “device” for a fasterapprovalprocess Allotherelements of thistechnology are proprietary
14. Target Market Promotional Method Marketing Timeline Ophthalmologists and optometrists in the United States Direct sales calls, trade shows, and topical medical journals Year One Primary care physicians and medical professionals in the United States Direct sales calls, trade shows, and general medical journals, distributors Year Two Patients and physicians on a USA and International scale Direct sales calls, trade shows, and general medical journals, distributors Year Three Patients and physicians on a USA and international scale International trade shows, medical journals, and print publications Year Four Marketing Strategy
15. Management Team Mr. Tim Ehrecke, Founder and CEO President of E-Technologies, Inc. Former President of Portable Ophthalmic Devices, Inc. 15+ yrs in clinical, management, product development and sales Certified Ophthalmic Medical Technician (COMT) at the University of Minnesota BA in Business from St. Ambrose University
16. Management Team LaMar F. Laster, President, COO, CFO Medical Device Executive with over 30 years experience in large publicly held, and start-up private companies, including: President, COO - Biovision AG, and Visitome, Inc. – Presbyopic Implants President, COO - Tracey Technologies – Wavefront Aberrometry Chairman, COO - Staar Surgical Company – Intra-ocular Lenses President - Intermedics R&D – Venture Capital Investments Vice President Finance – Intermedics, Inc. – Diversified Medical Devices including: Pacemakers, IOL’s, Orthopedic Implants, Heart Valves, and Dental implants. MBA – University of Chicago GSB
17. Management Team Ansley Hunt, Vice President, Sales Mr. Hunt has developed expertise in ophthalmic start-up companies since he helped pioneer the intraocular lens implant market in the 1980’s, the excimer laser in the 1990’s and the optic nerve market beginning in 2000. Mr. Hunt’s previous affiliations as an independent sale’s representative include: Intermedics Intraocular, Inc. Pharmacia Eye Technologies Heidelberg, Gmbh Mr. Hunt is a graduate of the University of Alabama – BS- Business Administration
18. Management Team John Flanagan PhD., Chief Clinical Adviser Professor at Univ. of Toronto and Univ. of Waterloo. Dr. Flanagan is a Professor at the Department of Ophthalmology and Vision Sciences, University of Toronto and the School of Optometry, University of Waterloo. He is Director of the Glaucoma Research Unit, Toronto Western Research Institute and a Senior Scientist at the Toronto Western Hospital, University Health Network. Mr. Flanagan became associated with the Company and its predecessor efforts in March, 2005
19. Competitive Comparison Sensimed AG, Switzerland Strengths: Raised 4.6 million Euros for research and development for this product. The device is housed in a soft contact lens. Weaknesses: Device is uncomfortable for patients and the sensor blocks their vision. If the patient blinks, the device becomes inaccurate, as it moves to different parts of the eye. The contact lens method could cause cornea damage.
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21. Financial Highlights Pro Forma - Profit & Loss ($000) Year 1 depicts first year of sales (est.: 2011)
22. Conclusion Caduceus Medical Corp is seeking to raise $14 million in stages from outside investment to finish the research and development phase, continue clinical trials, and successfully launch the product into the market.