An extensive market assessment has been performed on the vascular market, including a validation of both cardiac and peripheral medical needs with expert clinicians. The evaluation of the clinical gold standard, the competitive landscape and the proposed technical innovation allowed Silk Biomaterials to realign its SilkByPass project on grafting solutions for optimal open revascularization of peripheral small blood vessels versus the riskier coronary artery bypass graft surgery.We received a very positive search report on our Italian patent from the European Patent Office, which allowed us to file a Patent Cooperation Treaty (PCT) ameliorated application on October 27th, 2015. We also got a detailed freedom to operate analysis, which showed “the risks of interference shall be considered low, if not fully inexistent, at least with reference to the main markets”. Finally, we better understood the details and timing of our potential regulatory path and found some European partners to conduct preclinical and clinical studies.
A detailed business plan and the technical feasibility of the project has been drafted during Phase 1: they are both reported in the final report. In addition to that, Silk Biomaterials has already identified a list of possible partners and suppliers that will be able - thanks to their network of agents - to contribute to the initial promotion of SilkByPass. This will allow Silk Biomaterials to reach the main vascular surgeons in the national territories.