Periodic Reporting for period 1 - ONCORED (An unrivalled medical device based on red- light photo biomodulation to prevent, improve and remove oral mucositis and dermatitis chemo radio induced as a side effect of cancer treatment)
Reporting period: 2018-08-01 to 2018-11-30
Cancer represents a huge global health challenge with projected 18.1M new annual cases for 2018. Mucositis and dermatitis are adverse side-effects of chemo and radiotherapy with an incidence of 50-70% that have a profound effect on patient well-being and quality of life. Besides, patients may require longer hospitalisation, high doses of analgesics and intravenous feeding representing an economic burden for health systems. Current treatments are palliative. Over the past 20 years, photobiomodulation has shown potential as curative treatment of these conditions, but the available technology is currently suboptimal.
This FS defines a feasible roadmap in all technical, commercial and financial aspects to take CareMin650 –our safe, cost-effective and easy to use photobiomodulation system– to TRL9 and foster a paradigm change in the treatment of mucositis and dermatitis. The main activities are: system optimization, industrialisation, clinical validation, and building an effective commercial network, and their successful completion will need an investment of €3.58M with €2.5M as part of SME Instrument phase 2 funds and with a ROI of 7.32 at 5 years.
This FS defines a feasible roadmap in all technical, commercial and financial aspects to take CareMin650 –our safe, cost-effective and easy to use photobiomodulation system– to TRL9 and foster a paradigm change in the treatment of mucositis and dermatitis. The main activities are: system optimization, industrialisation, clinical validation, and building an effective commercial network, and their successful completion will need an investment of €3.58M with €2.5M as part of SME Instrument phase 2 funds and with a ROI of 7.32 at 5 years.
TECHNICAL FEASIBILITY. Defined specifications to reach light dosing accuracy which must be matched upon industrialization, and also defined our clinical validation plans; risks and contingency.
COMMERCIAL PLAN. An in-depth market study together with our field survey encourages our pricing strategy of full treatment cycle per patient. To expand globally we will combine local direct sales channels with indirect sales channels and filing of new patents.
FINANCIAL PLAN. NeoMedLight will need €2.50 million from the Phase 2 SMEI and self-cover the remaining €1.08 million to bring CareMin650 to market. The FS shows the great benefits that our innovation would bring to patients, professionals and health systems, and confirms its technical feasibility and commercial profitability.
COMMERCIAL PLAN. An in-depth market study together with our field survey encourages our pricing strategy of full treatment cycle per patient. To expand globally we will combine local direct sales channels with indirect sales channels and filing of new patents.
FINANCIAL PLAN. NeoMedLight will need €2.50 million from the Phase 2 SMEI and self-cover the remaining €1.08 million to bring CareMin650 to market. The FS shows the great benefits that our innovation would bring to patients, professionals and health systems, and confirms its technical feasibility and commercial profitability.
Currently there are no effective treatments for mucositis and dermatitis so we foresee CareMin650 to become a reference device of widespread use in cancer care having a big impact on 1) patients and their relatives´ quality of life and survival, 2) cancer professionals, providing an effective tool, 3) health systems and insurance companies, reducing the high associated costs and 4) our company´s growth.