Periodic Reporting for period 1 - Everfill (Improving the Quality of Life of Millions through the Revolutionary Approach in Dermal Regeneration Care)
Reporting period: 2019-05-01 to 2019-09-30
Everfill Oy (Inc.) is a Tampere University spin-off company that has developed Everfill®, a patented bioengineered product that will revolutionize the care of wounds, scars and wrinkles. Everfill® uses extracted human bioactive growth factors that trigger the patient’s body to regenerate damaged tissues. This results in faster and more thorough healing. As Everfill® contains only human material and triggers regeneration of the patient's own tissue, it is well tolerated and has no side effects.
Considering high costs and duration of the pre-commercial phase, which includes clinical trials and regulatory clearance, it was especially important to make a proper choice of a first strategic focus for the company, so that limited resources are not spread in too many application areas. Although each of potential market segments has a huge market potential, there are differences in time-to-market and required funding. So our main objective was to conduct a thorough market segmentation analysis to define the market entry strategy and the commercialization roadmap.
Considering high costs and duration of the pre-commercial phase, which includes clinical trials and regulatory clearance, it was especially important to make a proper choice of a first strategic focus for the company, so that limited resources are not spread in too many application areas. Although each of potential market segments has a huge market potential, there are differences in time-to-market and required funding. So our main objective was to conduct a thorough market segmentation analysis to define the market entry strategy and the commercialization roadmap.
Our Phase 1 feasibility study had IPR, legal, commercial and operational feasibility dimensions. It helped us to identify the most potential market segment for further business development. The main criteria used for the market segmentation analysis were time to market, the regulatory framework, and the resources required to achieve TRL 9. Based on these criteria we selected our main market entry priority. The feasibility study played an important role in our strategy process, as the selected market priority differs from the vision we had when starting Phase 1 project. It helped us to critically estimate the market potential within different segments and evaluate risks related to different market entry strategies.
The company’s strategy and the commercialization roadmap were further streamlined for the selected market priority. In addition, we have developed a funding plan to support this roadmap with sufficient financial resources. In accordance with this plan, we have applied for the national Tempo funding by Business Finland to further elaborate the streamlined market entry strategy. Business Finland made a positive funding decision in October 2019. This Tempo funding (€50k) will complement SME Instrument Phase 1 to define a clear action plan for years 2020-22. Major part of the defined actions will be implemented within the EIC Accelerator project (Phase 2) to be proposed to the January 2020 cut-off.