From November 2019 to February 2020, RenalSense completed a full analysis of the technical and business potential of Clarity Stream during the EIC Accelerator Phase 1 project.
In terms of technical feasibility, RenalSense produced a Product Development Plan, confirming the main steps to make new generation Clarity Stream ready for the market: product finalisation, clinical validation, and preparation & submission of CE marking application. The company investigated user needs and how the device can overcome current challenges related with AKI prevention and treatment. It was confirmed that the solution meets hospitals' requirements and has the potential to lead to significant advances in AKI diagnosis and monitoring compared to the state-of-the-art practices. During Phase 1, the company identified all the needed external parties to ensure the product development plan is successfully implemented, including all manufacturers for device production and the medical centres for the conduct of clinical studies. Finally, as the regulatory pathway of medical devices is complex and a new Directive is going to enter into force in May 2020, RenalSense revised the regulatory requirements to achieve market authorisation in the EU.
In terms of business feasibility, RenalSense confirmed the most suitable and scalable business model and drafted a commercialisation plan defining the best approach for an accelerated and effective market uptake. RenalSense will sell to healthcare providers through distributors. RenalSense will start commercialisation in the EU, later followed by the USA, Asia, Middle East and Africa. RenalSense expanded its knowledge about competitors and confirmed that the value propositions of Clarity Stream go beyond the technological solutions currently available on the market.
With positive financial projections and promising results emerged from the feasibility assessment, RenalSense concluded that it is vital to pursue the proposed development of Clarity Stream in order to have a wide impact on the EU patient monitoring device market and increase health outcomes of AKI patients.