Periodic Reporting for period 1 - BoneCut (Smart surgery system to selectively ablate bony tissue)
Reporting period: 2018-06-01 to 2018-11-30
BONECUT project aims to reduce x100 times IDs with huge associated savings for healthcare entities. Thus the main challenge of the Project is to avoid surgical iatrogenic damage and specifically, Incidental Durotomies (ID) in craniotomies and spine surgeries.
During 2018 DENEB has had an important impact and visibility on some relevant events in the medtech sector. DENEB was selected to participate in the Medtech Innovator Accelerator program set up by an organisation called “Medtech Innovator” (https://medtechinnovator.org/) located in Los Angeles and funded by the medtech industry’s big industrial players, such as Johnson&Johnson, Baxter, Olympus, etc. The Medtech Innovator organises a yearly competition where more than 700 medtech start-ups worldwide compete to be selected to participate in the Medtech Innovator Accelerator program. Among the more than 700 participating companies DENEB was selected to pitch in front of a specialised jury formed by people working for the above mentioned big industrial corporations. DENEB pitched in April 2018 in an event held in Dublin and was among the four finalist companies of that event. A last selection of companies was done from the finalists of the different selection events held worldwide and DENEB was finally selected to be one of the 25 participants in the 2018 Medtech Innovator Accelerator program. DENEB’s participation in this exclusive program was an acknowledgement of the impact that BONECUT and the tissue differentiation technology will have once it is in the market.
The accelerator program consisted in an intensive 3-month work period where the participants were assigned mentors from the funding companies and had access to specialists in regulatory, market access, IP, healthcare economics, etc. The aim of the program is to do a 360º analysis of the project and correct, modify and focus each aspect of the project in order to move forward in the correct direction from the technology, product and market perspective. During the accelerator program DENEB was mentored by Johnson&Johnson and Olympus and established a very valuable relationship with those corporations.
Thanks to the Medtech Accelerator Program DENEB had the opportunity to meet relevant KOL surgeons, managers at the FDA’s medtech division and other relevant players in the industry. Additionally, the Medtech Innovator promoted DENEB’s project in social networks with information and interviews such as this one: Deneb Medical.
During 2018 DENEB was also selected to participate in a program called Bind 4.0 (https://bind40.com/) held in the Basque Country (Spain) with the aim of promoting the sale to established companies of innovative products developed by start-ups. In Bind 4.0 an established company “binds” to a start-up he is interested to collaborate with because of its technology or its products. Keralty (https://www.keralty.com/en/web/guest/home) an international healthcare group with hospitals in the USA, Colombia and other parts of the world, selected DENEB and both companies are currently working on a collaboration agreement that may end up with the supply of BONECUT systems to be used at Keralty’s hospitals.
Last, the following media have published information with regard to Deneb's Project:
1.- The prestigious American magazine “The Silicon Review” (https://thesiliconreview.com/about-us) published an article about DENEB in 2018 (https://thesiliconreview.com/magazines/the-robotic-platform-developers-deneb-medical-is-the-brightest-star-in-the-medtech-industry/). The Silicon Review is the world’s most trusted online and print community for business & technology professionals. According to their website their “community members include thought-provoking CEOs, CIOs, CTOs, IT VPs and managers, along with jillions of diverse business professionals”. The publication of the article by such an important business and technology magazine was another big acknowledgement to DENEB’s technology and product.
2.- The Medical Device and Diagnostic Industry published an article titled “The 25 Medtech Startups You Need to Know”, where they provide a list of 25 companies that could have a huge impact on the healthcare industry. DENEB is one of those 25 companies in the list: https://www.mddionline.com/25-medtech-startups-you-need-know?ADTRK=UBM&elq_mid=6109&elq_cid=917766
3.- Medtech Innovator promoted DENEB’s project in social networks with information and interviews such as this one: https://www.medtechstrategist.com/mts-blog/interview-deneb
DENEB has already completed some pre-clinical trials on InVivo animals with its prototype that demonstrate the technical feasibility of the solution, but there are still more trials to be done. The business-related challenge is to overcome the “preclinical valley” and enable a fast market introduction. BONECUT is expected to obtain around 1.3% of the spinal and cranial surgery market share by 2026, with a turnover of 31,5M€ just after five years in the market. The accumulated EBITDA (2021-2026) will be 30.5M€ and the production capability by 2026 will be 100 systems/year with the consequent disposable supply and maintenance services.
BONECUT project aims to reduce x100 times the risk of IDs with huge associated savings for healthcare entities. The improvement of Risk vs. Benefit ratio increases the number of total eligible patients for surgery, thus increasing the number of patients that can be healed. This has an impact on the reduction of the number of patients that live with chronic pain and their quality of life. Further, it has a huge cost impact for public cost over the years (social security administrations, health services etc). BONECUT helps eradicate IDs both in craniotomies as well as in spine surgeries. IDs in spine surgery have an average total direct cost for the hospital of 9,969$, which BONECUT would save (per surgery). Total average hospital cost for craniotomies is approximately the same.