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SYNERGYMED

cancer treatment using noninvasive ablation technology

USA, Massachusetts
Market: Medicine
Stage of the project: Prototype or product is ready

Date of last change: 07.10.2020
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Idea

The company uses an alternative technology to surgery for the treatment of early stage breast, head & neck, skin and lung cancers. This technology can locally ablate and destroy cancer tumors, precisely and effectively, without causing any damage to the surrounding healthy tissues, using a specialized electromagnetic applicator controlled through the company’s own developed algorithms that optimize the ablation process.

Current Status

The company had developed a prototype, performed animal studies, has a PCT patent, created a team and an advisory board.

Market

Our customers are patients who are looking for new noninvasive methods to treat cancer cells worldwide, Our main target is breast cancer patients, 12% of all women will develop breast cancer in their lifetime with over 494100 new case/year in Europe, 316700 new case/year in USA, 278900 new case/year in China. There is a significant unmet need for surgery replacement, breast cancer patients have to go through surgical lumpectomy, brain cancers have no effective treatment and surgery is not always possible, 75% of lung cancer patients are non-surgical candidates. Our aim is to provide non-invasive ablation insuring a maximal destruction of tumors and no damage to heathy tissues. Thus having an effective intervention for multiple types of cancer.

Problem or Opportunity

Our company will target the veterinary market in the USA at first as 70% of American households own a pet with 12million cancer cases. However, our main focus is the breast cancer as it is the most common cancer in women, there are over 2 million new breast cancer cases worldwide. Our aim is to address the breast conserving surgery (BCS) market segment.

Solution (product or service)

SynergyMed proven technology can locally ablate and destroy cancer tumors, precisely and effectively, without causing any damage to the surrounding healthy tissues. It is based on using specialized electromagnetic applicators that are placed around the region of interest. The device is controlled through the company's own developed algorithms that optimize the ablation process while precisely tracking temperature and measuring the administrated treatment dose.

Competitors

Our competitors who provide an alternative to surgery.
Corporations: Boston scientific, Medtronic, Johnsons&Johnsons, and Angiodynamics.
Startup: Icecure, Magforce, Novian Health, and Newphase clinincal red.

Advantages or differentiators

All of these companies have one thing in common which is the ability to offer image guidance during treatment. Our device doesn't require image guidance, however it provides four features that our competitors don't deliver such as :
-Noninvasive applicator, insures selective heating locally without damaging the surrounding tissues.
-Precise dose evaluation and lower energy exposure thus increasing patients safety.
-Ability to treat multiple tumors simultaneously

Other features our device offer are:
-Preserves the cosmetic shape of the body
-Eliminates surgical complications such as infections, bleeding, and Re-Excision.
-Short treatment time ~10 minutes

Finance

Cost Structure:
-Large costs: Human resources, clinical studies
-Lower costs: animal studies, prototype to product conversion, IP
-Burn Rate: $60K/month
-Fixed Costs: Salaries, Rent, Accountant, Lawyer.
-Variable Costs: IP, animal studies, product development vendors, marketing,
sales.
-Economies of Scale: 10% Reduction past the production of more than
-Economies of Scope:5%

Revenue Streams:
-Sale of Consumables for the Device: $1.5K
-Sale of Device: $100K
-Software Licensing: $10K/year.

Business model

Capital Equipment: Sale of device with maintenance follow ups. Pay per-use for less capital intensive institutions.
Consumables: Sale of nanoparticles and thermal sensors with each patient.
Software Licensing: Charge per yearly use.

Money will be spent on

Product Development
Large Animal Studies
Clinical Studies
The company will take its prototype to a full product development process, test it on large animal studies and make the required clinicl

Offer for investor

For our $5M raise, we will offer the investor anywhere between 20% to 30% equity. The amount will depend on the type of investor and the number of investors if a syndicate is formed. For example, if the investor is corporate one with the ability to take our product into large markets, then we will offer a higher equity.

Team or Management

Risks

Failure to get approval from the FDA and other regulatory bodies to allow market entry. Failure to raise sufficient funding to reach significant market segment. Competition developing a more advanced technology that makes our technology obsolete.

Incubation/Acceleration programs accomplishment

The company has been part of the Merage Business School of California accelerator and has won the second prize out of 400 medical device startups in the accelerator competition. The founders have been well trained in leading startups, developing business models and utilizing the Lean Startup Methodology for effectively running the startup.

Won the competition and other awards

Russia (Moscow): Won the Gold Medal of the Archimedes conference of science and technology amongst 27 countries.
Merage Institute +45 Competition: Won the second prize out of 400 medical device startups.
World Economic Forum: Company chosen in the top 100 startups.
MENA Catalyst Competition: Won the first prize in a startup competition.
New England Venture Summit (Boston): Chosen amongst the top 20 medical device companies to present at the summit.
The Society for Oncology Thermal Medicine (Tucson, Arizona): Chosen to present company findings at the prestigious conference for thermal cancer treatment.
SynergyMed was chosen to present at the Women Health Innovation & Invention Conference, 2019 in Tel Aviv

Invention/Patent

The company has a PCT patent and plans on applying for country specific patents following the PCT. Other patents are in progress.
We always sign NDAs with the correct people based on a need-to-know. We don’t share our know-how or company trade secrets.

Photos

Photo 1 - cancer treatment using noninvasive ablation technology
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video