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Novela Neurotechnologies Inc.

Patient-first data-centric remote monitoring platform

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

Date of last change: 15.11.2020
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Idea

nEureka® is a patient-first data-centric remote monitoring platform, enabling personalized care for epilepsy & other chronic neurological conditions.
nEureka® fulfills unmet needs in Epilepsy offering continuous patient monitoring, medication adherence tracking and alerts to caregivers providing independence to patients and peace of mind to families.
nEureka® for Epilepsy leverages everyday consumer technology and wearables to connect people with epilepsy to their clinicians and caregivers transforming the current costly episodic care to personalized, preventive, and accessible remote care.

Current Status

nEureka® uses everyday consumer devices & medical sensors to
fulfill today’s unmet needs of people with Epilepsy, their healthcare providers, and caregivers.
nEureka® offers convenient seizure self reporting; biomarkers auto-capture, and medication reminders & adherence tracking.
nEureka®offers personalized insights and alerts patients & their caregivers of
conditions that require attention improving patient safety and giving caregivers peace of mind.

Market

Epilepsy is one of the most common neurological conditions affecting 65 Million people worldwide of all ages. 1 in 26 Americans suffer from Epilepsy during their lifetime with 3X higher risk of premature death.

Epilepsy accounts for 0.5% of the global burden of disease and the US spends annually $15.5 Billion+ treating epilepsy.

We have the vision to also take nEureka®beyond epilepsy for other chronic neurological conditions such as sleep disorders, migraine, major depressive disorders, and autism.

Problem or Opportunity

Currently epilepsy care is episodic, costly and with high mortality rates. Patients visit clinics/hospitals every 90 days and there are no convenient solutions to keep track of seizures and medication adherence in between those visits.
nEureka®solves this problem by offering continuous remote monitoring and seamlessly tracking biomarkers and medication adherence. nEureka® offers personalized insights and real-time alerts providing patients with independence and their families with peace of mind.

Solution (product or service)

The nEureka® system combines everyday consumer technologies in a powerful all-in-one Epilepsy Remote Care Solution that resolves current pain points.

Wearable sensors continuously capture seizure related biomarkers.
Simplified one-click self-reporting of seizure events increases the accuracy of seizure counts.

All data are automatically synced to physicians for easy 24/7 review and real time follow-up.

nEureka® also offers real-time alerts to caregivers, both day and night reducing risk of independent living and SUDEP ( or Sudden Unexpected Death in Epilepsy).

Competitors

Direct: Empatica is the most comparable to ours. Key difference is that nEureka® is compatible with existing wearable including Google, Apple, Samsung and Fitbit watches whereas Empatica has developed their own wearable.
Indirect: We see this as being products more broadly in the health wearable space (e.g., Whitings, 100 Plus, Sleep8).While they are not directly monitoring epilepsy and their direct connection with hospitals/clinics varies.

Advantages or differentiators

nEureka® fulfills unmet needs in Epilepsy offering continuous patient monitoring, medication adherence tracking and alerts to caregivers providing independence to patients and peace of mind to families. nEureka® leverages years of R&D and deep strategic relations developed with multiple institutes such as OBI, and UCSF.
nEureka® delivers value to multiple stakeholders including patients, caregivers, healthcare providers, and pharma and can be expanded to other chronic neurological conditions.

Finance

We’re looking at a platform with potential to generate more than $100M for Epilepsy alone by 2025. The main revenue comes from sales into Business to Business:
Healthcare Providers / Clinicians / Insurers: The main value proposition here is to improve patients outcomes and minimize the total cost of care (e.g. Emergency Room visits, and total cost of ineffective medication)
Pharma companies: The main value proposition here is to establish Real World Evidence data for the efficacy of existing medications and develop new medications through cost-effective clinical trials running from the convenience of the home of the patients.
We have plans to expand beyond epilepsy in other adjacent neurological conditions such as migraine, autism, and severe depression.
Our main cost structure is
Direct Cost of Goods Sold: Patients kits for digital health remot delivery. Those are financed through leasing companies
Indirect: R&D / Sales & Marketing - Those are initially financed through risk finance.

Business model

We have a two-sided revenue approach.
The majority of our revenue will be on the B2B side of the business where we’re selling directly into healthcare providers using reimbursable CPT codes and pharma companies through data licensing agreements.

We’re also going Direct to Patients to grow the patient population through a freemium model which can be monetized through data licensing agreements with insurers and pharma companies.

Money will be spent on

The initial seed round will be directed to ramp up our B2B sales towards healthcare providers for the first 18 months and reach 5,000 patients through an estimated ~150 clinics. Once that is achieved we will start to ramp up our Direct to Patients sales through a new round of funding.

Offer for investor

The pre-seed round was raised through SAFE (Simple Agreement for Future Equity).

We’re looking in this coming seed round ($5M) for a mission-driven investor to lead a priced round and be able to invest somewhere between $1-2Million in this seed round. The price of the round is less critical, the terms are more critical as well as the track record and value the lead investor brings.

Team or Management

Risks

We have mitigated market risks by conducting extensive market research through an independent market research company (Cadence) which interviewed many neurologists in a double blinded study to get their feedback on the use of nEureka in the management of their patients with Epilepsy. The feedback was very positive and 93% of neurologists said they would recommend nEureka to their patients since it solves many unmet needs related to the delivery of continuous care for Epilepsy.

We have also worked with patient groups and caregivers to gather their feedback and we’ve introduced some of the suggestions we received into our offering.

We’ve mitigated technology risks by working with everyday wearables that are liked by consumers and customizing them rather than creating new proprietary hardware solutions.

We’ve also engaged with FDA to apply for FDA certification of nEureka.

Incubation/Acceleration programs accomplishment

Creative Destruction Lab (CDL)- Toronto Chapter
MatterHealth: Non- Profit Health Incubator in Chicago

Won the competition and other awards

Ontario Brain Institute: We were selected to receive a grant to test on patients with Epilepsy Ottawa.
Guelph Innovation: Grant in 2018

Invention/Patent

4 provisional patents

Photos

Photo 1 - Patient-first data-centric remote monitoring platform
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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