Periodic Reporting for period 1 - MedicSen (A new innovative method for diabetes treatment, the artificial pancreas system)
Período documentado: 2017-08-01 hasta 2018-01-31
Medicsen seeks both public and private funding to achieve the milestones mentioned above, up to EUR 4 million during 2018 & 2019, which will allow us not only to attract and hire talent but also to achieve continuous improvement in terms of development, quality control, regulatory aspects and commercial relations.
January: Alpha version of the App with chatbot interface implemented on the mobile app and security tests ongoing; IPR application accepted and subject to final approval.
March 2017: Beta version of the APP. Artificial Intelligence was added to the App to enlarge the communication with the user and pattern recognition.
April 2017: Beta Testing targeting 500-1000 early users as a field test to fix any remaining debugs and prepare the final version of the APP for future release; Collaboration with a Spanish Hospital (H. de Cruces) to adapt the App to healthy habits and prevention to be tested locally.
May 2017: 300 Beta testers within the first 4 weeks, about 90% of them make regular use of the App on a daily basis.
June 2017: Alpha version of the HW that demonstrates skin stimulation up to a certain level, allowing insulin to surpass skin barrier.
August 2017: Selected to participate in the HotDesQ program, funded and hosted by the Australian Ministry of Innovation, from October 2017 until April 2018 to access that market.
October 2017: Completion of Beta testing successfully, managed to reach over 700 beta testers who helped solving debugs and improve the functionalities of the system; Selected to participate in Merck’s 4 month accelerator program in Germany to seek for potential collaboration on diabetes treatment
November 2017: SW Alpha version release to the Play Store. Free version working on Android devices. Roughly EUR 35.000 was invested on product design and development; Closed a bridge financing round of EUR 260.000 split in two tranches, first tranche was fully covered (EUR 160.000) and second tranche is expected to close in Q2 2018.
December 2017: Chose B2B-C as our main business model for monetizing the App in the short term and started talks with several private healthcare providers interested on implementing MEDICSEN´s solution
Roughly attained over 400 active users of the App by the end of December 2017.
Fiscal year 2017 marked Medicsen's third year since its foundation as a company, and we are pleased with the progress we are making to improve healthcare treatments and take them to the next level of efficiency, integration and respect for the quality of life. We remain committed to our mission and are incredibly inspired by it, which is to improve the quality of life for patients with diabetes by tailoring the treatment to eachperson and their unique condition.
Funding achieved: €320K in two rounds; Just closed a €270K round at a €2M valuation.
More than €240K in grants in the last 12 months.
App: tested with 100 patients for validation and development (plus doctors), now we have more than 1000 early adopters with more than 400 active users.
Algorithm: less than 8mg/dl as mean error when forecasting 1 hour glucose levels; Insulin smartpatch: insulin molecule went through pork skin with 6 minutes of patch application; increases permeability to insulin up to 50 times.
PCT international patent.
Committed team of more than 15 members.
Roadmap and future goals
APP Premium (+Marketing); Patch laboratory tests (absorption rates)
Insulin dosage + big data (algorithm); Patch final design and regulatory strategy
Increase cyber security; IOS; Start of Series A fundraising; Chat-bot intelligence
USA internationalization strategy, increase SW functionalities (and integrations)
SW pilot tests results and closing of B2B agreements; 5000 users
Patch Beta prototype ready for human testing, start of manufacturing
Expected impact
Only 35% of the patients achieve the target goals;with 420M it consumes between 10 and 20% of annual health Budget
MedicSen´s social impact is mostly measured in terms of quality of life, treatment adherence and thus less costs.
Improvement in treatment adherence: 2018 (10%) 2020 (30%)
Decrease in HbA1c: 2018 (-5% point) 2020 (-15%)
Decrease in complication rate: 2018 (-1%) 2020 (-5%)
Revenue: 2018 ($150K) 2020 ($10M)
Jobs: Year 2018 (15) 2020 (51)
Institutional clients: 2018 (1) 2020 (10)