Ashleigh Kennedy, Neurovine - Concussion Recovery Solutions | LSI Europe '22


Ashleigh Kennedy

Ashleigh Kennedy

CEO, Neurovine
Read Biography
Neurovine's platform consists of a wearable headband that utilizes electroencephalogram (EEG) and machine learning to provide patients with real-time reports on brain health.


Ashleigh Kennedy  0:03  

Hello, everyone. My name is Ashleigh. I'm a neuroscientist from Stanford University, and the founder and CEO of Neurovine. Neurovine is a digital therapeutic platform. We use portable clinical grade EEG to drive the platform. But the real value behind what we've built is the data analytics and the actual data itself. I grew up with a father who played in the CFL, and so witnessed firsthand the experience of mismanaged concussions. Three years ago, my co founder who's a physician, and I felt the brain recovery space really needed to evolve. So we can make this injury visible and tangible to patients and provide the data that clinicians need to to deliver accurate treatment to the patient. The platform that we've built translates into many areas of brain health, including long COVID, anxiety and depression. But our first focus is concussion. Like every other brain injury, it is largely invisible, and it's very expensive to recover from. Blue Cross Blue Shield is spending about $10 billion a year on concussion related to short term disability, because people just can't get back to work after this injury. On top of this, if you sustained a brain injury, your mental health suffers significantly, you're very prone to anxiety and depression, which are actually the biggest predictors of you being able to go back to work. And so we've built the Neurovine platform with this in mind. The technology platform supports mental health as well as physical healing of the brain. This is a next generation technology that walks alongside the patient during the recovery trajectory, giving them real time feedback on their brain health. It also on the back end provides clinicians with very clear data on which systems are injured by the injury and how the recovery trajectory is evolving. The really important thing here is that it's personalized to the individual that's been injured. This is not a generic solution. This is nuanced and designed for that patient and evolves as they heal. The platform has four components, we've got our our EEG technology here, this is proprietary to Neurovine. I built my first EEG headband as a freshman at Stanford, and the technologies just evolved incredibly quickly over the past 10 years. This is clinical grade, comparable to what you would see in a laboratory but comfortable lined with memory foam, so you're not getting getting headaches from wearing it. The data from the headband is six leads of EEG, heart rate variability, as well as movement data. This is all sent to our deep neural analytic platform, which is where the majority of our intellectual property resides. And we've got several patents on those algorithms, and then shared with the patient in a really easy to use mobile application. And with the clinician on the back end in a web portal. This is built on more than 20 years of neuroscience research. This is evidence based science being put in the palm of the patient's hand, we have our first clinical trial that has been completed. The first two features are designed to get patients physically and cognitively active, but we give them real time feedback, preventing them from over exerting themselves. A 90 Day intervention with Neurovine technology leads to a 25% faster recovery, and eight fold fewer regressions. So you're not having people go back to work and then need to take more time off. Because they've overexerted themselves. The thing that we're really excited about is that it's also improving mental health depression specifically. So we see a 40% improvement in mental health. And this is because the patient is engaged in the journey. They're not waiting till they see their physician the next time. And we've got really good qualitative feedback from the 36 clinics who are already using the technology. They're saying that patients are more engaged, they're taking ownership of the health recovery journey. You may know the concussion market is actually quite significant $36 billion and with a CAGR of 7.5%. annually. Neurovine is focusing on three verticals, the sports teams, military organizations, and employers. Interestingly, because of the size of the market and the real need for advancements in brain health, there are other companies who are developing technologies in concussion, but they're largely related to diagnostics. So these are clinic based tools. They're large, expensive, and require a an expert to interpret the data. Neurovine is the only company that's delivered a patient first approach to brain recovery. This is technology that walks alongside the journey, providing really science based medical information back to the clinician. We sell to these organizations on an annual license depending on the size of the ER organization it ranges from 100 to $100,000 to $10,000. And the hardware is included with these licenses. Again, we sell to sports teams, military organizations and employers. The cost of goods to produce this headband is currently $300 We're doing it on onshore. In North America, we'd like to keep it onshore, we can drop the cost of goods significantly with creating some tooling to to refine our process, but that is already set up and ready to scale. And we can produce 10,000 units within four months. And we have contracts with five organizations for our controlled release coming this October. Again, it's professional sports in soccer, football, and the UFC. Military organizations, so JTF two is our special missions operation unit in Canada. They're using the technology for their personnel for one year, and then LifeWorks. So LifeWorks distributes employee wellness programs to different employers. And we have a signed partnership as a distribution partner with LifeWorks. This is going to be really valuable for us as we continue to scale into the United States. We're on track for $150,000 with our controlled release in October, and have filled our pipeline for that $1.5 million projection in 2023. We are cashflow, positive in 2024. And the thing that really unlocks the scale for Neurovine is these partnerships with employer wellness programs, and American pears. We've currently got a randomized control trial running in Canada that's been designed alongside pairs so that our endpoints allow for easy adoption into these types of payer networks. And of course, we're seeing a lot of m&a activity in this space right now, specifically within the neurology digital therapeutics space. So over the past three years, we have built and validated the technology, the hardware, and the data science algorithms, filed patents on the software system, as well as on our back end clinical diagnostic system that we've built. We have 35 clinic partners, five controlled release contracts signed and 5000 recovery sessions showing this technology is speeding concussion recovery. We filed patents and are ready for our full launch in a week and a half. We're ready, contracts are signed and headbands are already in the mail. We're scaling up to a full release in January. And as I mentioned, the pipeline is filled. And what we're doing now is scaling our marketing and sales team in the United States for that full release in January. The founding team are serial entrepreneurs in the healthcare space we've built and released products like this previously. Our COO has deep manufacturing experience and so has been great with supply chain and really reducing the costs of manufacturing these components. And our CMO has deep experience in in reaching out to these sports organizations. Our advisory group is well positioned for payer adoption as well as really has paved the way into the sports world. specifically working on moving into football now in the United States. American football, we're raising $4 million, we've got half of that soft committed again, this capital goes towards scaling, marketing and sales in the United States. It also goes towards getting us to cash flow positive, as this has been a real mission of ours to be efficient with the spend while scaling as quickly as possible. So thank you for your time today. If you're interested in joining us on the journey to better brain health I invite you to connect with me after this.


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