Jeff Luber Presents Binx Health at LSI Europe '23

Binx Health's point-of-care diagnostic solution, binx io, is an FDA-cleared, CLIA-waved platform intended to enhance community health outcomes through access to affordable and rapid testing results.
Jeff Luber
Jeff Luber
CEO, Binx Health



Jeff Luber  0:04  
I'm Jeff Luber, CEO of Binx Health. We're Boston based in London based point of care diagnostics company in sexual health and wellness. So I've been in diagnostics for a long time, one of the largest diagnostic markets and unmet needs is in sexual health and wellness. You see the press reports, they come out annually on the rise of sexually transmitted diseases. That's it's partly a function of the absence of great technologies that can provide convenient care. It's also a failure of business model. Okay, almost in any area of healthcare. If there's a delay between test and treat, you got opportunity for problems. And that's been a hallmark of chlamydia and gonorrhea testing since frankly, the dawn of medicine. In the United States, if if you are a sexually active unmarried woman under 25, the guidelines say you should be screened for chlamydia and gonorrhea. If you go to a clinic for a test, a sample is taken, it's sent out to a central laboratory often LabCorp request. And those results come back anywhere from a day to 10 days. In the UK, it's 21 days later. And what happens during that timeframe, that intervening period, well, a lot of bad stuff can happen, right? First of all anxiety, and my positive and a negative onward infection spread. But the real problem in these diseases is, believe it or not, 40% of people who are positive, never come back for treatment, nothing hurts, nothing burns, nothing itches. They don't come back. So it's been shown that if you can capture the patient while they're in the clinic, and they're positive, the clinician can just say, Look, your test came up positive, it's highly curable, I'm gonna call prescription pick it up on the way home, just that conversation alone can change healthcare trajectories. But to do that, you need a device that can sit in the clinic, have a test ready and answer ready before that individual leaves and has to perform at the same level as central laboratory today. Okay, so that's our, that's our business. We're the first and the only platform molecular platform PCR based. That's been FDA cleared and CLIA waived for the detection of those two infections. And we can do it at levels proven equivalent to Roche, Hologic and BD's machines that are sitting at Central lab, but we do it in 30 minutes. Okay. Those of you who knows diagnostics, understand that any diagnostic company I used to be see, I was CEO of Exact Sciences. In colorectal cancer screening, I was CEO of a company called GoodstartGenetics, which was the first to bring giant next generation sequencing to reproductive health. And now banks health, in all of those companies, you go through the same arc, okay, you've got to de risk a platform. And some of these things can take you $40 million. In six years, we've de risked this platform across all of these key vectors. And now it's all about sales, execution and decreased cost of goods. Okay, this is a, an incredible opportunity, we are on the market. And we are expanding quite rapidly. We have a very sophisticated and experienced healthcare team and diagnostics, we're backed by some of the best investors in diagnostics and health care, we've raised $225 million to date. Our most recent round was led by OrbiMed, and EQT life sciences, and we have a number of just just terrific investors behind us. So again, it's a $2 billion opportunity just for this first product of ours. There's 35 million chlamydia and gonorrhea tests being sent out to central lab every year. Okay, so it's rare, you find an opportunity where you can say that every one of those tests is an opportunity for us to offer a better value proposition. Okay, 30 minutes instead of several days. And now instead of the central labs, earning the money, you're talking about the local clinic, Planned Parenthood does three and a half million STI tests a year. If they can put these machines in their clinics, they have an opportunity to do a whole lot of good. And they have an opportunity to actually have a pretty good opportunity from a commercial standpoint. So it's a it's a great a great thing. But it's a great technology too. Alright, being able to detect chlamydia, which is one of the one of the most difficult targets just given its molecular nature. And particularly being able to do that in urine. We're the only company that's been able to show that we can do that in urine is really, really hard. But that bodes very well for saying, Well, what else can you guys do down the line. And we've done a lot of clinical preclinical work. In other disease states, we've even looked at at snipped detection. We've done blood and saliva. This is a very powerful platform, cartridge combination razor razor blade model, with a very broad multiplex opportunity. So if we're using 25%, of that cartridge today, but it has a 24 Plex capability, you're talking about an opportunity to add a lot of different tests onto a cartridge, and offer those to clinics where they can just rapidly test and treat. And you're talking about moving the care from the hub to the spokes. And that's where care was going. Okay, it won't be for everything. But certainly for these these kinds of diseases where convenience really, really matters, it's going to be important. The verticals are numerous Student Health, OBGYN, emergency rooms, the list goes on and on. No single company could possibly tap all the opportunity. So we are going to be moving to distribution. We have four distribution partners, all the names that you guys know quite well, who recognize this as a whole in their their portfolios. Remember, they're going in and trying to sell all kinds of things to these locations across the world is 220,000 CLEA wave sites. And we're the only product that's got that waiver. So if you're one of these big distributors and you want to sell anything in women's health, having a unique product like this gives you a phenomenal wedge into those those markets. So for for today give you a quick snapshot. With with 10 direct sales reps, we got to 300 instruments under contract. And that's really important because we're not selling cotton balls and swabs and things this is about selling an instrument with a three year contract with mandatory minimums every month. So when we do every contract, each one of those contracts represents about $75,000 in revenue for us over three years. So 10 salespeople got us to 300 from the beginning of this year. Now we're moving to four national distributors in the United States 850 salespeople to take us to 1800 instruments next year. So we feel really good about that. It's never a straight line. There's no guarantees in this world but but to go to six times the productivity with 85 times the salespeople is really, really good metric for us and why we and our investors are pretty excited about it. I'll wrap here in last minute I have but suffice it to say that there's a there's it's very strong economic interest for doing what we're doing. If you're going to succeed in diagnostics, you have to have a great health care solution. But you also have have to have enough economics for every piece of the value chain, obviously. And that's exactly what is represented here. There's a lot of companies going after this market, we won't be we won't be the only ones forever. But I can tell you that we have a very strong market lead we're going to have first mover advantage and it gives us a lot of opportunity to do a lot of things and make a big difference. Thank you very much.

LSI Europe ‘24 is filling fast. Secure your spot today to join Medtech and Healthtech leaders.

September 16-20, 2024 The Ritz-Carlton - Sintra, Portugal Register arrow