Nick Talamantes 0:00
Jorge, thank you so much for joining me here at LSI Europe.
Jorge Presa 0:03
Thank you for inviting me.
Nick Talamantes 0:06
Why don't we get started by you telling us a little bit about your company?
Jorge Presa 0:10
Okay, our company Cyber Surgery, we have done a robotic system for spine surgery. Yeah, is like a robot that helps the surgeon during the surgery in order to perform a minimally invasive procedure.
Nick Talamantes 0:28
Is the robot assisting the surgeon? Is it running on its own? Or is it controlled by the physician? How does it work?
Jorge Presa 0:36
Okay, good point. Honestly, the robot right now is on a system, we don't want the surgeon lose the control of what he or she is doing. So the robot guides them in order to get the optimal territory, in order in this case, to insert some pedicle screws in the spine. So in order to follow the the trajectory that they have planned previously, but they don't lose the control, they still ensure the instruments have the same feeling. And it's something that is in this moment, we don't want to lose
Nick Talamantes 1:22
Robotics in the digital surgery market has been a growing sector in the med tech industry for quite some time. Now, what makes you guys sort of a disrupter or innovator in this space.
Jorge Presa 1:35
Okay. Yeah, in this is a market that is growing, growing quite fast. And now, it's difficult to find hospitals than they don't have any kind of robot. Spine is a very small niche. The big market is soft tissue, robotics, robotics for for, for soft tissue. And in this in this niche, also in the spine, the market is growing quite fast. What is different in our solution, there are currently some solutions on the market, a lot a lot of them use for tracking the Bayesian one optical technology. The optical technology has some advantages and is working properly. But we have seen that there are other drawbacks. And we have attended our own technology for tracking the patient is like a hockey stick tracking of the patient. So we remove the cameras, the process is seamless, is like if anybody crossed the line of sight, there is no problem, you don't have to recalibrate the system. So it's more accurate, we reduce the time of the surgery, and we reduce a space in the operating room as well.
Nick Talamantes 2:58
It's really interesting what sort of, as we've touched on the spine robotics market in the robotics market, in general, it's pretty established, you've you mentioned that hospitals, it's rare to find them without having some sort of robot in them. Now, what's the unmet need today in the robotics space that maybe you're addressing?
Jorge Presa 3:18
The I consider that in the spine, the current robots is like the first generation, the robot, what we are doing is just to guide the surgeon in order to insert pedicle screws. But that's just the beginning, then as a state of the robot is to have them for whole procedures, imagine that you have to cut the bomb. You have different trajectories, during one to ensure a cage between bertera They are much more procedures on the spine. So this is currently just the first state but this the beginning like when mobile phone begins at the beginning is not the functionalities that we have right now. So I think that there is a long way alone improvement and optimization that can be done even in spine surgery.
Nick Talamantes 4:20
And speaking of stage what stage is Cyber Surgery at today?
Jorge Presa 4:24
Okay. In this moment, cross finger. We are going to begin clinical trials next month. Wow. We are very proud of you. And we are looking forward to begin. Yeah is like a milestone that is very important for us. And we're in this event for investors. Because right now is like if it were a prototype, if it was a prototype that is optimized now, in a moment that will be In clinical, someone has tags has check that all the test has been passed previously, you are in a real patient. So in the moment that their technological risk is a has been passed. Now, it's clinical trials and obviously later commercialization, but yeah, it was one important step forward for for us. So we are, honestly, we are looking for that. And it's going to be a great moment for us.
Nick Talamantes 5:33
I bet you're excited.
Jorge Presa 5:35
Yeah, very excited
Nick Talamantes 5:36
You mentioned commercialization? Where are you guys looking to sort of commercialize first US Europe, what's the plan?
Jorge Presa 5:44
The plan was once but with the yesterday lifter, I don't know, I'm not sure all that. That's true that our first plan was to be in Europe. We are going to perform the clinical trials in two European hospitals. We are focused mostly on that. But at the same time, we have applied the precision mission for FDA. So they we are working on Berlin, and we expect it to have the CE mark at the end of 2023. An FDA approval at the beginning of 2024. But the situation in Europe is so complicated, that we are going to keep on working in power,
Nick Talamantes 6:32
let's get that you're sort of pursuing both paths at the same time
Jorge Presa 6:35
regarding the market. For us, is better US is a market where the health system is private. And they are more I don't know how to say in English. They want to invest more in technology, and is a bigger market in this moment. Also, robotics are is important in Europe. But in the case of spine, you can find less road. Half of the global market, more than half of the global market is the US market. So as we are certain in Europe, we are beginning with CE mark. But at the same time, we are pushing hard to US market to FDA because the US market is the most important market.
Nick Talamantes 7:33
So after you get the FDA approval, the CE mark for your robot in inserting the pedicle screws, what's sort of the next steps for how you're going to utilize your robotic platform?
Jorge Presa 7:46
Okay, I can see that the currently there are a lot of robots, we are creating a robot for a specific functionalities, the future has to be to use one robot for more procedures. So we have designed our robot in a modular way. For instance, right now, we can insert pedicle screws, but we are working on other functionalities, as I mentioned, to cut the bone to perform osteotomy other related with inserting cages. So there are like other functionalities. So has to be modular, is not affordable to have a robot for a small functionalities. So the hospital is not going to have 30 robots so and is is difficult at the same time to use one robot for whole procedure. So I think that there is a trade off. So our idea is that our robot has to be modular, and it is already because we want to perform whole procedures of a spine, not only the inserts the pedicle screws.
Nick Talamantes 9:07
That's fascinating. What What brings you to LSI Europe this year, what are you hoping to sort of get out of the conference?
Jorge Presa 9:17
The conference is is great because you know them to improve and to get a lot of contents networking. So it's a really nice event. It's very useful and helpful. We are looking first funds, investors. So we try to book as many meetings with his investors as we can, because it's a very good moment. And at the same time is a good opportunity to have a face to face meeting. That is is different than a Zoom meeting. So we can explain with more details. So funding is important. The other thing is service providers. You can find here a lot of service providers in the area of quality and Regulatory Affairs for sample software for clinical trials, and many things that we require. And for the startups, it could be very helpful. So yeah, I can see three main points networking, global networking, fundraising, and service providers
Nick Talamantes 10:30
in terms of fundraising. How are you guys doing? How much are you looking to raise right now?
Jorge Presa 10:37
Depending on the event to capital or family offices, but we will need in June 2023, around 12 million, but we can divide it can be 4 million for one year more and later, 8 million more. So we will need 12 million until the end of 2025. But honestly, we can divide and we are quite open to 4 million later or eight. So we are quite open. Something that is good is that we are not on hurry. Because we still have funds, and we are going to perform the clinical trials with of our current funds. So in some cases, we are waiting until this great moment of the first inhuman in order to get back to some of this investors to tell them okay, now we are in clinical estates. And now is the moment to analyze how to collaborate and if to know if they would like to invest in us.
Nick Talamantes 11:45
Yeah, that inhuman data will be crucial in helping to drive the momentum forward and fundraising activities.
Jorge Presa 11:52
As you can imagine, we are very, very proud of what we are doing. We are currently 26 people is our great team. The most important thing in our company is the people. Yeah, we're pushing hard to is it's very motivating to keep on working in something that helps in health when you are in the operating room, and you see how the surgery can be improved. And we are working on that. So we are we have a very motivating work. very motivated team. That's great. It's a wonderful area to be working in, in the health sector. And also, I would like to thank you for inviting us to have this interview and to share with you this moment. So what we do,
Nick Talamantes 12:57
I love getting to hear more about what innovators such as yourself are doing in this industry, as you said, there's a lot of good work that can be done for improving patient outcomes, but also helping surgeons and hospitals provide better services through the use of technology such as your own
Jorge Presa 13:16
this our objective, not only our is, I mean all of the startups that we are right here. Yeah, it's great to see in all different areas, how we are pushing to improve the care for the patient, the lifestyle, so it's really nice to see that. Jorge, thank
Nick Talamantes 13:41
Jorge, thank you so much for coming by. It's great hearing more about your company