Michalis Papadakis presented Brainomix at LSI USA '24

Brainomix utilizes their expertise in artificial intelligence to develop software solutions to support precision medicine.
Michalis Papadakis
Michalis Papadakis
, Brainomix

Michalis Papadakis  0:07  
Stroke ages the brain by 36 years within 10 hours if a patient remains untreated. And although we have life saving treatments, up to 80% of patients that should be treated are missing out. My name is Michalis    Papadakis. And I'm the CEO and one of the founders of brain omics. We started as a startup and a spin out from the University of Oxford, with a mission to ensure that patients are not missing out from life saving treatments. The way we are addressing this unmet need is by automating validated imaging biomarkers driven by AI to either increase the uptake of existing treatments in clinical care, or to increase the success of clinical trials for new treatments. And we are already delivering this value in stroke. We have a solid foundation, we have a market leadership in stroke AI in Europe. And we have a technology that has been used in more than 1.5 million patients in clinical practice driving diagnosis and treatment decisions. More importantly, we have evidence of value that we are impacting and improving patient outcomes. And we have shown in multi year prospective and independent evaluations that we are trebling the number of patients having a good outcome after they have a stroke from 16 to 48%. Almost one in two patients. How are we improving outcomes, it goes back to the value proposition. We have shown that we are increasing up to 55% the number of patients getting access either to club Bostick, blockbusting thrombolytic treatment or endovascular thrombectomy. And on the back of this, we have built a SaaS business model growing more than 50% year on here, and we have an exceptional renewal rate of more than 98%. Most strokes happened in the community and patients are initially admitted and what you can see here, the primary stroke units, the spokes are the states the patient will have a brain scan, and the frontline physician would have to interpret the brain scan of the patient to establish the diagnosis of stroke, and whether the patient is eligible for mechanical thrombectomy and transfer this patient to a comprehensive center and hub. And these decisions are driven by imaging. However, there is lack of expertise in this primary spoke centers by the frontline physicians. And that's where we help. We have developed algorithms that analyze any type of scan, the patient would get showing the extent of stroke damage, which vessel is blocked causing the stroke. And importantly, if there is brain that is compromised by the stroke, but if we treat the patient, we can salvage that brain area. In addition, our technology can be used as a communication platform, automatically communicating and notifying the physicians in the hub that there is a stroke patients are there getting prepared to receive them, to give them mechanical thrombectomy. On the back of that we have built an exceptional adoption across Europe, we have a market leadership position with more than 300 installations. And recently based on the strong clinical evidence, we see adoption at scale, either at the regional, super regional, or even national level. We have ministries of health, the health care providers going out for procurement and tendering process to buy licenses for a stroke AI solution that we have won successfully against the competition in countries such as Wales and Hungary. And now we're bringing this next generation of stroke AI into the US where we have exactly the same unmet need exactly the same stroke pathway. Last year, we got six FDA clearances, so our solution is ready for clinical use. And the US is the biggest market globally is more than 50% of the global market. We are now focusing on working with luminary world leading stroke networks here in the US who are actually using our competitor solutions. However they came to us, because the unique features we have on universally accessible scans that primary stroke units have spokes have, and the best in class algorithms offer them clinical value for patients that are currently either delayed or missing out of treatment. And since we closed our series B round in December 21, we have been transferring this expertise we build in stroke in developing the algorithms, clinically validating them, getting these regulatory clearances and ultimately creating clinical adoption into other indications where again, imaging is a connecting thread, it's driving diagnosis and treatment decisions. And we have been developing a solution for pulmonary fibrosis patients. This is another devastating condition with a life expectancy of three to five years it's worse than most cancers. And despite that short lifespan, these patients it takes them up to two years until they're diagnosed. Why does it take that long? In a different timescale? There are similar unmet needs as in stroke. If you have patients either have to do having to do a functional test that forced vital capacity test blowing in a tube, which is insensitive in picking up progressional fibrosis scarring in the lungs, or you have radiologists looking at a scan a lung scan, where the signs of fibrosis are very subtle to establish whether a patient is progressing or not. Using our clinical and AI expertise, we have developed novel biomarkers that are better predictors of progression with the current standard of care. And one of our investors is the Venture Fund of the German pharma medical Ingelheim. And BI has the only part of the trade and in this disease. So there is a strategic interest to bring our lunch solution into clinical use. So instead for this patient to take two years until they're diagnosed, we can bring forward this diagnosis and treatment decisions decisions by at least a year. The core of our business model is focusing on our main customer segment of hospitals and healthcare system. And it's a SaaS business model. We sell licenses is like a subscription service, annual or multi year licenses. And our commercialization model is hybrid where we have a full force across Europe, we are building now a team in the US. And we are also working with partners, partners like Stryker, who are one of the world's leading neurovascular device companies having one of their thrombectomy treatments in stroke, and they are one of our distributor distributors in Europe. In the US here we have a partnership with Blackboard, who have an AI imaging platform, they integrate third party technologies. And the strategy behind that is that we have our own field force driving the process. But we also work with partners where we can leverage their installed base in their field force to speed up our adoption. The last few years we we have been also been making exceptional progress with our life science division, where we integrate all these imaging biomarkers in stroke and fibrosis. In clinical trials working with pharma, either phase two, or phase three trials to select patients based on imaging on who is enrolled in the trial, measuring the efficacy of new treatments, again, based on emerging or even establishing the mechanism of action. So we are currently raising our Series C round. And in line with what is the consensus I would say in this conference. The aim of this round is to grow but grow sustainably, so that we can scale up and grow our stroke solution in the US and at the same time, consolidate our market leaders leadership in Europe and in the rest of the world that stroke AI so that we have double digit ARR by 2027. The stroke business should be profitable by 26. And as we are expecting next year to bring our luck solution into clinical use, the whole business should be profitable by 27. And the fourth strategic pillar that we want to deliver with this capital race is to establish and capitalize on the strategic partnerships with pharma companies, which is not only another revenue streams, but it also provides evidence of value validation data that helps with the translation of all these technologies from clinical trials into clinical practice. Thank you very much.


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