Pedro Costa, Interventional Systems - Customizable Medical Robotic Platform | LSI USA '24

Pedro Costa  0:03  
Hi everyone, I'm Pedro, CEO of Interventional Systems, it's a pleasure to be here. Interventional Systems develops miniature easy to use affordable surgical robotic systems for minimally invasive procedures and percutaneous interventions. Our goal is a company is to help crossing the adoption chasm of robotics. And we do this by partnering with strategics, from public companies, large cap to small cap companies and Fast, fast growing private companies that wants to offer the now state of the art, surgical navigation and robotics to their customers. But they do not have the money the skill sets the team or the willingness to develop the solution. So instead of focusing on a niche application, we actually focus on developing a platform that can be used across different verticals. And we partner with those strategics so that they can sell it to their customers as part of their catalogue. Our flagship product is called the micromate platform, it's a table mounted small system, the size, size of a shoebox. It's a CE marked FDA cleared system that is intended for any percutaneous procedure or mis procedure, as long as a needle or needle type device is used. And when you use 2d or 3d imaging, so this poses the technology to be used across different specialties. The system is as any typical targeting device will find in the market. It relies on intraoperative imaging, intraoperative planning, but the caveat is is that the system is very small table mounted, you are on the bedside, so you are able to use it collaboratively, you pick up the system approximated to the surgical side, the system will tell you, when it's within reach, you press a button and the robot will align to the trajectory, giving you a working channel that is precisely aligned with your trajectory. Then you will you can insert your instruments by hand and a myriad of instruments can be used, we are clear to use the system with guide wires, implants, screws, catheters, you name it. So this allows us to make the system by the way at a very affordable price to the end customers more or less at the price of a high end ultrasound device. And it also enables the strategics that want to partner with us to have a technology and business model that adapts to the new times. Because it's a portable system, you can carry it between rooms between hospitals, you can also bundle it together with your procedures over paper procedure models. So these poises you to be successful in the new changing markets. I mentioned that our partners are the strategics. Of course, the strategics cannot start here they are not digitally native companies, they are not robotic companies, by definition, they are used to different types of products. So for them, it will be extremely expensive, extremely time consuming to build a solution that starts at early without much risk. Of course, most of the companies have the possibility of buying off the shelf industrial style arms, repurposed arms, like the cooker and the stove or the arm kinaba, you name it. But you still need to build an infrastructure software team sales team, you need to carry most of the costs in your balance sheet, it takes you around 10 years to get to a successful end. And therefore this is also not the best solution for the surgical implant companies to do this, of course, all of them want to end and reach the far end of the shard and essentially by an established business with a creative revenue, but this is only possible for the large strategics. So what's left for the surgical implant and interventional instrument companies, they do one thing very well, which is selling, they have the financial capability, they have the sales contracts with the hospitals, they have the sales teams, they have the the access the service, and the support structure, what they cannot do, and what they do not know how to do is how to build the whole robotic departments, the whole robotic infrastructure to have a viable business with the emergence of these paper procedure models with a digital component where you don't do a capital sales, you actually offer the system as part of a bigger solution. Most of the cost of these systems is carried by the balance sheet of the strategics. So if they need to pay for r&d, if they need to pay for manufacturing, and they need to pay for all the systems that are placed, this is not viable. And this is what is preventing the adoption of robotics. So what we offer them is the possibility that they focus on what they do best, which is selling and the rest will take care of your commission r&d manufacturing to us regulatory until you are ready to take your over and build your own program. So we focus our business in this nice intersection between the risk and value curve with the risk the early commercialization for these partners, and then we work with them on a crawl Walk Run strategy. We start by doing early validation together with these customers with their K wells. We follow by having an exclusivity pay to play fee. So it's a yearly exclusivity fee where the partner pays a fee to x to export this market together with us alone, no binding minimum so we don't force their sales team to reach certain minimums with four focus on driving adoption the proper way. And once we hit our milestones, then they are ready to take control of the operation. They pay in a commercial licensing fee. And essentially, they focus on selling a branded OEM product. And we do all the rest is the trusted partner. This model has been trusted by several players, including the bushy partners have explained for spine fusion and Medtronic for cranial neurosurgery, as well as a couple of other private companies in their territories. We also work with 12 centers of excellence across Europe and the US, which provides unbiased feedback because our customers are the companies but we want to hear what the physicians have to say about the technology because they are the end users. So we work very closely to them. A bit about our company, we are an Austrian based company, a Pan European company with different nationalities. Most of the team that develops the technology is still in. And we have extensive experience across robotics with several FDA clearances in different verticals, as well as extensive experience in digital medtech. We have our own manufacturing in Germany. So the only thing we don't do is basic machining and PCB production, all the rest is done in house. This allows us to keep very good profits. And we also have a fully digital and fast production, especially if you have a binding forecast with us. Our technology is protected by 15 patent families with cross protective claims. And we have undergone several diligence processes with strategics without issues. And of course, if we supply you a product for you to sell as a strategic, all the certificates are granted, we are raising a 15 million euro Series B arrays with two goals. One of them is of course to grow the business model. And another one is to expand the type of feature features our platform has. So we currently have completed feasibility and want to integrate in our platform solutions such as tools, durability, automatic needle drive, needle bending, or guide, wire bending and rotation, we want to have floor navigation and ultrasound compatibility for storage solution. So we want to equip our platform with solutions that allow us to grow from the MIS and percutaneous market to the actual endoluminal and endovascular space, as well as being a low end assistant for the general surgery market. For example, as a scope holder, all of these technologies develops and feasibility is completed. So we just need to include it in the platform regulatory wise speaking. And on top of this, as I mentioned, we've been a company that is focused in different verticals, we currently have different verticals commercial, early commercial or completed visibility. And our goal with the series B is also to diversify our clinical clinical offering by essentially achieving the different milestones that are needed to reach a deal with the strategic which is ongoing in all these phases. And essentially, if when both of these things get combined, we essentially have the possibility to be the first all around surgical platform in the market that provides OEM solutions to these partners will be around the rest of this you can scan the QR code to know more and we'll be glad to meet policy thinking