Peter Fischer, InkSpace Imaging - Transformative Printed Electronics Platform | LSI USA '24

Peter Fischer  0:03  
Good afternoon, everyone. I'm Peter Fisher, CEO of InkSpace Imaging. We have pioneered revolutionary printed electronics technology platform to build future medical devices. And initially we're focusing on advanced, super lightweight, ultra flexible MRI receive coils, boosting diagnostic imaging, making the previously invisible visible and enhancing patient centered care significantly. So originally, we are startup from UC Berkeley, California. We are now located in Pleasanton, California, we have originally raised 8 million have two FDA cleared devices already the two leading OEMs in the field. We are here currently raising $10 million series A and have already secured the first 5 million. So you might ask why in established diagnostic fields, such as the mall is that innovation any innovation needed. So for an MRI, you need a receive coil to actually get decent images for diagnostics. And existing MRI receive coils have been designed for six foot men. So they're not fitting well to the majority of the population of patients. So you wouldn't give a child running shoes designed for an adult, obviously, right? Since EMI received coils are all about how close you can get to the patient to get the best RF signal out of your MRI machine. So this results in that you naturally get lower quality images for most of the patients you're scanning. Those coils are typically very heavy, 610 and more pounds. So they are causing anxiety, distress, discomfort in any form of patient, not only children, and the procedural times take very long and solution for kids how to get kids through and especially younger kids through moi is putting them under sedation general anesthetics. So innovation in this field hasn't been done for more than a decade really. So if you look at the EMI received codes available at all OEMs are pretty much the same. So this is where we think our innovation comes in. So we have designed some signature significantly more lightweight and flexible. So our product is less than a pound. So the youngest patient, our partners at Stanford have scanned was 18 hours old and three weeks premature, you obviously cannot do that with a 10 pound coil. So the images since the coil Sidsel Snugfit are superior matchup, Ohio spatial high temporal resolution, it also that reduces also I'll show that later. The need for sequential procedures at a CT or ut which is typically used, the setup time is much quicker. So that reduces the overall imaging time. The design of the coils is as high density field of coils so they can be appropriately accelerated. So the overall procedural time is significantly shorter. And that increases throughput that's always a bottleneck in MRI suites. Patients obviously feel more comfortable on something which is a blanket and less than a pound, then a block of material that is 10 pounds or more. Or the things above obviously also lead to some form of cost savings. Definitely the reduction of sedation, but also very important, we can provide more people with access to MI since the coil is so flexible not only for pediatric patients, but also for adult patients. So as mentioned at the beginning of my talk, we have now already cleared devices for pediatric and adult patients for the market leader Siemens, but also for GE. We are currently focusing on the US market. We have request for many more modalities. But here are a few examples where you know we see cardiac scans extremity MSK most recently from Harvard requests for motion study so we see also sports medicine as one of the potential future businesses for us. So what do radiologists say so we've obviously also teamed up with key opinion leaders at MSKCC UCSF Stanford and I've been talking to them over the last years, some of which have already purchased the coils after we be clear them the CFDA so much better spatial and temporal resolution now going to be low half a millimeter. That also results in details as you can see on the quotes, which I typically cannot see that results in that they have to do less procedure setup Casita, procedure, CT, ultrasonic and so on so forth. And on the right hand side you'll see one example one of our partners, they use this highly spatial results Mr. To 3d print a heart and then use that for surgery planing this as surgeons but also to explain to the parents what's actually going on with the child and why they have to do surgery. So we then also taking that to the lab since people ask us how much better are your coils so the clinician say the images look my chop or much better so we can say in some lab tests, we could prove that the coil depending on the setup, we are comparing to Boosey as an all the signal to noise ratio, which leads into image quality by 20 to 70%, depending on the window and depending on what coil and the setup is used. We have also partners pushing it in terms of acceleration. So one partner in codon did Lenin, they could show that they can reduce the scan time by 45%. That's huge in terms of MI suite. Super planning for the CIO, how do we plan to take this to the market, we have a small team of experienced sales executives, taking directly into the hospitals of key opinion leaders and working with them to get support to drive market adoption in this field. We've most recently signed a distribution agreement with one of the largest distribution and medical device distribution companies in the United States. And just a week ago, we announced that we've cleared the product for all demons three Tesla systems, and by that doing that, we also finished the technical evaluation, which was required to get into the catalog. So that will be one of the distribution channel for us that we all the demons will be distributing that product for us in the future. So to give you an idea, that coils typically cost 40 to $220,000 depending on mainly depending on on channel. So we have done our own market research talk this hospital is an OEM, so we offering at 139 List Price and target a SP of $65,000, which will give us a decent gross margin of 65%. In in a volume setup, most importantly, was also throughput improvements for one shift mi suite and a hospital, they will see the return of invest for such a new coil and less than healthier. So what are we planning to do, we are raising a $10 million series A we've already secured and received the first half of that, or 5 million, we're looking for the second half now, we plan to execute our commercial plan. So basically selling the pediatric and $1 body array directly but also through the sales channels with the Siemens and the distributor. We have been asked by both OEMs but also hospitals to expand the product line faster and and bring more product into the market focusing on 1.5 in a pediatric at neck coil. But there are many more ideas past that. We have assembled a team of in total 16 employees now the executive team brings a broad experience in medical device development, sales, clinical partnerships, finance, m&a exits, but also taking innovative ideas from university lab where we started and built late into high volume manufacturing. The board we have assembled and the advisors we have the two co founders world renowned expert in EMI printed electronics and ambiguous still deserve in a company and working business. We have managed to get Jack and George here on board this 40 plus year both in finance and venture capital but also in in the in the world of of moi and some of the advisors from GE ventures and bend hospitals. With that I would like to sign up for the attention. And just to wrap it up that as a reason why we're seeing hospitals via the coils. And we see a good exit opportunity here. This team has shown to deliver milestones for all of our lives financing rounds, we delivered the milestones, which we promise to the investors and we also plan to do that for this round. Thank you very much