LSI USA '23 filling fast. Register Now

Sense Biodetection | Timothy Still, CEO


Timothy Still

Timothy Still

CEO, Sense Biodetection
Read Biography
Sense Biodetection develops and commercializes an easy-to-use, affordable, disposable molecular diagnostic testing platform.


Timothy Still  0:03  

Appreciate it. Thanks for coming this afternoon, I'll try to get you familiar with Sense Biodetection in nine to 10 minutes. So here's an introduction to our company, you will see that we are a very unique molecular diagnostic platform, we refer to it as instrument free, it does have an enormous market opportunity. And we have a very strong financial model. The company is backed by a leadership group that has extensive experience both in diagnostics, as well as a very blue chip investor base. You might have seen some news on the company and in the press during the last few months, we have recently received a CE mark for our first product, which coincidentally is a test for COVID. As well as doing some additional financing, we had a series B of 65 million, just topped that off from 50 to 65. Last last fall. So those of you that are familiar with diagnostics know that this is the world of conventional molecular diagnostics. And I would offer to say that before COVID hit, many of you probably didn't talk about diagnostics a lot. We trust a person who's been in the industry for close to 30 years. This is how tests are done. Very large, complex central lab systems that have a lot of steps involve patient consultation, sample handling, central lab processing, result reporting, second patient consultation. And if you were told that that lateral flow test for COVID was inaccurate and you needed to get a molecular test, you probably went and got a test that was sent to a central lab that was running on one of these systems, we see the solution as being point of care. Now I trust the person who's been in diagnostics for 30 years, as I mentioned, that the business model of going from the central lab closer to the patient has consisted of taking that same methodology in the central lab, shrinking it and bringing it closer to the patient. I myself have led a couple of companies that did this. And it's been a very effective business model, you've probably heard of it as razor razor blade, and everybody thinks that the annuity stream is a wonderful margin story. That is true. But you still have some hesitation with fluids folks are bringing on the testing, they're still challenges of staffing, and they're still servicing their waste. So we feel that the future is instrument free molecular testing, very easy to use, ultra rapid instrument free, gold standard performance, and very scalable. So it's basically a market proven single use product concept for molecular testing for for the first time. First invest in a new class one and done simple, ultra rapid instrument free gold standard performance and very scalable. So we can get a various COVID-19 test out in less than 15 minutes, you use it once and you just dispose of of the test. This will let us get into a variety of different markets, you've probably been tested in some of these as of late pharmacies, consumer developing economies, specialist clinics, this is really a wonderful business model for diagnostics are bringing testing closer to the patient. Now the company was started in 2014. And this concept was planned even before go COVID Hit. This is how it works, you basically have a swab. And those of you have have certainly done this, you have a sample buffer and it basically breaks apart the virus that is present. That's applied to our device where there is a proprietary PCR technology that uses enzymes that amplifies what what we're trying to find into billions of copies. The results, then wick up on a lateral flow strip, and we get a qualitative result if the virus is present, extremely simple to use. So it really creates a new product class. Now on the left, you will see the PCR laboratory systems that are referred to at the very start. And then as you go from left to right, you're gonna see some of the other systems that are out there. And on the far right, you're gonna see that amino acid a product that you probably bought in the CVS and use during the COVID situation. So since we actually have a number of advantages versus all of these different product classes, and keep in mind what I had alluded to the platform was started prior to COVID. So we were working on additional tests prior to that. regulatory strategy and market opportunity is pretty straightforward. I'm happy to report that we received as a CE mark, if you were a few weeks ago, on March 3. The UK is very interesting. They require a specific application for COVID. That takes a little longer so we're hopeful to get that cleared in the second quarter. And we have filed our EUA with the FDA and I'll just leave it at the conversations are continuing. And they're very interesting at the moment. The total available market is very sizeable. This is an eye chart, I can appreciate that. But you will see that we're talking about billions of dollars here. You're saying for COVID. In the US, as well as outside of the US, there's over a $20 billion opportunity, you're going to see for flu, A, B and RSV, some other respiratory tests, the opportunity is just a sizable, and then you'll see some of the tests that we will be moving to after that. It's a very proven reimbursement and pricing model. What do I mean by that all of our tests will be built out under an established CPT code. And if you look at the margin analysis going through this pricing model, it's very attractive by pipeline of products coming through. Here's our margins in March of 2020, to about 27%, we think we will be able to get that up north of 60% at scale. And we have a business model to get get their future value creation. So here is the various product I actually have have one here, you'd be interested in seeing it and touching it afterwards, be happy, happy to share it. It's been very well received. Here's some of the products that we're looking at after COVID. As well as flu and RSV, you can see we can go into a litany of different analytes. And we've been investing in scaling up our production. So we have leased a new new foot facility that will be up by the end of this calendar year. It's about 26,000 square feet and Cambridge, the UK, this is where all of our bio manufacturing tape takes place prior to those raw materials being shipped to the US and put together by Phillips miticides here in Hudson, Wisconsin. A quick look at our financial model, you will see it's a very scalable model. We have a fiscal year that ends in June, a very aggressive ramp. And we're in the process of going through a series C raise and think this will be in the neighborhood of 75 to 100,000,00. In 2022. You will see the last financing that we had is 65 million Series B, I had to laugh at the morning session we were talking about valuation, I can completely relate to what the CEO is saying. So we had a $215 million post which I think's a very good spot to be in. So we're going to expand production capacity, expand commercial capabilities, develop that next set of products, set up a US headquarters and also do some sourcing work. And here's our board of directors. You might notice the person on the left John Bishop, the former CEO of Cepheid that was purchased by Danaher. Hunter Reisman is our chairman. He used to head up the Roche molecular group. Both of them are diagnostic luminaries, I myself, have been in diagnostics for north of 30 years, specifically in the point of care space, as well as our two founders, the Lambo brothers, Harry being the scientist and Ralph being the operations guy. Our investor directors are listed below our largest shareholder is Koch Industries. And then we're also supported by Cambridge Innovation capital as well as Early Bird Ventures. So in summary, in closing, there's a clear competitive advantage that we have in a very significant market. We're instrument free, we have the fastest result we have gold standard accuracy. New product opportunities are in front of us to expand the revenues leverage our brand, very attractive financial model with gross gross margin upside. They're a very experienced management team. We've done this before we will do it again. And we're positioned to become a preeminent point of care molecular diagnostic company, and I made it with 29 seconds to spare. Thank you



Join us at the next LSI Emerging Medtech Summit

LSI's global events attract top innovators, active investors, and deal-making strategics.


Share this video

Our Clients