by Dan Cohen
The problem we solve: Nobody likes needles. Patients stay away from procedures due to fear and anxiety. Injection complications are frequent and costly. Needlestick injuries cost the medical system hundreds of millions. There's no need for any of it, anymore.
About our solution: We have an FDA approved, easy to use self-administration tool for any liquid subcutaneous medication. Completely pain free, causes no scarring, generates no dangerous waste, and anybody can learn to use it on themselves without fear. Economically competitive with safe needle technologies but reduces anxiety, increases patient compliance, and carries benefits for practitioners and hospitals.
Progress to date:We are manufacturing the new products already. The devices were previously in the market and we have restored them. All animal testing, clinical data, white papers and FDA documentation is up to date. We are the only solution that is over-the-counter approved for diabetic insulin, and approved for any subcutaneous liquid that a physician or dentist wants to prescribe. We have some European distribution channels opening and we wish to bring it to the American diabetes market for the 300,000 patients newly diagnosed every year. So many other drugs can use this technology, including hormone therapies, painkillers, vaccines and cancer drugs. We are ready to go now!
Creator: Dan Cohen
Location: Quebec
Bio: I have been involved in early stage science and technology ventures since 1995, helping to guide and fund more than 40 enterprises in life sciences, clean tech and information technology.
Title: VP Strategy
Inolife Technologies Inc.
Location: 300 Spectrum Center Drive
400
Irvine, CA 92618
Founded: 2013
Website: http://www.inolife.net
Product Stage: Ready
YTD Sales: Less than $250,000
Employees: 5-10
If you are a health insurance company, these are the benefits in working with us;
If you are a drug developer, whether you are an innovator, biosimilar or generic provider;
Market Size
The market size for needle-free injectors has been carefully measured, and we use research reports from both Transparency (2014) and Zion Research (2015) to set the metrics. The market boundary is needle-free injections that are spring-loaded (versus battery powered or gas injected). North American suppliers produced 2.2 million units last year and growth is projected to be 14.6% CAGR for the next five years. This only tells part of the story; the consumable supply market grows more quickly, since the growth is in diabetes (multiple injections per day) and the increase in injectable drugs available, increasing by 35% in the next 5 years.Projected 3 Year Growth
Projected 3 year growth is to distribute or donate 200,000 units in the United States, mostly in the diabetes market, with consumable supplies increasing to match the indication. This would bring the company to just under 10% of the market, a figure that the former company had already reached. An additional 20% of product sales will account for the international markets, using existing distributor agreements.How We Will Make Money
Our revenue generation strategy is based on a smooth supply chain from the manufacturer to our distributors to the retail point of sales or clinical supply companies. The buyer's motivation is clear for the patient (avoiding pain and scarring), physician (time/reduced sharps), hospital (compliance) and insurance company (self care). Manufacturing, compliance and quality assurance are already in place with scalability to our 5-year projected targets. We have distribution agreements with 11 international organizations for the retail, clinical supply and hospital supply markets, as well as an online sales facility for the OTC product. Margins fluctuate depending on volumes, but in a classic "inkjet cartridge" model, the lifetime customer value is based on their use of the consumable products, whether the needle-free syringe or the disposable syringe. Margins for the device are between 35% and 45%, leaving a healthy space for the retailer while still keeping our price advantage. Margins or the consumables are in the 25% range and will continue to shrink with volume.About our Competition
The competition in the United States is led by the J-Tip product by National Medical Products, currently holding over 70% of the market. However, the J-tip like most of the competitors (Zogenix, Antares, Glide, 3M and Pharmajet) is not meant for general use or available over the counter. The existing products are almost always found as co-marketed products with a specific drug - in the case of J-Tip, xylocaine, and for Pharmajet (one of the more visible companies), vaccine products. The market timing for a quality product available directly to the consumer is both unique and difficult to duplicate (FDA approval is required). Our own research, along with the Transparency and Zion collections, indicate strong opportunities for growth in all markets (both internationally and across disease indications).Intellectual Property Summary
We have licensed patent-protected material from our academic partners, but the bulk of the intellectual property lies in the devices used to manufacture the equipment. Since we have been granted equivalency status for other approved devices by the FDA, the barrier to entry is the extensive animal testing, clinical trials, quality assurance effort and comprehensive FDA filing process that we have completed already.
Clinical Information
We have a library of clinical data that shows efficacy of drug delivery for this technology compared to syringe delivery, much of which has been published already. We will only need to perform equivalency trials for new drugs that we want to recommend, to establish that particular dosing and formulations have the same pharmacodynamics with this delivery mechanism.
Regulatory Status
We have two FDA approvals; one to use the product for U-100 and equivalent insulin doses for type 2 diabetes, sold over the counter, and the second is for general purpose subcutaneous administration with a prescription.
How we will use the funds raised
The funds will be used to get the product into the hands of diabetes care clinics, support groups, medical device writers and bloggers, patient associations, and veteran's care institutions so that the public opinion of the product can begin to take shape. There are a handful of needle-free technologies on the market today, but they are so tightly controlled and bound up with specific drug products that very few people know about them. There's no reason, in our opinion, for this technology to be kept out of the hands of every self-injecting diabetes patient and small clinic.
Thank You
If you know someone who hates needles - and most people do, even if they won't admit it - this is a gift. No anxiety, no pain, and no scarring. This has got to make the lives of your friends considerably easier. If you have friends who inject themselves daily (or multiple times), there might not be much you can do about their illness, but isn't this something you can do about their treatment?
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