The two companies in the final round of our Medtech Startup Showdown garnered thousands of votes from supporters last week. There were almost 4000 total votes for the two finalists, Acutus Medical and Admetsys, and those voters also told us why each company deserved to win.
The results are in and the winner is . . . Admetsys, with 75% of the votes. Comments supporting the winner's artificial pancreas system for the hospital and surgical setting included some that believe the innovation is long overdue: "Why isn't this already in the hospital?" and "This should have been done before."
Congratulations to Admetsys and much appreciation to all our competitors and voters. Look out for an online profile of Admetsys in the coming weeks.
Describe your device and how it will benefit healthcare.
In the last three decades, diabetes incidence has more than tripled. Meanwhile, techniques for controlling glucose levels in hospitalized patients have remained unchanged, relying on a nurse to a perform a repeating cycle of imprecise, labor-intensive, error-prone tasks. High glucose levels prevent healing, increase complications, and lengthen hospital stays, driving up care costs. Low glucose levels risk seizures, coma, and even death. Precision is necessary for high-quality outcomes. Repeatability at scale is needed for cost control.
Admetsys has developed the first artificial pancreas system specifically for the needs of hospital and surgical care. The system attaches to a patient's intravenous line, and automatically measures blood glucose concentration in real time and with no blood loss. From this, it creates an adaptive, computational model of each patient's metabolism, evolving as patient condition does, and delivers precisely-optimized, treatment - insulin to reduce high glycemic levels and glucose to raise and support falling levels.
How does your product differ from the competition?
Admetsys' system is the first fully- automated glucose control device designed for hospital care; no competitive closed-loop systems presently exist. Moreover, it is the only technology that provides an active safeguard against hypoglycemia in hospital patients.
Do you have customers yet?
Admetsys has conducted three FDA approved clinical trials using fully-engineered prototype devices, demonstrating 97% target glucose control (80-125 mg/dL) and 100% prevention of hypoglycemia (<70 mg/dL). Pivotal trials to support market clearance will begin in 2017.
How much money have you raised?
Admetsys has raised a $1.5M convertible debt round led by Blue Cross & Blue Shield and Baptist Health System to accelerate its production engineering and support its European clinical trials. A subsequent series A raise of $12 million will be required to achieve market clearance both in Europe and the United States, with commercial launch in select European markets. These objective would position the company strongly to raise future growth capital, as well as make the company highly attractive to potential acquirers.
Who are your investors?
Blue Cross & Blue Shield, Baptist Health System, Dreamit Ventures, University of Michigan Zell Early-Stage Fund
What is the next milestone for your device?
ISO 13485 and CE certification to support a market launch in the European Union is expected in Q4 2017.
[Image courtesy of SIRA ANAMWONG/FREEDIGITALPHOTOS.NET]