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Medtech Startup Showdown 2017: Round 2—Applied Nanoscience vs Linear Health Sciences

March 27, 2017

3 Min Read
Medtech Startup Showdown 2017: Round 2—Applied Nanoscience vs Linear Health Sciences

 

vs.

 

 

Describe your device and how it will benefit healthcare.

A proprietary nanoparticle-coated protective face mask (disposable) with unparalleled, broad spectrum efficacy against harmful pathogens such as avian influenza (H9N2), Human influenza A (H3N2), S. Aureus (MRSA), S. Pneumoniae, H-flu, and swine flu.

 

The Orchid Safety Release Valve is designed to mitigate IV dislodgment by integrating its patent pending valve design in to existing IV sets between the extension set and administration set, using standard luer connections. When a predetermined tension acts on the IV line the valve will break away, sealing the flow path--creating a sterile barrier on the system. Instead of resticking a patient, introducing another needle, or moving toward a more invasive procedure, the practitioner can simply remove the activated halves of the Orchid SRV, dispose, and attach a new Orchid SRV in its place to restart treatment.

The benefits for healthcare fall in to three categories.

For hospitals:

  • Reduced potential for infiltrations, phlebitis and healthcare-acquired infections.

  • Cost savings due to  fewer time-consuming, costly ($30 average hard cost) IV restarts after accidental dislodgements; reduction in potential for phlebitis, infiltration, and other healthcare acquired conditions, including infection; greater patient satisfaction and fewer complaints about repeat needlesticks. 

For nurses:

  • Greater efficiency through avoiding dislodgements and unscheduled IV restarts.

  • Less exposure to sharps injuries and potentially infected blood.

  • Ease of use: Integrating standard connectors with Orchid SRV doesn't require any special training.

For patients:

  • Fewer IV restarts including painful needlesticks

  • Reduced potential for more invasive treatment such as central lines placed due to loss of peripheral IV integrity

While this alone is set to fundamentally change the standard of care for patient/provider safety and satisfaction, the implications of the tech are much farther reaching--in to a multitude of other medical tubing applications such as Foley catheters, chest tubes, and insulin pump delivery catheters.

How does your product differ from the competition?

Complete and total eradication of these pathogens on the surface of the protective mask proven effective against these aerosolized pathogens.

 

Existing IV administration and extension sets have remained unchanged in 20 years, creating one of the most commoditized product offerings in medtech.  Another competitor is mirroring Linear Health's development pathway toward FDA approval, but its own tension based breakaway valve has several limitations when put side by side:

  • Spring based system--Metal in line was removed from IV disposables 20 years ago, and it lacks MRI/potential drug compatibility versus Linear Health's standard material use.

  • Power Injection support--The competition will not be able to integrate its product with power injection applications, like the Orchid, limiting its use.

  • Cost competitiveness--Based on manufacturing review given existing designs, the competitor will not be capable of scaling manufacturing/commercialization near to the potential of the Orchid's more affordable price range.

Do you have customers yet?

Functional pilot plant to demonstrate the production scalabilty of NanoFense coating.  Pilot launch in planning stages targeting Southeast Asia consumers and hospitals.

 

Product is not yet commercially available, however pilot sites are being developed - engaging in letters of intent to integrate product in to use.

How much money have you raised?

$3.5M

 

Linear Health Sciences has raised $1.25M in series Seed round, slated to formally open up a Series A round of $5M in coming months. Currently being vetted by several Venture Capital Firms regarding Series A.

Who are your investors?

Private placement shareholders

 

Series seed investors include a nonprofit state fund in Oklahoma City, an angel investor group, and an individual investor group.  Eighty-five percent of the angel/individual groups are practicing physicians and nurses.

What is the next milestone for your device?

Pilot product launch

 

Primary inflection point is 510(k) submittal/FDA approval slated for late August. This will be the primary inflection point of the series seed round of funding.

Following this and manufacturing scaling, given Series A funds, pilot site integration will follow, alongside formalized commercialization.

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