CED Life Science presenter profile: Vigor Medical Systems
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Editor's note: WRAL TechWire and the Council for Entrepreneurial development are partnering to present a series of profiles and Q&As featuring companies startups and emerging companies participating in the CED's annual Life Science conference coming up Feb. 28-March 1 in Raleigh. The latest profile is Raleigh-based Vigor Medical Systems.
Vigor Medical Systems
- CEO: Rich Kindberg
- Contact information: firstname.lastname@example.org
- Sub-sector: Medical Device
- Headquarters: Raleigh, NC
- Year Founded: 2015
Vigor Medical Systems-a Duke spin out company has developed a new mobile health respiratory device which monitors lung function. The company's product is a wireless, mobile spirometer which connects to an app allowing improved patient, or patient-to-provider, integrated respiratory care management.
There over 450 million people who suffer from some form of chronic respiratory disease, such as asthma, COPD or Cystic Fibrosis to name a few, and many of these individuals often require lung function monitoring to help manage their condition. Mismanagement of, or complications associated with respiratory disease has a negative cost impact of more than $75 billion annually on the US Healthcare system-alone. Vigor Medical Systems, Inc. connected spirometer is intended to improve adherence, reduce cost and improve outcomes.
- Rich Kindberg-Interim CEO
- Daniel Chander-Founder, CTO
- Rich Pilnik-Board Member, President
- Gregory Poore, Founder
KEY MILESTONES TO DATE
- Funding: Private funds or goodwill used to date. December 2016 began to seek seed capital up to $600k to advance the product to commercialization
- FDA Q-sub meetings and direction established to commence clinical trials
- Device prototypes and supporting apps (e.g., Android and iOS) have been developed and currently being used in the clinical trial being conducted at Duke
- Clinical trial (equivalency data vs. standard spirometer) is more than 3/4 complete with very solid results.
- Completed behavioral study to understand consumer (e.g., patients) motivation factors in complying with use of a device
- Hired interim CEO
- Provisional Patent filed
Duke Innovation and Entrepreneurship Initiative, Duke Medicine, Duke Office of Licensing and Ventures, First Flight Venture Center
- What is the primary pain point you are seeking to address?
Improving outcomes, improved medical plan adherence, overall improved quality of life. Ultimately reducing costs to the healthcare system due to adverse events (e.g., trips to emergency department, outpatient visits, hospitalizations) due to non-adherence to medical plan and meds.
Targeting those people (patients) affected with some sort of chronic respiratory disease or lung impairment. Many have a difficulty staying on track, adhering to their plan and meds as prescribed due to inadequate tools that require too much manipulation, manual record keeping, tracking and monitoring.
- What sets your company apart? What's the "secret sauce"?
We have developed a integrated mobile health platform for monitoring chronic respiratory conditions. We have developed a wireless spirometer and apps, tailored to both the patient (consumer) or clinical professional (more sophisticated data), which can be synced and shared (to MD or caregiver) via the cloud. We've pulled all of today's management tools together, made it easy and cost effective-care in the palm of your hand! The professional version is more cost effective, mobile which can increase the access of technology to those who do not have spirometers, as such provide greater access and service to more patients. It's like the "Fitbit for Asthma" and other chronic respiratory conditions.
- Why should investors be interested in your company? What is the potential market size?
Large underserved patient population and growing (over 450M worldwide with chronic respiratory disease). Asthma is lead candidate of which there are more than 25M in US alone. 50% don't realize how bad their asthma is and 10% of all are considered severe and require some form of reliable monitoring. The Healthcare provider
Market is underserved and in need of digital or mobile health platforms-very hot market for both providers and consumers. Some analysts put the WW Market @ 2 B...we suggest that a near term number to be in the $250M to $500M number and our niche within the $150M target range. This is a very high GP margin business.
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