Photo - ELAA TECHNOLOGY
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ELAA TECHNOLOGY

Pure Digital Medical Navigation Platform

Turkey
Market: Another
Stage of the project: Prototype or product is ready

Date of last change: 08.06.2020
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Idea

ELAA Technology is a digital health company focusing on cancer early diagnosis. ELAA Technology’s patent pending Pure Digital Medical Navigation Platform has been the basis for development of new products for cancer early diagnosis market and our first product has received CE clarification as a Class-II medical device.

Current Status

We have received ISO 13485:2016 certification and CE certification forPrecimon,our first product for pure digital lung navigation in April,2020 and this enables us to sell to 27 European countries.
We have inked an exclusive distribution agreement for Romania,Bulgaria,Georgia and Azerbaijan and about to sign a local distribution agreement in Turkey. We are currently setting up "demo" sessions with our potential end-users (thoracic surgeons) and planning to be actively in the market in Q4-2020 in these countries

Market

There are around 8 Million bronchoscopy procedures in the world every year. Our customers are the thoracic surgeons applying these procedures.
Bronchoscopy #
Turkey 100.000
Germany 442.697
Rest of EU 1.234.000
United Kingdom 345.000
United States of America 1.800.000
Rest of the World 3.894.000

Problem or Opportunity

Lung cancer is by far the leading cause of cancer death among both men and women, making up almost 25% of all cancer deaths. Each year, more people die of lung cancer than of colon, breast, and prostate cancers combined.Every year 234.030 people will be diagnosed with lung cancer and 154.050 will die in USA. If detected early (Stage I) 75 out of 100 will survive 5 years. If detected at Stage 4, only 5 out of 100 will survive 5 years. Early detection of suspicious lesions are difficult. Chest physicians require easy-to-use solutions to achieve early diagnosis by high tissue diagnostic accuracy.

Solution (product or service)

PRECIMON™ Pure Digital Lung Navigation System is a Class-II software as a medical device to be used in conjunction with any bronchoscopy unit in the market. By providing patient's Computerized Tomography (CT) images and bronchoscopy camera feed, PRECIMON™ is able to localize target lesion and support early diagnosis of suspicious lesions with almost 100% accuracy. In order to detect and take samples fr om a target lesion our software transforms CT images into virtual 3D airway and blood vessel volumes and our system asks operator to mark the lesion on user interface. Then the system calculates the safest route to lesion to eliminate risks of bleeding inside lungs. Calculated route will be shown on both virtual and real bronchoscopy video frames to lead operator into the lesion. At the end operator will be able to see wh ere the lesion is and which angle bronchoscopy needle should take sample from it

Competitors

All of the current competitors (Medtronic Superdimension, Broncus and Veran) are able to provide Electromagnetic Navigational Bronchoscopy (ENB) tools which needs a high cost equipment investment (ranging from 150.000- 300.000 Euro ) and to pay for additional consumables such as pads placed onto the patient’s body. Most of the published ENB literature is case series of patients with PPLs. The overall diagnostic yield for ENB alone is highly variable and ranges from 59% to 77.3% .

Advantages or differentiators

We do not need equipment investment,room mapping and consumables. Our system is a software and SaaA model is a good fit for us.

Finance

Our sales model is software as a service and pay per use. There is no initial or hidden costs associated with sales.
Our cost structure is mainly fixed such like employee and R&D expenses.

Business model

Our business model is to establish a platform technology initially to be used for lung cancer and later on we will expand this to colorectal and prostate cancers. We will be penetrating to the market rapidly as our software only medical device solution PRECIMON is very easy to use for thoracic surgeons and do not need field sales teams local presence although it's encouraged initially.

Money will be spent on

Management&Overhead 18,96%
R&D 26,50%
Clinical Trials 31,36%
Marketing&Sales 17,46%
Net Working Capital 5,72%

Offer for investor

We are asking to have debt financing and ready to give %20 discount

Risks

We do not expect a price war as our cost structure is very easy to offer almost free of charge services whenever needed and we can still survive.On the other hand there is always a possibility that another company may come up with a similar software only solution but anyhow this will mean that the newcomer will have to pass approximately 2 years of preclinical and clinical research phases in order to obtain a certification as a medical device and this will allow us to be in a superior position and act accordingly.

Incubation/Acceleration programs accomplishment

Participation to YTU Teknopark Accelerator (UK base camp participant)
TTGV HIT programme participation

Won the competition and other awards

BIO Turkey StartHub Demo Day 2020 Winner
Imagine Tomorrow 2019 3rd place
Startup Turkey 2019, listed among global top 100
AIFD Bio Startup Program 2019 finalist
Smart Future Expo 2018, Smart Health and Medical Category Winner
Royal Academy of Engineering 2018 Leaders in Innovation Fellowship Program Winner

Invention/Patent

PCT filed and currently under examination

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Idea
Current Status
Market
Problem or Opportunity
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Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
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Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
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