Startups 2018

Venock Medical

Dr Wolfgang Goetz, Marcus Irsfeld, Terrence Barnes

Innovation & Business Idea

Vascular Closure System for Large Bore Venous Access. Vein access closure within 1-2 minutes.


Customers / Target Market

Customers: Cardiologists. Targeted Market: Emerging market of catheter based endo- and trans-vascular therapies that require a large venous access (>7F) and subsequent access closure. Existing Market 4.8 M procedures / year in Europe and USA: ASD Closure (14F), Left Arterial Appendix closure (12F), Mitral Valve Repair (24F), Vena Cava Filter (8F), Atrial Ablation (16F), Pulmonary Embolectomy (12F), Femoral Vein Thrombectomy (18F), Right Ventricular Assist Device (e.g. Impella) (22F). Expected Future Market 26 M procedures in Europe and USA: Mitral Valve Repair (24F), Mitral Valve Implantation (24F), Tricuspid Valve Repair (24F), Tricuspid Valve Implantation (24F), Intra-atrial Shunts in Heart Failure (12F), Restoration in Heart Failure (24F). Further miniaturization of listed interventional procedures is very challenging and unlikely to happen on a larger scale. Targeted Market: In a decade 30 M procedures / year in Europe and USA are expected that require a large bore trans-venous access. Goal is to achieve at least 30% market penetration and to create a €2.5 B market size.


Competitors

Manual Compression: 30 minutes manual compression followed by 6 hours immobilization and compression bandage. Vascular Closure Devices: One vascular closure device for venous access up to 7F on the market. Very limited migration of arterial vascular closure systems is expected due to technical and anatomical barriers. Differentiation: Capture value on the market place by being: More efficient: Vein closure within 1-2 minutes. Cost effective: Reduces hospital stay by more than 4 hours and changing clinical practice from in-patient to out-patient care. Disruptive: The only vein closure device for perforations larger than 7F. Allows for gaining large market share and justifying premium price.


Intellectual Property Status

WO Patent owned exclusively by Venock Medical.


Development Status & Future Steps

Venock Medical UG founded in January 2018. Patent filed February 2018. Status: Preclinical. Future Steps: 1. Year: Product development 2. Year: Bench tests and animal trials 3. Year: Clinical Trial, market approval.


Exit Strategy

3 exit scenarios: 1: exit after long term preclinical study: 2020 (~€50 M). 2: exit after clinical approval / CE- FDA- approval: 2021 (~€100 M). 3: exit after market entry 2022 (>€200 M).


Team Description

CEO - Dr. Wolfgang Goetz Expertise: CEO - Prima Medical Technologies GmbH, CEO - WA Goetz GmbH Business Development Services, CEO - Transcatheter Technologies GmbH, acquired 2016, CMO - Endocor LTD, Singapore, acquired 2009. Inventor, 29 patents. Cardiac surgeon / Clinician scientist, 27 peer reviewed publications. CFO - Dipl. Kfm. Marcus Irsfeld Expertise: CEO - medifundo GmbH & Co KG, CFO - Prima Medical Technologies GmbH, CEO - micon consulting, CEO - Trigen GmbH, CFO - Trigen Holdings AG, CEO - PH Shoe Trade GmbH. CTO -Mech. Eng. Terrence Barnes Expertise: Senior R&D Thoratec Corporation, ST. Jude Medical USA, Senior R&D – Lightlab Imaging, St. Jude Medical, USA, Senior Eng. – Senior Eng. Viacor Inc., USA, Project Eng. – Foster-Miller Inc., USA


Financing Need

Series A (Q3, 2018): €1 M, Series B (Q3, 2019). €2 M, Series C (Q3, 2020) €2 M. Total €5 M until market approval in 3 years.


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Funding

 

Venock Medical