Philip Walter
Eden Prairie, MN (USA)
Role(s):
Founder/Owner/Principal
Biolyst, Inc.
Find More Startups
Startup
Location:
Eden Prairie
Industry:
Other
Year Founded:
2010
Number Employees:
1-10 people
Business Stage:
Growth (not profitable)
Entity Type:
Limited Liability Company
Description:
With the completion of the first ever clinical trial of this modality for neuropathy (US Patent Patent pending), and with a significant improvement over current standard of care with no adverse side effects, the pace of activity leading to an exit is going to accelerate very soon. The CDC has named our focus, peripheral neuropathy, the third most prevalent chronic debilitating disease in the world – and it has no cure, and no effective treatments. Until now.
Though we are pre-profit, we are in market, growing, and generating approximately $350,000 per year in revenue from five independent medical clinics operating under franchise agreements. We are currently working to expand our marketplace footprint with additional clinics, but our marketplace proof of concept is complete with viable clinics, and our clinical proof of concept is complete with a patient registry of over 1,000 patients, and soon to be validated with a published clinical trial.
Our first clinical trial by the University of Minnesota Medical Center is due to reach its primary endpoints in about ten weeks, and we expect to see a dramatic improvement over the current standard of care. This trial will be peer reviewed and published. With that, we begin the process of establishing reimbursement codes for insurance and Medicare coverage, and for specific FDA labeling (we currently operate under a 510k clearance). Other than pharmaceuticals, which only partially mask neuropathic pain, and carry significant adverse side effects, our modality mitigates all symptoms of peripheral neuropathy, including the most debilitating symptom – loss of proprioception - with no adverse side effects. This is a huge market with no organized players, with a huge patient population facing a chronic, progressive, and debilitating disease that has, as yet, found no place to turn for satisfactory help.
We are offering $600,000 in a Convertible Bridge Note to lead to a Series B round of $10-12M. This funding will support operations, improved IP, multi-site clinical trials for FDA labeling, and further market deployment. We have multiple indications that we will be a target of interest for acquisition by some of the major medical companies in the 3-5 year term, and our strategic initiatives are designed to enhance valuation for such an event.