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Nesher Tech I-Corps@NIH 121014

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Nesher Tech I-Corps@NIH 121014

  1. Method for Analysis of Single Molecules in Bio-Medical Research Nesher Technologies Inc. nanobiotech for smarter diagnostics and cutting-edge biomedical research Team 14 Size of Opportunity: TAM (high-end microscopes): ~$20-40M/y SAM (ALEX analyzers) ~100 over 5 years, Avg. ~$3M/y Initial Idea: Turn-key instrument of laser-based single molecule detection technology for academic labs Total interviews: 103 Avg/wk: 10.3
  2. Business Model CanvasWeek 1
  3. * Hypothesis: Research customers in academia want standardized turnkey instruments Experiments: Interviews with academic researchers and lab directors •Dr. Nils Walter (Prof. of Chemistry, Univ.of Michigan) •Dr. Fareed Aboul-ela (Prof. Zewail City of Science and Technology, Egypt) •Dr. Lori Goldner (Prof. Univ. of Massachusetts Amherst) •Dr. Laurent Bentolila (Scientific Director of the Advanced Light Microscopy/ Spectroscopy Lab, California NanoSystems Institute •Dr. Piotr Marszalek (Professor ofMechanical Engineering, Duke Univ.) •Dr. David Lilly (Prof. of MolecularBiology, Director of the CancerResearch UK Nucleic Acid StructureResearch Group, Univ. of Dundee) Week 3, 30 total
  4. Research Customer Archetype •Expertise in biophysics/biochemistry •Interested in the dynamic behavior of biomolecules •Has published in life sciences journals •Expertise in labeled fluorescence measurements Dr. Nils Walter (Professor of Chemistry, Director, Single Molecule Analysis in Real-Time (SMART) Center, Univ. of Michigan)
  5. Research Scientist (PI) High end MicroscopeCore FacilityEnd User(Graduate StudentsPostdocstechnicians) Core DirectorPurchasingAgentEnd User(Graduate StudentsPostdocstechnicians) ResearchScientist(PI) Core ManagerDepartmentHeadInfluence Money Academic Market Ecosystem $100k??? we don’t have that kinda money right now!!!
  6. * Few “must have” responses Customers need to “see” the product Purchases may need to be funded through grants Competitors include Leica, Picoquant, home brew systems Customer validation required pre-purchase
  7. It’s time toDecision Made
  8. Business Model CanvasWeek 4
  9. *29 new Hypothesis: •Microscope companies would want our technology as an add-on module •Biotech/ Pharma may want special assays to augment drug discovery Experiments: •Interviewed science/ business/ leadership people in industry •Interviewed contract manufacturerWhat we learned: •Have not found any needs within mainstream R&D in pharma/ biotech •Current pharma drug discovery suppliers offer compete solutions: instruments-assays-reagents •These methods are not yet known in R&D •No immediate response from big microscope companies (Olympus, Leica, Zeiss, Nikon) as well as smaller ones (Picoquant, ISS, Becker-Hickl) •Contract manufacturers not affordable now (Dr. Gary Gust (Source Scientific), David Hagebush (Lathrop Engineering) Week 5, total 59
  10. It’s time to Realization from previous interviews: consistent need for software support Software
  11. Business Model CanvasWeek 6
  12. *related to software •Academic researchers usually build their own optical setupsSoftware is difficult to develop, willing to pay for software at ~$5K(Dr. Lori Goldner) •Many academic customers can’t/won’t buy capitalequipment from startups, especially over $50K Willing to pay for software at ~$5K (Dr. Laurent Bentolila, Dr. Piotr Marszalek) •Singulex (Our competitor, Single molecule detection platform) Their main revenue is from providing SERVICES (Steve Blakely, Director of Marketing at Singulex) Week 7, 83 total
  13. COGSDistribution Channels-Lessons Learned - ALEX Analyzer(OEMs: GE Healthcare, Life Technologies; Zeiss, Leica, Nikon, Olympus; for IVD: Roche Diagnostics, Siemens Healthcare) Software Microscope add-on (ALEX module) (McBainMicroscopy) Reagents/ Consumables/ Assays (drop-ship directly from OEMs) (SigmaAldrich, AnaSpec, Qiagen, BiosearchTechnologies) Hardware, Reagents(Thermo Fisher, VWR, Sigma) COGS R&D (20%): $1000SG&A (20%): $1000E-Commerce Costs: Payment Gateway(3%): $150AdWords Campaigns(5%): $250Discount(10%): $500Profit (42%): $2150 ALEX Software: $5000/download 30-40% of sales
  14. CAC: $3K per customer 1% adoption rate times $30K for reaching out to 1000 customers Conferences, trade shows, webinars, publications, blogging, 3rdparty e-mail User groups; online tech support Up-sell (2-color: $5K, 3-color: $7.5K, 4-color: $10K) Cross-sell Services ($2K/Yr) LTV: >$15K per customer(after 5 years) $5K (2c-ALEX) + $2K (reagent)/year x 5 years Get/Keep/Grow Customer Relationshipsrelated to softwareKeepViral loop customers publish their studies and present on conferences GetGrow
  15. development releasesFinal Business Model Canvas Revenue Stream Week 894 total
  16. Diagram of Payment FlowsContract R&D/ Lab ServicesSW LicenseNTIAcademic/GovCustomerSub-Segment
  17. Next Steps •Continue to explore customer needs for software and services; •Continue to upgrade software •Continue to develop advanced cancer diagnostics(Evaluate competition; look at other forms of cancer with microRNA markers, combination of traditional biomarkers with microRNA to develop more accurate panels resulting in high clinical sensitivity AND specificity; show evidence with clinical studies)
  18. * •GE Healthcare Noninvasive serum based lung cancer screening will be a huge opportunity (Joe Camaratta). •USC Center for Advanced Lung Disease Currently performing a clinical trial detecting miRNA using microarray (Dr. Alex Balekian)
  19. First Pass Canvas Low Fidelity MVP Product/Market Fit Left-side of the Canvas Market Opportunity High Fidelity MVP Metrics That Matter Right-side of the Canvas Problem/Solution validation Investment Readiness Level • Continue to explore customer needs for software and services; • Continue to upgrade software • Continue to develop advanced cancer diagnostics (Evaluate competition; look at other forms of cancer with microRNA markers, combination of traditional biomarkers with microRNA to develop more accurate panels resulting in high clinical sensitivity AND specificity; show evidence with clinical studies) Research No-Go (Not ready yet for Phase II) IRL2 IRL6 Youtube: http://youtu.be/OrWKGOwCnnY