Sweet Sensors describes developing small, inexpensive diagnostic devices that can detect a variety of biological markers from targets such as drugs, metals, toxins, bacteria, viruses, and more, in a quantitative and adaptable way for applications like pharmaceutical testing, environmental hazards monitoring, and food safety testing.
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Sweet sensors lecture 7 partners
1. Sweet Sensors
Small form factor Types of targets
diagnostic devices that
can detect a variety of • Recreational drugs
biological markers. • Heavy metals
• Toxins
• Inexpensive • Bacteria
• Quantitative • Viruses
• Adaptable to many • Pharmaceuticals
kinds of tests (targets) • Environmental hazards
• Food safety targets
Yu Xiang and Yi Lu, Nature Chem. 3, 697-703 (2011).
2. Meetings/Conversations From the Past Week
• A CEO of company (familiar with diagnostics)
• Attorney to pharmaceutical companies
• Consultant for in vitro diagnostics
• Rich Ganz, medical device executive
• Richard Smith, expert in drug
discovery, clinical trials
• Donna Rosenbaum, expert in food safety
• Conference call with a major pharmaceutical
company
3. Upcoming Conversations
• Sword Diagnostics
• Abbott Labs
• Blue Cross Blue Shield innovation team
• Retired Hospital executive
• Biotech entrepreneur
• Michael Rosen, life sciences entrepreneur and
executive
• Other VCs
4. Summary of Key Findings (cumulative)
• HbA1c is not a good target.
• The best tests are those which require immediate
results.
• Saliva is preferred over blood.
• Our key value driver is cost.
• The breadth of the platform is an asset to be leveraged.
In most cases when money is no object, there’s
probably a more sensitive test available.
• POC is not recommended for patients at home.
Compliance is very low. We can’t find many examples
of successful products, even those that are very simple.
5. Key findings:
partners and customers
• Diagnostic companies can be our partners; dominated by five
companies
• Glucometer manufacturers as partners
– Mentioning glucometer can be confusing
• Contract research organizations
• Pharma will be interested if …for clinical trials
– It reduces cost
– Reduces the passage of time
– Helps get more accurate results
– Helps them avoid going down the wrong path
• Possible site visit by a major pharmaceutical company in
December
6. Key findings:
other customer segments, technical
• Saliva is the best testing medium
– Provide a list of targets in terms of testing medium
• POC diagnostic device not recommend for patient at home;
focus on cheaper and faster POC device for clinic
• Many home test devices didn’t sell well. Why?
– No benefit to the caregiver? Remote data analysis?
• Food safety?
– Bacteria: rapid test available, but they want them faster
– Spores: not available not…we may have something
– Virus: no advanced test existed
• Personalized medicine?
• Drug analyzer?
7. Business Model Canvas #6 (last week)
Yi Lu, Tian Lan, Brian Wong
Sweet Sensors Neil Kane 11-01-2011
Chris Sorensen
Conferences
R&D
Pharmaceutical Pharmaceutical
QC
companies One to one companies
Immediacy
Glucometer/strip Convenient monitoring Long term Glucometer/strip
manufacturer and safer dosage manufacturer
Diagnostic Exclusive Diagnostic
company company
Contract research Contract research
Pharmaceutical Cos
organization organization
IP
Pharmaceutical Cos
Personnel
Licensing
R&D Sales (to pharmaceutical companies)
8. Business Model Canvas # 7 w/changes
Yi Lu, Tian Lan, Brian Wong
Sweet Sensors Neil Kane 11-08-2011
Chris Sorensen
Conferences
R&D
Pharmaceutical Immediacy Immediate Pharmaceutical
QC results
companies One to one Direct companies
Publicity
Glucometer/strip Convenient monitoring Long term Glucometer/strip
manufacturer Insurance Reimbursement and safer dosage manufacturer
Diagnostics Exclusive Diagnostic
companies companies
Inexpensive
Contract research Pharmaceutical Cos Contract research
Pharmaceutical Cos Simple
organizations organizations
IP Investors
Glucometer mfr Robust/extensible
Strip mfr Personnel
Licensing Licensing?
R&D Product Sales (to pharmaceutical companies)
9. Business Model Canvas # 7
Yi Lu, Tian Lan, Brian Wong
Sweet Sensors Neil Kane 11-08-2011
Chris Sorensen
Conferences
R&D
Pharmaceutical Immediate results Pharmaceutical
companies Publicity companies
Direct
Convenient monitoring
Diagnostics Insurance Reimbursement and safer dosage Long term
companies Diagnostic
Robust/extensible companies
Contract research
organizations
Inexpensive Contract research
organizations
Simple Pharmaceutical Cos
Glucometer mfr IP Investors
Strip mfr Personnel
Licensing Licensing?
R&D Product Sales
10. Sweet Sensor Revenue Model
Factors
COPD MARKET All Segments
Market Size 16,000,000
Revenue Model
Market Share Target 10%
Channel Capacity 100%
Customer Activations 1,600,000
Attrition 10%
Net Customers 1,440,000
Missing: Revenue Model
Usage per Year 52
Lifetime value of customer Number of Uses per Year
Revenue per Use $4
74,880,000
$4
and amortization of Total revenue $299,520,000
acquisition costs over EXPENSES
Cost Per Customer Acquisition $25 $25
lifetime Cust. Acquisiiton Expense $40,000,000
Channel Split 30% 30%
Cost of Channel Sales $89,856,000
COGS $0.25 $18,720,000
Net Operating Income $150,944,000
Operating Margin 50%
Operating Expenses
GSA $5,000,000
EBIDTA $145,944,000
Net Margin 49%
11. Service Channel Distribution Model
Payment
Insurance Doctor
Company
Medical
Payment Services
Data
Service
Service Provider Patient
“Healthways”
In House Care
Services
Payment
Sweet
Sensors
12. Action plan
• Put together a compelling presentation and go pitch
pharmaceutical companies and diagnostic companies.
We’re getting inconclusive results talking to KOLs and
consultants.
Notas del editor
Team introduction, glucose meter for detection of targets other than glucose; a device/strip to use with a glucometer for detection of non-glucose targets.
The conversation with Steve Mayer hinted us that there is some other attractive market with a new value proposition, IMMEDIACY.
a flexible Drugs of Abuse Analyzer “Bank” which is actually a rack which holds a number of small individual analyzers. A specific hospital could order the specific analyzers to meet it needs …etc.