for years 2018-2021
The Managing Board of InventionMed S.A. has decided to adopt a Strategy for the years 2018-2021.
The company intends to focus its activity on the development of advanced medical simulators which use Virtual Reality (VR) technology to simulate clinical and esthetic dermatology procedures.
Thanks to this strategy, the Company intends to reach the following business goals:
- development of a globally unique device which simulates dermatology procedures using VR technology
- commercialization of the first device by the end of 1Q 2020
- reaching the break-even point for the TutorDerm project in 2021 by the latest
- gaining 30% share of foreign sales in overall sales by the end of 2020, on markets such as Western Europe and the US and on Asian markets, such as Japan, China, Malaysia and Taiwan.
In order to achieve these goals the company has set up a Scientific Council, whose members include:
- Professor, Doctor of Medical Science Lidia Rudnicka – an internationally renowned clinician and an expert in hair diseases, autoimmune diseases and skin cancers. Currently serves as the head of Dermatology Clinic at the Medical University of Warsaw. Together with collaborating dermatologists, she has developed the foundations for a new diagnostic method for use in dermatology and trichoscopy.
- Associate Professor, Doctor of Medical Science Barbara Zegarska – a specialist in dermatology and venereal diseases, as well as allergology, with over 30 years of experience. Served as the director of Provincial Dermatology Clinic in Bydgoszcz for 18 years and since 2001 has been the head of the Department of Cosmetology and Esthetic Dermatology at the Collegium Medicum in Bydgoszcz, UMK University in Toruń.
- Marcin Ambroziak – doctor of dermatology, a long-term employee of the Dermatology Clinic at the Medical University of Warsaw. A member of the Association of Aesthetic Dermatology and the Polish Association of Dermatology. A co-founder of the International Center for Anti-Aging Medicine, whose goal is to develop and certify doctors in this field. An author of over 50 publications, mainly in the field of skin therapy.
- Maciej Nowacki – a graduate of Collegium Medicum im. Ludwika Rydygiera in Bydgoszcz and Mikołaja Kopernik University in Toruń. Currently works there as a lecturer at the Department I Oncological Surgery Clinic. Active participant of studies on the application of modern technology in medicine, oncological surgery, experimental surgery and oncology, transplantology and regenerative medicine since 2004.
Additionally, the company intends to systematically expand its scientific team and technological resources. Moreover, the Managing Board is planning to establish relationships with foreign manufacturers of medical equipment and in the future to also launch new projects to develop simulators for use in fields of medicine other than dermatology.
The Managing Board estimates that investments needed to execute the strategy by the year 2021 will total approximately PLN 8 m.
As of the publication of this strategy, the company holds cash totaling in excess of PLN 8 m, which shows that it is in a good condition and has stable financial situation, allowing the company to execute its business goals. The company also notes that in addition to the above cash holdings, it also has receivables – loans owed to it by Boruta – Zachem Biochemia sp. z.o.o., totaling PLN 5.86 m.
In the future, the company intends to apply for additional financing for R&D and investments from EU funds.
Verification of essential CAPEX expenses will be made upon the achievement of each milestone of projects carried out by the company.
The activities of InventionMed
On January 29, 2018, Extraordinary Meeting of Shareholders of the Company has adopted a resolution to change its name and its business profile. Prior to this change, the company, operating under the name Athos Venture Capital S.A. (previously Centrum Doradztwa Ekonomicznego S.A.), has been offering services on the capital market. Its main activity focused on financial brokerage and advisory services related to securities’ trading.
Presently, the company, under the name InventionMed S.A., is active in the medical sector and specializes in the development of medical simulators based on Virtual Reality technology, for use in education in the field of clinical and esthetic dermatology.
Innovative double immersion technology
The InventionMed team has developed a globally innovative double immersion technology, which uses medical simulators to resolve a key issue, the inability to combine realistic virtual environment with tactile perception.
The double immersion solution developed by InventionMed is based on the most technologically advanced solutions to recreate the surrounding environment (e.g. a professional physician’s office) coupled with the tactile sensory component and a complete manual control over the performance of virtual procedures. What it means is that all the procedures carried out in VR environment will replicate sensory feedback of an actual procedure carried out on patients.
The strategy adopted has been build based on market analysis and on the current technological potential. Key factors taken into account in the development of the strategy include the following:
- an increase in the significance of VR and AR technology in the development of modern medicine;
- strong need to educate medical personnel and to teach proper habits, including skill training, particularly for procedures which require a high degree of precision;
- growing demand for training for professional staff in order to enable them to perform complex medical procedures, particularly in the field of esthetic dermatology;
- dynamically growing value of VR and AR market in medicine (by c. 29% year-on-year).
TutorDerm project has been initiated by an independent research team in 2015.
The project is the first solution worldwide in the field of education for medical staff and cosmetologists to utilize a unique, never before used double immersion technology. It produces not just visual stimuli, but also tactile sensation which, in a medical training which requires a high degree of precision, represents the best way to gain relevant experience.
The main goal of the TutorDerm project is to build a medical simulator for use in education in clinical and esthetic dermatology, based on VR technology. The company’s product will be used to practice dermatological procedures, giving doctors, cosmetologists and students a chance to acquire essential experience even before their first contact with the patient.
The purpose of simulation is to give an impression of an immersion in a visual environment and tactile sensation by using parts of a phantom whose shape and proportion reflect those of a natural human body.
During the simulation the user will recreate procedures and actions that have to be performed prior to, during and after a dermatology procedure.
Company’s projects will be developed using internal resources, a team of programmers, computer graphics and electronics specialists and based on tech components purchased externally, as well as contract work.
The first version of TutorDerm simulator will be used to imitate execution of educational and training procedures based on one of the most problematic aliments in the treatment of aesthetic dermatology, i.e. capillary hemangioma and telangiectasia (spider veins).
Serial version will contain a fully developed facial model with numerous aliment types and full IT support by the company. The commercial version will most likely be based on HTC VIVE Pro system.
The first pilot implementation at a selected scientific institution or clinic will take place in 4Q 2018. Commercialization of the device is planned for 1Q 2020.
Planned CAPEX on TutorDerm v.1: c. PLN 4 m.