Company has achieved new milestones in accordance with the adopted schedule of the monetization process of our portfolio of developed products.

 

We are glad to announce that the Company has achieved new milestones in accordance with the adopted schedule of the monetization process of our portfolio of developed products.

Closed Suction System (CSS)

Since Q4 2017, when the sales deal of the Closed Suction System (CSS) technology for a price of EUR 10.5m (more than PLN 43m) was finalised, the Company has been continuing cooperation with the Partner based on the signed development and production agreements. The AirwayMedix team, working closely with the Partner’s research and development and  manufacturing departments, has been optimizing the device and adapting it to the requirements of mass production. The ongoing activities are expected to lead to the launch of continuous production still this year. The cooperation has been smooth and efficient and both parties see new opportunities for the potential strategic partnerships in the future.

Oral Care (OC)

In line with our earlier disclosures in last year reports, in Q4 2017 the Company launched post-marketing studies of the device. The first pilot clinical tests were carried out in the Ichilov Hospital in Israel and in Allegheny Health Network-

Center of Exellence in Biofilm Research in Pittsburgh (United States). The test results have proven the validity of the Company’s claims concerning Oral Care’s functional benefits and higher efficacy and have yielded a number of modifications improving the functionality of the device.

The modifications to the product design were implemented in January and February this year and the product in its final version is now undergoing a new series of tests. The clinical trials of the device which are expected to be completed in Q2 are carried out by globally renowned clinical trial centres, such as:

  • Allegheny Health Network-Center of Excellence in Biofilm Research in Pittsburgh, US
  • MGH (Harvard Hospital) in Boston, US
  • Parc Tauli Sabadell Hospital in Barcelona, Spain; and
  • Ichilov Hospital in Israel.

Following the completion of the clinical testing stage, the Company intends to launch the devices for regular use  by medical personnel in the abovementioned facilities.  The achievement of that milestone will be a key argument in talks to be held with strategic partners. The discussions with the industry players conducted to date confirm the higher margin potential of the OC device compared to the currently used systems. In the last days of February, the final version of the product was presented to selected potential strategic partners who confirmed their interest in the device and are now waiting for the results of the clinical tests.

Cuff Pressure Regulator (CPR)

In parallel to the finalization of work on the clinical validation and monetization of the Oral Care system, we were implementing the final improvements to the

CPR prototype. Thanks to the engineering work done in the last two quarters of the year we were able to design a new, improved and final prototype of the device which after the recent modification can be used not only in intensive care patients intubated for a long time (as in the initial version) but also in patients undergoing surgery which requires general anaesthesia lasting longer than 2 hours. This change significantly increases the marketing potential of the product which can now be offered not only to Intensive Care Units, but also sold on the market of anaesthetic products. The work on the prototype is expected to be completed in the coming weeks and in April clinical trials of the device will be launched in Israel and in the United States. The required consents of ethical committees have been obtained and the completion of the clinical validation stage is scheduled for the autumn of this year.

We also have a pleasure to inform you that, in line with our announcements in the fall of 2017, in Q1 of the current year the Company made a final decision on the development of another, new device from its portfolio.

At present, the procedures related to securing the intellectual property related to the new technology are in progress. We will share the details of the new product in the first days of the second quarter of the year.

The table below contains summary information on the Company’s portfolio of products and the estimated market size for each of the products.

                                                     

Product

Product development stage

The size of the market

Closed Suction System

Sold Technology (10,5 mln EUR)

 200 mln USD

Oral Care

In strategic talks with two partners

500 mln USD

Cuff Preasure Regulator

Finished prototype, Product presentation III/IVQ.2018

250-350 mln USD

New product

Completed product concept and feasibility study, filed patent application.

400-500 mln USD