n funding...2019/01/05 · awarded. seed financing round completed. • 2015: series a financing...

1F R E E M I N D 1 4 t h N D F S

N E X T G E N E R AT I O N D I S E A S E T E S T I N G

OUR NON-DILUTIVE FUNDING JOURNEY

January 9th 2019


WHO ARE WE?


• 2012: 1st SBIR Phase 1 NIH Grant Awarded

• 2013: Company Founded. Key IP

Generated. Joined UC Berkeley QB3 and

StartX Incubators.

• 2014: NIH and NSF Phase 1 Grants

Awarded. Seed Financing Round

Completed.

• 2015: Series A Financing Round Completed

• 2016: NIH Phase 2 Grants Awarded

• 2017: First Patents Granted. Pilot Clinical

Trials Completed

• 2018: BARDA Contract Awarded

COMPANY ORIGIN


“Our mission is to break down barriers in access to healthcare. We

empower patients to manage their health at their convenience

without excessive costs.”

DIASSESS MISSION


PARADIGM SHIFTS IN MOLECULAR DIAGNOSTICS

CENTRALIZED LAB TESTING

Throughput

Per

Test

Co

st R

ed

uct

ion

Manual Testing

Automated Testing

Inspired by ”The Innovator ’s Prescription”



POINT-OF-CARE / NEAR PATIENT TESTING

Ease of Use

Test

Sp

eed

CLIA-moderate

CLIA-waived


AT-HOME / ON-MAN TESTING

Accessibility to health information

Per

Test

Co

st R

ed

uct

ion


DIASSESS


Sample

Preparation Tube

Mobile App To

Enable PrescriptionDigital

Readout

DNA Test

Cartridge

Battery

Powered

Nasal Swab

AT-HOME TESTING AND TREATMENT


PRESCRIPTION

OUT

TEST

RESULTS IN

DIRECT

DIGITAL

PRESCRIPTION

Send Prescription to Pharmacy

Connect to Telemedicine


Prevalence

Monitoring

Network Effects

Supply Chain

Inform Consumer

Vaccines & Pharma

REAL-TIME DATA

Influenza 12/01/18 - 12/31/18

5

2 5

6

8

2

1`

1

1

2


Slide from BARDA Industry Day 2018

AT-HOME INFLUENZA TESTING


ONLY 45% of population is vaccinated every year!CDC. MMWR 62 2013

31.4MMOUTPATIENT VISITSMolinari NA, et al. Vaccine

25 (2007)

200,000HOSPITALIZATIONSZhou H et al. CID (2012)

BETWEEN

3,000 &

80,000 DEATHS*33,783 car deaths per year

for comparison

CDC. MMWR 59 2010

$10.4BNIN DIRECT

CLINICAL COSTSMolinari NA, et al. Vaccien

25 (2007)

17MMWORK DAYS MISSED

PER YEARMolinari NA, et al. Vaccine

25 (2007)

11 HOURSOF MISSED WORK

FOR SICK CHILD

CAREOrtega-Sanchex IR, et al.

Vaccine 30 (2012)

73 HOURSOF MISSED WORK

FOR CHILD

HOSPITALIZATIONOrtega-Sanchex IR, et al.

Vaccine 30 (2012)

$16.3BNIN LOST

EARNINGS

ANNUALLYMolinari NA, et al. Vaccine

25 (2007)

IMPACT OF FLU ON OUR ECONOMY EVERY YEAR


O U TCO M E S E X P E R I E N C E

More Frequent Severe IllnessVisit Doctor Too Late

Unnecessary Sick Days Missed Work and Lost Wages

Wasted TimeWaiting Hours or Days for Doctor Visit

Cost Barrier to Entry$50 or More per Visit

POOR TREATMENT OPTIONS AND POOR OUTCOMES


Schedule

Appointment

Visit Urgent

Care/ER RxRapid Test

Home

Test

Visit

Doctor RxRapid Test

Rx

HAVING FLU SHOULDN'T BE COSTLY & TIME CONSUMING

8 + H O U R S

$ 5 0 +

1 + H O U R

$ 1 1 0 +

3 0 M I N

$ 5 0

O U R

S O LU T I O N


OUR NON-DILUTIVE FUNDING

JOURNEY


NON-DILUTIVE FUNDING

$26M IN GRANTS /CONTRACTS

0

4

8

12

16

20

24

28

2013 2014 2015 2016 2017 2018 2019*No

n-D

ilutive

Fu

nd

ing

Rece

ived

(in

mill

ions)

Year

NIH NSF BARDA

* Anticipated

Seed funding

5 employees

TRL 2

Series A funding

10 employees

TRL 4

TRL 5

20 employees

TRL 6

40 employees


GRANTS VS. CONTRACTS

SBIR / STTR GRANTS CONTRACTS

Purpose To advance public purpose To directly benefit the

government in performing

public duties

Scope of Work Defined by PI Defined by agency

Budgets and Cashflow Flexible funding instrument

“Drawdown accounts”

Binding goods / services

acquisition agreement

“Invoice payments”


• Feb 2016 : BARDA Techwatch requested

• March 2016 : BARDA Techwatch

• January 2017: Whitepaper submitted

• May 22nd 2017 : Invitation to submit full proposal

• June 1st 2017 : FreeMind engagement started

• June 21st 2017 : Full Proposal submitted

• Nov 2017 : Proposal updates submitted

• Dec 2017 : Contract negotiations started

• April 2018 : BARDA site visit

• July 2018 : Final contract executed

BARDA CONTRACT TIMELINE


• Persistence

• Listen to feedback

• Know the agency

• Identify partners

• Clear “Go-to-market” strategy

• Budget adequately

• Identify resource needs as an organization to execute

LESSONS LEARNED


• Cost sharing

• Scope of negotiations post technical review

• Support provided by BARDA (staff and SMEs)

• Expanded in-house operational needs

- Program Management

- Data Management

- Invoicing

• Need for working capital

LESSONS LEARNED (BARDA CONTRACT)


NEXT GENERATION

DISEASE TESTING

CONTACT: [email protected]

n funding...2019/01/05 · awarded. seed financing round completed. • 2015: series a financing...

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