MedNexis, Inc., which is the company, is a medical-device development company that has created and patented medical products it plans to market. With the assistance of biomedical and medical experts, a magnetic stimulator/field generator was created. One patent was initially filed.
Allopathic Medicine
One market addresses the unmet need for atrophy prevention/treatment in conditions that result in patient immobilization lasting more than two weeks. After two weeks, an average muscle has lost over 30% of its weight, which can lead to a longer time for complete recovery. MedStim, a novel and innovative design, was developed to meet this need. As further research into the benefits of pulsed electromagnetic fields becomes available, this device will likely be used in more ways. Pulsed field magnetism, for example, has been demonstrated in controlled trials to be an effective treatment to speed up the healing process of skeletal fractures.
There is an existing market for magnetic stimulation devices in allopathic medical. However, this market is still embryonic and will continue to expand once the technology becomes cost-effective. This potential market has reached an estimated 4.2 million patients in the United States. MedStim, an innovative new device to target this market, has been created.
Alternative Medicine
Another market addresses the unmet need for a device with a stronger, more consistent therapeutic magnet field. The treatment of soft tissues with magnetic pulses using dynamic magnetic field therapy is believed to have positive effects on circulation and immune system function. These effects are proportional to the strength the magnetic field generates. TheraMag, a novel design to meet this demand for an enhanced therapeutic magnetic field in alternative medical treatment, has been created. This market exists today and has the potential to serve approximately 40,000,000 people in the United States at our beginning date.
Technology
Patent applications on the company’s first market entries have been filed using a patent agent specializing in biomedical device patents. MedNexis’#8217TM technology uses the principle that a magnet in a coil generates a magnetic fields which, in turn creates a current through any conductive materials within this field. This model has been used in diagnostic studies. Only single nerves have been stimulated with magnetism. MedNexis developed an electromagnetic device that will painlessly stimulate the muscles of humans to contract using this model. This technology has many uses. The following devices are the ones that were initially released:
MedNexis’#8217’s patented device will be able to stimulate muscle effectively. This device will need higher electrical currents, more functionality and a wider range settings. This device will not be sold in the mainstream of allopathic medicine.
TheraMag MedNexis’#8217’s patented device will heat tissue with a magnetic field. This will not cause contraction. This device will be used in other applications.
Strategy
MedNexis will target the following two markets: allopathic and alternative medicine. The devices will be named separately in order to distinguish them from possible negative connotations associated allopathic medicine.
MedStim distribution will be through large distributors. This will make it easier to gain acceptance in this market. MedNexis’, which is focusing on the market’s first efforts, will focus heavily on the production of controlled, randomized study data.
TheraMag can be distributed to alternative medicine centres that are less centralized and direct sales will also possible. This market will not require any scientific proof. Entry to the market is possible as soon as the FDA issues an Investigational Device Exemption.
Regulatory Issues
You can get an Investigational Device Exemption for your product and clearly label it.
FDA regulations will be followed and market entry will be made quickly. These products will be accepted based on the successful research results. This will greatly increase demand and open up new markets.
Major Milestones
Research and Development at the animal stage is ongoing, in the first year of one.
- In the middle year one, extend patent coverage to Australia (Europe) and Canada (Canada).
- Human clinical trials underway, middle Year Two.
- Published research studies, year two
- TheraMag available for purchase, year one
- MagnaStim is available for purchase, marked ‘For Investigational Purpose Only’ at the end of Year 2.
- Year Four sees the establishment of profitability.
Competitive advantage
While the MagnaStim and TheraMag devices are effective and user-friendly, with multiple home healthcare applications, all the competing devices currently on the market are only partially effective or difficult and awkward to use for the recommended therapeutic treatment. MedNexis will use its patented designs to fill the need in the market for an easier to use, more effective magnetic stimulator/field generator.
Financial
According to financial projections, the company will be profitable by year 3 if it receives $750,000 in funding. The company projects $23.5million in sales with a remarkable net profit in Year 3. These projections are based on penetration of less that 3% in each market segment.
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