Revolutionizing

Surgical Sterilization

Sterilucent is seeking $12.7 million to complete the development of a breakthrough medical device sterilizer for hospitals, surgery centers, and clinics. Funds will be used towards completing FDA submission and executing the commercial launch in 2024.

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Industry

Healthcare

Company Type

Medical Equipment/Supplies

Size

$12.7 Million

Investment Type

Equity

Overview

The global healthcare sterilization market is $13.7 billion, comprised of three main sterilization technologies:

  • steam sterilization(autoclave) – the largest segment, used for devices that can survive high temperatures (132°C) such as metal instruments
  • ethylene oxide(EtO) low-temperature sterilization technology (not exceeding 62°C) with significant facility and handling expenses. This is being phased out in many healthcare environments as EtO has been labeled by EPA as a carcinogen
  • vaporized hydrogen peroxide (VHP) low temperature (not exceeding 60°C) is a safe process, has no special facility requirements, and is a $1.7 billion market with the potential to replace EtO

Opportunity

  • The $1.7 billion healthcare VHP sterilization market has a 7% annual growth rate and a new high demand market will be created by Sterilucent’s ability to sterilize fragile devices that today are only disinfected such as endoscopes
  • Positioned to create a significant and new market AND take a share of the $1.7 billion market
  • Delivers new advanced and clinically meaningful features plus significant cost savings
    • patented technology including sensing, data processing, and smart analytics enables more efficient sterilant usage, eliminates time-wasting canceled cycles, and reduces instrument repair and refurbishment costs
    • this product will strongly compete in the VHP healthcare market
  • The market creation opportunity is estimated at $500 million
  • There are an estimated 8,000 end of life sterilizers (8-10 years old) in the market ready for replacement by Sterilucent’s new technology – this is an estimated $300-400 million opportunity over the next 3-4 years

Solution

Sterilucent is the only company that continuously senses (with in-chamber sensors) sterilization parameters and optimizes the sterilization cycle to consistently sterilize complex medical devices without detrimental damage

Sterilucent will create a new market in sterilizing critical medical devices that today can only be high level disinfected

Sterilucent’s sterilizer is appropriate for use in hospitals, surgery centers, physician clinics and endoscopy centers

Lower operating costs and service requirements reduce significant expenses for cash strapped healthcare institutions

Strategy

  • Create and exclusively serve new markets such as the gastrointestinal and other endoscope markets which today do not have compatible sterilization technologies, leaving an important and large market to Sterilucent
  • Compete in the $1.7 billion healthcare VHP market with improved performance and advanced features
  • Capture new market expansion opportunities; specifically in endoscopy centers, outpatient surgery centers, and physician clinics, accelerating the velocity of the sales revenue ramp
  • Accelerate the initial revenue ramp, provide outstanding sales and service coverage, and define a new standard of customer experience in hospitals, surgery centers and physician clinics
  • Become the technology leader in the primary healthcare VHP sterilization market (surgical scopes) by delivering patented technologies that yield superior, meaningful and clinically significant value

Management Team

David C. Bell

Founder, President, and Chief Executive Officer

Over 40 years of worldwide experience in leading and managing the development of new technologies and products and bringing them successfully to the market. Wealth of experience in identifying emerging and disruptive technologies, creating novel pathways to development, building teams and management capabilities to create new products, and attracting capital to bring his vision to life. Bachelor of Arts degree in Political Science and Business from Concordia College in Moorhead, Minnesota (graduated summa cum laude).

Harry Norris

Chief Operating Officer

30 years of experience developing, launching and selling medical technologies for Johnson and Johnson, Sanofi, Medtronic, and as a startup CEO for seven years, spanning product development, manufacturing, sales, and marketing, and management. Began career in sales, sales management and marketing management at Ortho Diagnostics, a Johnson and Johnson company, and at Johnson & Johnson Healthcare Systems. At Sanofi’s diagnostic division, was one of three executives recruited into a corporate “start-up venture” that conceptualized, developed, and commercialized the Access Immunoassay System business which generated $70 million in its first four years. Helped launch Rapid Diagnostek, Inc. and served as CEO. Rapid Diagnostek was acquired by Qorvo, a $2.2 billion semiconductor company. Graduate from The University of Texas at Austin, McCombs School of Business.

Bob Gaskill

Chief Technical Officer

Over 30 years in medical device product development at Guidant/Boston Scientific and Medtronic. Spanned numerous technologies, functions, and therapies. Instrumental in quality system development and management for effective FDA and worldwide product approvals and launches. Accomplished medical device senior leader with a history of success and expertise in product innovation, engineering leadership, product development, program management, strategic planning, and people development. Strong reputation for ensuring complete solutions, delivering successful product launches, and managing complexity. BSEE from the University of Iowa. MBA from the University of St. Thomas.

Nicole Williams

Director of Clinical, Regulatory, and Microbiology

Worked in sterilization, medical devices and medical device reprocessors for over 20 years at leading companies including STERIS R&D and Richard Wolf Medical. Led teams in multiple ISO 13485 certifications, prepared multiple 510k submissions leading to regulatory approvals, and maintained global registrations. Deep experience and knowledge of sterilization and surgical endoscopes. Worked across multiple medical device types and reprocessing methods, with experience in development, regulatory, quality, sales, and technical training. BS in Microbiology with a minor in Chemistry from Gannon University in Pennsylvania.

Learn More About Sterilucent
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Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784
kmargolis@castleplacement.com

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