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Legal Entity Type: C-Corp
Company Type: Digital Health
Company Stage: Development
No. of Employees: 5
Desired Financial Amount: Currently raising $2.5M
Background
Company Background
CEO Andry Quinn is a visionary entrepreneur with over 20 years of expertise in data technology, healthcare, and finance. He is also a board member of NAMI, a non-profit organization dedicated to trauma related mental health, and brings a personal passion to the mission of impacting lives through technology.
Management
betweenMD is led by a four-person team with a combined 80 years of experience in healthcare, IT, and finance.
Andy QuinnCEO, FounderAndy Quinn is the CEO and founder of betweenMD. Andy is a passionate visionary and quintessential entrepreneur and brings over twenty years of working with data in technology healthcare and finance to lead our team and our innovative solutions. Andy knows how to deploy the best and brightest technology to improve the quality of life, business outcomes, and ultimately employers’ bottom line. Prior companies where Andy has been a part of the founding team have been acquired by Microsoft and Discovery.
Gennaro MaidaMedical Technology Officer. Gennaro Maida is an accomplished Executive with an impressive +20-year career that includes excelling at the intersection of medicine and technology to provide unprecedented data-driven solutions. Prior to joining betweenMD, Gennaro served as a Co-Founder & Chief Technology Officer of Vital Intelligence, inc. Gennaro helped build a healthcare data services & deep learning company to improve patient care through Remote Patient Monitoring (RPM) services. Accordingly, he spurred business growth by leveraging knowledge of medicine, technology, and data science.
Lucien RucciTechnology Officer. An Information Technology executive with multiple startups including CIO of Engyro (exit to Microsoft) and CTO of QuickCompliance (sold to Discovery). Lucien’s technology experience includes developing a healthcare wearable and SaaS platform, integrating medical devices in one of the first Apple Health applications, delivering FDA regulated courseware and an educational gaming platform for pharmaceutical and device manufacturers, and delivering HIPAA training to 2M. Previous experience includes leading IT for a Fortune 200 manufacturer and pioneering Business Intelligence systems.
Franck Guilloteau, Strategy Officer, Industry leader with deep experience in the healthcare value chain. Over the course of the last 30 years, Franck has been involved in more than 100 product development teams spanning 30 product categories, including pharmaceuticals, devices, capital equipment, and health information technologies working closely with global clients including; CareFusion, Cardinal, Siemens AG, Siemens, GE Healthcare, Fuji, Genzyme, and Roche.
Board of directors
Product / Service
disease area / application
Digital therapeutics
product / Service
betweenMD is a medical device company that develops innovative solutions to improve the lives of people struggling with stress and trauma, with a focus on military personnel. Our SleepOS™️ product uses advanced wearables and technology to gather biometric data and provide real-time feedback and personalized recommendations for improved sleep, stress management, and overall health. Building in the SleepOS platform, HypnOS is our FDA-approved digital therapeutic that uses biometric devices to monitor stress and sleep patterns and intervene before they lead to chronic nightmares and post-traumatic stress. This scalable platform can help reduce costs related to trauma and PTS treatment and support large populations of individuals in high-stress positions, such as military personnel or first responders.
technology / ip
BetweenMD has taken measures to protect its intellectual property (IP) and secure its competitive advantage in the market. To achieve this, the company has retained IP counsel and submitted a provisional patent application to the U.S. Patent and Trademark Office (USPTO). The provisional patent application, entitled “A computer-implemented method to assess sleep disturbances by use of a wearable device with a device-based controller to determine the category of the sleep disturbance affecting the user in near real-time and intervene,” outlines the innovative technology behind BetweenMD’s product. By submitting a provisional patent application, BetweenMD hopes to secured the right to file a full patent application in the future, giving the company an intellectual property mote to protect it from its competitors.
distribution channels
BetweenMD has strategically developed a robust distribution strategy to ensure its product reaches its target market efficiently. One aspect of this strategy is an exclusive distribution agreement with to lead DOD DME (durable equipment manufacturer) to sell the HypnOS product in the DOD. This agreement will provide BetweenMD with an established sales and distribution team while also allowing the company to leverage the DME’s existing relationships and expertise in navigating the complex DOD procurement process.
Additionally, BetweenMD has established relationships with two value-added resellers. These partnerships will enable the company to immediately tap into the market once the product receives FDA approval, as the resellers have established sales channels and a customer base in the healthcare industry. Overall, BetweenMD’s distribution strategy allows the company to reach its target market quickly and effectively, positioning it for success in the competitive medical device industry
market size
The market potential for a digital therapeutic that mitigates chronic nightmares and reduces the incidence of PTSD is significant, as PTSD is a prevalent and costly mental health condition. Studies have shown that up to 20% of active military personnel (200K) and veterans suffer from PTSD (1M), while up to 37% of first responders (1.5M) experience symptoms of PTSD. Additionally, an estimated 5% of the general population experiences chronic nightmares, which can be a symptom of trauma and PTSD. The significant population affected by PTSD is accompanied by considerable treatment costs. In the United States, the estimated annual cost of PTSD treatment is around $242 billion, with the DOD estimating an average cost of treating PTSD at $8,300/year and as high as $50,000/year for their warfighters. betweenMD’s HypnOS solution can be prescribed under the HCPC Code E1399 with reimbursement of $6,600, resulting in a unit economic of $3,954 per unit sold. Furthermore, the Restoring Hope for Mental Health and Well-Being Act of 2022 highlights the need for effective and accessible mental health treatments, increasing the demand for innovative solutions, such as those developed by betweenMD. The potential market size for a digital therapeutic that addresses PTSD is vast, and has the potential to benefit millions of people worldwide while reducing the costs associated with traditional treatments.
competition
In the competitive landscape, Nightware is the closest competitor to betweenMD. However, studies have shown that the device and algorithm used by Nightware cannot measure the onset of nightmares and only intervenes when the nightmare has already occurred, which is too late to prevent its effects. Furthermore, Nightware’s indication only applies to less than 15% of sufferers.
The next competitor is pharmaceutical solutions, but they are not well received by patients as they can make them feel zombified, and recent studies suggest that they may be doing more harm than good.
Less a competitor, but more a partner in our business model is cognitive-based therapies (CBT), which are delivered by care providers. While CBT is an effective treatment, it often lacks continuity and quantitative insights. betweenMD sees a huge opportunity to be the quantitative source that can help optimize treatment and demonstrate outcomes, making CBT more effective and accessible to a wider population.
Financials
Desired financial amount
Currently raising $2.5M
previous funding
BetweenMD has received a total of $225,000 in funding from the ATP Fund and an additional $50,000 from Friends and Family. In addition, the company has submitted two “phase 1” STTR and SBIR grants, each for $75,000.
current financials
Company is fundraising and is currently supported through F&F funding and in-kind employee support.
financial use
The $2.5M seed round that we are raising will be allocated towards different areas of our business. The largest portion, 35%, will be dedicated to conducting an FDA study on our approved medical device, which will take approximately 9-12 months. Protecting our intellectual property is also a priority, and we will be allocating 10% of funds towards this effort, which will take 3-6 months. We also plan to expand our technology platform, which will take approximately 6 months and will require 15% of our funds. The remaining 40% of funds will be used for ongoing operations and sales. Our goal is to break-even by October 2024, and we believe that these investments in our business will help us achieve that goal
revenue
Pre-revenue, however; we have secured two paying customers for our SleepOS solution and have 15 additional in the pipeline. If we are able to to convert and execute, we anticipate an annualize revenue of $350K.
exit strategy
The space of digital therapeutics is still young and rapidly evolving. While having a clear exit strategy is important for any business, it may be premature to focus solely on one specific exit strategy at this stage of the company. It is possible that there could be numerous opportunities for acquisition by healthcare players in the future, and we will be open to considering all potential options that align with our strategic objectives. As we continue to grow and develop our business, we will remain vigilant and actively monitor the landscape to identify any opportunities for strategic alignment or potential partnerships that may arise. Our goal is to remain agile and adaptable in order to capitalize on any opportunities that may present themselves in the future.