BIOFEST INVEST APPLICANT

Xtraction

Company Contact: Matthew Roznovsky

Legal Entity Type: C-Corp

Company Type: Medical Device

Company Stage: Development

No. of Employees: 3

Desired Financial Amount: we are in a $2 million dollar round and have so far raised $700k

Background

Company Background

Matt Roznovsky and William Payne each had a patent to streamline specimen extraction. We met a representative (John Fritz) for UT Health San Antonio at a pitch event 3 years ago. After further discussion we were put in contact with Dr. Ian Makey (thoracic surgeon at the Mayo Clinic) who had a similar patent for specimen extraction. We soon realized that we all 3 shared the same passion to solve this huge problem and decided to team together and formed Xtraction Corp. The current technology came from a combination of our 2 ideas and then morphed into a new product utilizing all ideas involved. The new product is a complete market disrupter and we are very excited about the future.

Management

Matthew Roznovsky – Co-Founder & President – has spent 15+ years in the medical device space mastering complete sales cycles and new product rollout processes through hospital value analysis boards. He has a BS in Political Science from Texas Tech University Ian Makey, MD, – Co-Founder & CMO – did a General Surgery Residency followed by a Cardiothoracic Surgery Fellowship at Harvard Medical School, Beth Israel Deaconess Medical Center. He was a major in the U.S. Air Force, and currently specializes in General Thoracic Surgery at Mayo Clinic – FL Bill Payne – Co-Founder & Board Member – has 15+ years of experience in the healthcare industry building medical device sales teams and optimizing strategies for market penetration. He has a BS in Economics and Marketing from Oklahoma State University and is currently a Regional Manager for a Fortune 500 Medical Device company.

Board of directors

n/a

Product / Service

disease area / application

Our device is to replace the current standard of removing specimens during surgery. The current gold standard is a Specimen retrieval bag. Our initial market touch will be the gallbladder market were over a million procedures are done in the US per year. We will then spread out to Lung resection, Gyn procedures, and other top general surgery applications.

product / Service

Xtraction Corp’s patented Sleeve technology makes surgical specimen and organ retrieval easy and efficient by compressing the specimen and allowing removal while minimizing incision size. The Sleeve advances minimally invasive surgeries by enabling optimal orientation, reducing procedure time and improving the recovery of patients. Xtraction Corp’s patent has been issued, prototypes have been developed, and the technology has been successfully validated in simulated surgical environments. The basic purpose of our product is “How to remove a large object from a small hole”.

technology / ip

We have 1 patent issued and 2 patents pending. Our product is unique in that no other product in this space properly orientates or compresses the specimen during removal (very similar to finger traps we played with as a child). The current standard uses a bag that doesn’t orient the specimen and therefor allows it to clump in the bottom of the bag. This doesn’t allow the surgeon to remove the specimen the majority of the time without extra time spent either making the incision in the patient larger or having to spend 30 minutes to an hour slowly cutting the specimen out of the bag. Time is money for the physician and the facility and we have made a way to speed up the process of specimen removal while keeping the procedure minimally invasive. Many times the physician will utilize all these minimally invasive tools, products, techniques to ensure small incisions. Only to have to cut a larger incision at the end of the procedure to remove the specimen. We feel that our technology will allow minimally invasive technology to continue to advance.

distribution channels

Direct sales force

market size

US Market sees 1.8 million specimens removed per year and Globally 6 million specimens removed per year, and with a growth rate at 4% per year. This makes it a $720 million dollar US market and $2.4 Billion dollar market Globally.

competition

There are 30 other major medical device companies that make specimen retrieval bags. They are all virtually exactly the same other than material on the bag or maybe a ergonomic handle etc. The technology hasn’t changed in over 20+ years. We have no other products like ours and therefore it gives us the pleasure the complete disrupt this market and we look forward to an acquisition by one of these companies to offset the other 29.

Financials

Desired financial amount

we are in a $2 million dollar round and have so far raised $700k

previous funding

all previous funding has been in our initial seed round of $700k

current financials

Current available cash is $650,000

financial use

Prototyping, Manufacturing, and 510K costs.

revenue

Sales direct to hospitals and ASC

exit strategy

We have full intentions to build our company and have all the distributor relations set up throughout the nation to go when ready. We are also aware that we will more than likely be acquired by one of the major medical device companies. We currently have a ROFR signed with Johnson & Johnson, which might lead to our quick exit plan.

Pitch Video

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