New York, July 21, 2022: Respada, an invitation-only niche platform providing private market opportunities to the ultra-affluent, hosted an Industry Showcase for Healthcare on July 7, 2022. Participants included NeoTX, NOWDiagnostics, and Medality Medical Inc. who showcased their pioneering healthcare technologies and research. The companies are a part of Respada’s EquityNova platform which is an alternative investment marketplace for family offices.
Asher Nathan, CEO and Director of NeoTX, introduced the company and spoke about two game-changing technologies developed by NeoTX. The first technology developed by the company is cancer therapeutics which teaches the body to heal its immune system so that the patient no longer requires continued medication. “The second technology is the next-generation predictive engine that took decades to make and will forever change how we run drug discovery. Nobel prize winner Michael Levitt is very passionate about the discovery engine and in addition to drug discovery it can be used to solve some of the biggest problems in the world including energy,” Nathan said. “The synergistic combination of both technologies allows us to dream big and change how cancer is treated,” Nathan added. He also explained that having two technologies is a good strategy for downside protection in a risky industry, thereby allowing NeoTX to diversify risk. “NeoTX mixes world-class academic researchers with top industry drug developers where the impossible often happens. We have three Nobel prize winners and industry experts like Dr. Scott Fields, who before joining NEoTX ran the Global Oncology Development at Bayer Pharmaceuticals,” Nathan said. He further added that NeoTX has a team of drug developers that investors can bank on. NeoTX has collectively run over 50 successful trials that have led to approved drugs and indications that have given new life to its patients. “Two of our investors and board members who have given us the backing and inspiration to think big are Paul Marinelli who runs the Larry Ellison family office and whose biotechnology venture arm invested in the two projects, and Tom Hill who is the ex-vice chairman of Blackstone,” Nathan noted.
Elaborating on the next-generation predictive engine, Arrow Drug Discovery that is being developed at NeoTX, Michael Levitt said, “The work that is now being done at NeoTX is a continuation of the work I began 50 years ago. It is something I have been working on for decades and I am still actively involved in the company.” Levitt added that “these days there are many computer-aided drug discovery companies but Arrow Drug Discovery is the next generation. It is the only technology that is based on physics, works from first principles, and is very accurate and there is no need to do experiments, unlike most other technologies.” He also suggested that this accuracy translates to less testing of compounds resulting in shorter discovery times and better-designed drugs.
Peter Guy, a Partner Member at Respada, asked the panel, “What are the near-term milestones NeoTX is trying to achieve?” Nathan responded, "In biotech, near-term has different meanings but within the next two years, we hope to have results from our current clinical trial and we hope to have at least one or two drugs being developed using Michael Levitt’s revolutionary technology. We would like to use the funds that are raised to start trials that could lead to approvals".
NOWDiagnostics Inc. is a leader in innovative diagnostics testing. Its ADEXUSDx product line uses a single drop of blood to test for a variety of common conditions, illnesses, and diseases with results in a matter of minutes. Beth Cobb, Chief Operations Officer of NOWDiagnostics walked the audience through some of the company's key technologies including, the Capillary Blood Test, Saliva Test, Handheld Analyzer, and Sample Collection Device. The Sample Collection Device can yield two distinct samples, a blood sample, and a plasma sample in ten minutes. This technology has the potential to replace the standard blood tube which requires expensive refrigeration and shipping, whereas the Sample Collection Device collects samples that can be stored at room temperature for 30 days before the performance of a lab test. "NOWDiagnostics Inc.'s tests are affordable, cost a dollar a test, and produce laboratory-quality results. They are lightweight, portable, do not require invasive blood draws or throat swabs, and generate rapid results in 10 to 15 minutes with only one drop of sample. This is the only lateral flow technology in the marketplace that is self-contained and does not require reagents," Cobb explained.
Going forward, NOWDiagnostics aims to bring three more test systems to the market which are the Syphilis Test, the analyzer technology for use with the Pregnancy Test, and the Strep Throat Test. Cobb added that the Strep Throat Test will be the first test that NOWDiagnostics will take through the regulatory pathway for approval, to use with their saliva technology.
Jim Haworth, Executive Chairman at NOWDiagnostics, shared that NOWDiagnostics is raising funds to help finish the three key tests mentioned above. Haworth also shared financial projections to show the revenue that they hope to bring through these products.
Tim Trela, a Partner Member at Respada, asked the panel, "What is the total addressable market for which NOWDiagnostics is aiming?" Cobb answered, "We have three specific marketplaces, one is the professional marketplace that is the laboratories and the second is the care marketplace where a medical assistant takes your vitals when you walk into a local clinic to do some preliminary tests, and the third is the over-the-counter marketplace." She also added that The Strep Throat Test is an example of a test that has versatility in all three marketplaces. "What is unique about this test is that FDA has said that a throat swab test will never be cleared for over-the-counter use whereas the Strep Throat Test will be cleared since it is only using a drop of saliva," Cobb noted.
AJ DiMatteo, a Partner Member at Respada, asked, "Is NOWDiagnostics aiming to allow people to buy home tests and how do the products from NOWDiagnostics fit in from a telehealth perspective?" Cobb responded, "Yes, the goal is to sell the lion's share of our tests at home. In terms of telehealth, during the pandemic, we developed a relationship with the American Pharmacists Association and the goal of this relationship is to offer a solution where you can report your vaccination result and your Covid antibody test result at the same time over the phone. We know that telehealth is the wave of the future and we have been exploring partnerships with telehealth providers, especially for a diagnostic test that will yield a result that is considered reportable by the U.S. government".
Medality Medical Inc.
Medality Medical Inc. is an innovative medical device technology company pursuing a unique surgical solution utilizing its patented platform technology to improve a patient’s insulin resistance, a precursor to Type 2 diabetes, through the extraction of mesenteric visceral fat.
Brian V Murray, CEO of Medality Medical Inc said, "Our patented technology allows us to remove visceral fat and this has never been done before and has not been done since. We are seeing in those patients that had at least 60% visceral fat removed, their A1C was reduced on average by 1.9%, and the FDA endpoint for us is a reduction in A1C by 1.2%". "We are talking about transformative and disruptive technology and we are at the cutting edge of something that could be very significant. As we all know Type 2 diabetes is a very deadly disease that has many tentacles to it in terms of heart disease, cancer and other metabolic problems," Murray highlighted.
Medality Medical Inc. has been funded by two NIH grants, family offices, and many private investors and is now looking to raise funds which will go towards "preparing for the pivotal trial and to build additional devices for the trial that will have 100 plus patients. We are engaged in discussions with the FDA right now to design this pivotal trial which should occur in the first quarter of 2024," Murray noted. Nick Travers, a Partner Member at Respada, asked, "Can you tell us about societal trends around Type 2 diabetes, pre-diabetes, obesity, and bariatrics, and where does Medality fit into this?” Murray answered, “The market is growing significantly in all respects. As of 2021 around 500 million people have Type 2 diabetes compared to about 50 million people in 2018 so it has been doubling over the years. Obesity is a global problem and the market is very deep for this, there is a need for a solution which addresses this disease and Medality is tackling this problem head-on".
Respada is an invitation-only, integrated, global platform that frames strategic opportunities in the private markets for affluent family offices and UHNWIs, providing a full suite of resources to complement their organizations.
Respada PR contact:
Sneha Madhuri, [email protected]