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Lumbar Matrix System: Advanced Spinal Imaging Technology

SpineMatrix has developed the Lumbar Matrix System, a unique imaging scan for disc, facet, and chronic LBP diagnosis. With patented technology, FDA approval, and clinical papers, it adds value to the company. Targeting surgeons, it addresses the need for improved diagnostics in spinal care. Supported by experienced CEOs and financing, it aims to revolutionize the spine market with cost-effective, outcome-focused solutions.

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Lumbar Matrix System: Advanced Spinal Imaging Technology

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  1. SpineMatrix

  2. Product • SMI has developed the Lumbar Matrix System • A unique spinal physiology imaging scan used to diagnose disc, facet and chronic LBP pathology • SMI is the only company that offers this technology • 10 issued US Patents (1 pending) • 5 issued foreign patents (1 pending) • FDA approved • UL approved • 4 functional CPT reimbursement codes • 10 peer-reviewed published clinical papers SpineMatrix

  3. We manufacture our own arrays • We will begin manufacturing our hardware/software systems in July • Control of vendors and W.I.P., provides as-needed inventory management • Adds significant value to the company SpineMatrix

  4. Stage of Company • Launched the LMS System in February SpineMatrix

  5. Customers • Neuro and orthopaedic spine surgeons • LMS usage cascade of treatment (when and how) SpineMatrix

  6. Creation of Company • Technology Founder - Mark Finneran, MD Wooster, Ohio • Trained neurosurgeon / rehabilitation physician who saw the need • 30-40% of L.B. spine surgeries result in “failed back syndrome” • Clearly points to the need for improved diagnostic and better defined treatment pathways SpineMatrix

  7. Market Demand • Large, strong market demographics • 21 million LBP hospital visits per year • $145 billion spent annually on LBP patients resulting in 1.5 million spinal surgeries • 60-65% success rate SpineMatrix

  8. Entrepreneur/CEO Market Exposure • Twenty-Five Years experience in the ortho/spine marketplace • Theken Spine – President • Wright Medical Spine, Trauma, Biologics, Sr. VP • Medtronic Sofamore Danek, VP SpineMatrix

  9. Financing • Series A ($9.5 MM) • NationWide Insurance (OH) • ABL Group (OH) • Z2 Ventures (OH) • X-Gen (OH) • Ohio Innovation Fund (OH) • Dan Kellogg (OH) • Series B ($8 MM) • Psilos Group (NYC) (lead) • ODOD (OH) • ABL Group (OH) *Follow-on is available SpineMatrix

  10. Original Business Plan • To outsource development and manufacturing • Launch in the rehabilitation/workers’ comp. markets • Utilize Independent distribution network SpineMatrix

  11. Revised Business Plan • In-house manufacturing control • Target neuro/ortho spine surgeons • Utilize published and defined clinical support data • Direct sales organization SpineMatrix

  12. Future • Large Market • Advantage-current cost savings environment for medical procedures • Need for outcome-focused reproducible results • No current competition for LMS System SpineMatrix

  13. Impact Of NE Ohio On Company • Governor Strickland, Lt. Governor Fisher and ODOD – very supportive • Akron Mayor Donald Plusquellic and his staff – very supportive • BioEnterprise Interaction SpineMatrix

  14. Challenges • Recruiting at the Sr. Management level • Medical device vendors and contract Manufacturing base to service small companies • Overall economic trends in the Akron region • Lack of larger (lead) VC firms in Ohio that focus on medical devices and have significant follow-on capacity SpineMatrix

  15. Lessons Learned / Business Plan • Never assume that previous device development and manufacturing data has value • Adoption curve for something brand new • Issues with third-party payers SpineMatrix

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