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Print Edition StoriesFriday, January 2, 2009
The Pitch
Navigent3 offers drug-screening software and tech
By Mass High Tech staff
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Navigent3 LLC
Headquarters: Wayland
Employees: 5
Founded: 2008
Web: www.navigent3.com
E-mail: pphildius@navigent3.com
Phone: 781-858-6816
The Pitch: Navigent3 is looking for funding to grow the company.
PITCHING THE TECHNOLOGY
Navigent3 says its product combines consulting services, oral-fluid diagnostic technology, and software as a service. Navigent3 is in the employee drug-testing business, selling disposable oral fluid drug screens, consulting and web access to a company’s historical drug-testing data. The company provides the screens, lab testing, and the SaaS product, and will create a customized drug-testing program for a client.
Having the disposable test devices on site allows corporations to test their employees randomly, reducing the chances of employees intentionally cheating the test. The company also says its oral method of testing is more dignified, more accurate and safer than testing an employee’s urine. The product is intended to reduce the cost of testing for illegal drug abuse in corporations. Navigent3 says about 10 percent of U.S. employees abuse illegal drugs frequently, costing companies about $10,000 per drug user. Its product can detect THC, cocaine, methamphetamine and ecstasy, codeine, morphine, heroin, oxycodone and hydrocodone.
PITCHING THE PEOPLE
Who is on the management team? The company is composed of five partners: Peter Cholakis, Diane Glass, Joanne Holbrook, Peter Phildius and Douglas Scott, all with experience in the drug abuse testing market.
Have executives been involved in a cashout prior to this venture? No.
Who is on the board of advisers? The company has not formed a board.
PITCHING THE BUSINESS
How much investment is being sought? Navigent3 is looking for $500,000 to $1 million.
What partnerships, collaborations or affiliations are already in place? Navigent3 was a recent presenter in the Worcester Polytechnic Institute Venture Forum Spotlight on Entrepreneurs.
List any federal or state grants, contracts or awards received: None.
What’s the market size being pursued? Navigent3 estimates its market value at $1.5 billion.
Who are the likely competitors, direct or indirect? Other corporate drug testers include Acton-based Psychemedics Corp.
Is the company profitable? No.
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