Tuesday, May 3, 2011

The Pitch

Optasia Medical brings data analysis to X-ray imaging

By Lynette F. Cornell

Optasia Medical Inc.
Headquarters: Sudbury       
Phone: 617-899-4230
Email: peter.steiger@optasiamedical.com
URL: www.optasiamedical.com
Founded: 2006
Employees: 10

In the company’s own words:
“Optasia Medical has developed a proprietary set of software workflow improvement tools that automate the viewing, analysis and interpretation of musculoskeletal X-rays by radiologists, rheumatologists, orthopedic surgeons and other specialists who deal with musculoskeletal diseases. Despite the growing disease prevalence because of the aging population, there are no current solutions that enable quantitative analysis or ‘scoring’ of X-rays in order to provide an objective and personalized assessment of disease stage, disease progression and efficacy of treatment. Optasia Medical solves these problems with software products that are easy to learn, easy to deploy and compatible with prevailing healthcare informatics standards.”

About the technology:
The company has developed three medical imaging products, all based on the company’s patent-pending platform technology called Optasia Model-Based Vision. The software uses statistical analysis to convert data from medical images into digital models that the software analyzes for changes in bone and joint features. These changes are automatically measured, classified and tracked by the software in addressing osteoporosis, rheumatoid arthritis and osteoarthritis. According to the company, the software enables technicians to determine if a drug therapy is necessary for treating a bone or joint condition and also to determine the effectiveness of drug therapies in use. The company’s products are currently being used by several pharmaceutical companies and contract research organizations in clinical trials for new musculoskeletal therapy. The company is expecting to break even financially in the fourth quarter of 2012.

People behind the company:
Peter Steiger, president and CEO, has previously served as the chief scientist for Bedford-based imaging equipment manufacturer Hologic Inc. and as CEO of Synarc Inc., a musculoskeletal contract research organization. Joel Weinstein, vice president of corporate development, was part of the founding team at Hologic and was also the founder of breast cancer tactile imaging company Assurance Medical Inc. Jane Chadwick, CFO, has a background in accounting and financial management. Jim DePass is the vice president of U.S. business development and Antonio Angello is the vice president of EU business development. Serving as non-executive directors are Jean Chaintreuil, who has a background in medical imaging, and Ranjeet Bhatia, a co-founder of Saffron Hill Ventures Ltd.

The pitch:
Optasia Medical is seeking $3.25 million of funding in two stages to build out distribution capability in the U.S. and five major European markets, demonstrate market traction and grow sales. The company is also seeking partnerships with technology providers and distributors who could serve as sales channels or OEMs to Optasia Medical.

The market:
The company is pursuing the medical imaging market, which it estimated is worth $800 million. The market is comprised of about 200 million patients who are diagnosed with musculoskeletal disease in seven major markets, according to Steiger. The company is also looking to tap into the $23 billion market for drugs for musculoskeletal diseases that are spent in those markets, said Steiger.

The competition:
The company’s competition includes radiologists who presently interpret musculoskeletal X-rays using subjective film-based reading, according to Steiger. Optasia also competes with radiologists who interpret musculoskeletal X-rays using digital X-rays and picture archiving and communication system (PACS) networks for viewing the images.