Paul Hayre, founder of Sano
Paul Hayre created one of the teams that will move on to the next round of judging in the M2D2 contest. His company, Sano, was chosen from the pool of applicants because of its true potential to disrupt medicine.
What is Sano all about? This innovator describes his company in a MedTech Boston Q&A:
1. Briefly describe your technology.
Sano has created a one-step, point-of-care diagnostic that uses proprietary chemistry to measure enzymes to help clinicians determine how to treat chronic (or non-healing) wounds. With Sano’s diagnostic, $8B can be avoided of the $25B spent in the US healthcare system today to treat chronic wounds.
2. How does it add value to a clinical environment?
Treatment for chronic wounds today is largely based on subjective measure such as color, smell, amount of wound fluid, condition of the skin around the wound, etc. No wound diagnostic exists today, so Sano is taking a great leap forward in clinically assessing of wounds to determine personalized treatment based on wound biochemistry to speed healing. Sano estimates that is 30-50% of chronic wounds, 30% of treatment costs are avoided by better understanding wound chemistry and determining a specific course of treatment.
3. How is it disruptive?
No point-of-care wound diagnostic exists today, and the key biomarker enzymes Sano measures are well-established to be both the cause of over a third of chronic wounds and, when elevated, indicate the most likely treatment approach to kick-start a chronic wound into a normal healing cycle. The preferred method to measure MMPs today is a lab-based test that costs hundreds of dollars and takes 4-6 days to obtain results…so it is never protocoled clinically. There are some competitive diagnostics in early stages, yet all either take too long to show a result, are entirely cumbersome to handle, and/or require a separate portable yet bulky measuring device that costs thousands of dollars. Finally, Sano’s device will be single-use and low cost, keeping barriers to use very low and net avoided treatment costs high.
4. What is your target market?
Sano’s diagnostic targets about a third of over 35M chronic wounds globally. Sano’s device will be used and interpreted broadly by clinicians in many settings: hospitals, wound clinics, doctor’s offices, long term or skilled nursing facilities, rehab centers, and home health care services.
5. What are your anticipated funding needs?
Raising seed round of $1.25M. Funds will be used largely to conduct clinical trials, complete prototypes, and engage regulatory experts.
Congratulations and good luck to Sano, and be sure to stay tuned to catch the other 14 finalists winners featured on MedTech Boston!M2D2 will be hosting the 2014 New Venture Competition Showcase Event on Wednesday, March 26, 2014. Novel medical device technologies will be presented, followed by a poster and networking session. The grand prize winner will be announced at the follow up winner’s ceremony on April 8th at the offices of Nutter McClennen & Fish in Boston from 4 pm to 8 pm.
At MedTechBoston, we are sharing stories about cutting-edge medical innovation. As Managing Editor, I help coordinate our coverage of hackathons and company profiles. I also create content, update our social media and scout stories. I'm part of an ambitious group of people hoping to inspire a tech revolution in medical care.
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