Matt Akelman and David Paller, founders of RIHOF
Matt Akelman and David Paller created one of the teams that will move on to the next round of judging in the M2D2 contest. Their company, RIHOF, was chosen from the pool of applicants because of its true potential to disrupt medicine.
What is RIHOF all about? These innovators describe their company in a MedTech Boston Q&A:
1. Briefly describe your technology.
The TruTarget alignment tool is a class I medical device that allows surgeons to optimize each ACL reconstruction procedure based on patients bone quality, bone geometry and ligament laxity. Using models derived by leading researchers in the field of biomedical engineering, the TruTarget system allows a patient centric product at no added cost to the healthcare system.
2. How does it add value to a clinical environment?
Twenty percent of ACL reconstructions fail within the first two years following surgery. Failure risk approaches fifty percent ten years after surgery. The TruTarget aims to reduce variability associated with ACL reconstruction for improved long-term outcomes. Value creation with regard to reduced revision rates and improved patient satisfaction would be possible with the TruTarget system.
3. How is it disruptive?
The TruTarget system reduces uncertainty for tunnel placement allowing a more efficiency procedure. Applying patient centric inputs with no added expense to the healthcare system refutes the current trend of more expensive innovation in the medical device sector.
4. What is your target market?
The target market for this product is hospitals and ambulatory surgical centers where orthopedic surgeons perform ACL reconstructions. The current market for this product in the US is $50MM annually.
5. What are your anticipated funding needs?
We are raising $500,000 to support device design validation, continued research efforts and product commercialization.
Congratulations and good luck to RIHOF, 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.
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