Nutromics: A smart patch that an individual wears on their arm to track their biological health in real-time across 100+ data points.
Authors: J. Skyler Fernandes & Julia Samoylenko
Below is an overview of a video interview with J. Skyler Fernandes, General Partners, at VU Venture Partners and Nutromics CEO, Peter Vranes, discussing the thesis for VU’s investment in Nutromics based on the massive market size opportunity of the “quantified self” that Nutromics is creating via their disruptive technology that is capable of tracking 100+ biological health data points in real-time using a non-invasive solution.
Thesis Overview:
The term “quantified self” was coined in 2007 by Wired Magazine, referring to individuals who use technology to track and analyze data about various aspects of their daily life, such as physical activity, sleep patterns, mood, diet, health, and productivity. With the launch of the Apple Watch in 2015, the term “quantified self” grew further in popularity providing many new “surface level” data points about an individual’s physical activity, but nothing that went “under the skin” to access your real time biological data.
Historically, to get greater details about an individual’s biological health a blood sample has been the common approach, which started out first with sending blood samples to labs (which has a time delay) and then moved to at-home tests (which is faster and in real-time, but provides only a single moment in time, and provides information on a single data point).
There are a number of companies that have grown to multi-billion dollar valuations, such as Dexcom (market cap of $50B+), which provides single data point solutions via frequent or continuous blood sampling. The next breakthrough and evolution within the “quantified self” is an approach that uses a non-invasive solution, can provide real-time biological data, and goes beyond single data points of information. Enter Nutromics!
The Solution:
Nutromics has developed a revolutionary wearable smart patch platform that is non-invasive, can continuously monitor in real-time, and is capable of tracking 100+ biological data points. The Company’s goal is to reduce preventable deaths by providing real-time, molecular-level insights through its Continuous Molecular Monitoring Platform. Nutromics has developed its own proprietary technology and approach using aptamer sensors, which uses microneedles within a smart patch, to decode what is happening within the blood and body by analyzing the interstitial fluid under the skin. Using this novel non-invasive approach, Nutromics is able to track a large number of biological data points in real-time, including proteins, hormones, and drug molecules. Nutromics’s approach reduces the need for multiple blood draws throughout the day and provides more accurate and consistent data.
Business Model:
In an exclusive interview with J. Skyler Fernandes from VU Venture Partners, Nutromics CEO Peter Vranes discussed the initial use case for Nutromics’ device, which is therapeutic drug monitoring for vancomycin, a commonly used antibiotic medication used to treat bacterial infections primarily in hospitals. Globally, 40 million people receive vancomycin in hospitals every year, representing approximately $10 billion in treatment costs. Nutromics business model includes the cost of the smart patches, which can be used for one day to multiple days, and a SaaS pricing platform.
Market Size & Revenue Potential:
The Company is initially focusing on three large target markets which require acute sensitivity to dosage levels to keep patients in “goldilock zones” using a therapy: Vancomycin Therapeutic Drug Monitoring ($10B), Acute Kidney Injury ($30B), and Chronic Kidney Disease ($570B), which together account for over $600B in market value. Just a ~0.1% market penetration equals $500M in revenue potential. These 3 market opportunities are only the initial ‘targets’. Nutromics aptamer sensor platform has the capability of tracking hundreds of ‘targets’.
The market size for this technology is significant as it has many potential applications beyond just therapeutic drug monitoring. The initial market that Nutromics is targeting is in the hospital, specifically the ICU, where the need for this technology is the greatest for acutely tracking biological levels in real-time. They are disrupting the in vitro diagnostics market by providing a more precise and effective way of monitoring patients’ health, enabling early detection and treatment of medical conditions, and enabling more precise and effective personalized medicine.
Competitive Advantage:
When asked about the key advantages of Nutromics’ technology, Vranes explained that it has a wide spectrum of biological markers (100+) that can be tracked with just one sensor. Nutromics’s aptamer sensor is the critical breakthrough, as the sensor has the capability of acutely interpreting the changes in interstitial fluid for what is happening within the blood. Additionally the smart patch can be worn by the patient for one day to multiple days, is non-invasive, provides continuous real-time monitoring, and does not require multiple blood draws throughout the day.
Team:
Nutromics was founded 3 years ago by Peter Vranes and Hitesh Mehta, both experienced entrepreneurs in the medtech industry. They have secured exclusive licensing to the biosensing platform technology invented by Professor Kevin Plaxco, a consultant and investor in the company and a professor at UC Santa Barbara. The Nutromics platform is a result of Dr. Plaxco’s 50 years of research and expertise in molecular biophysics. The founders, along with Dr. Plaxco, have assembled a strong management team with expertise in research, biosensors, medtech manufacturing, and intellectual property.
Advice For Founders:
Vranes, a successful entrepreneur with 20 years of experience, has valuable advice for younger founders. He emphasizes the importance of being passionate about what you do and truly loving your work in order to have the drive and determination to see it through the challenging times that come with being a founder. He also advises being bold, ambitious, and taking it one step at a time, ensuring that each step has a positive impact on patients and customers. He believes that this approach will not only help you to achieve your goals, but also to make a meaningful difference in the world.
In summary, Nutromics’ continuous molecular monitoring platform has the potential to provide value for people at every stage of life, from birth to end-of-life, and could be a device that all humans wear to track their “quantified self” health in real-time and across a broad range of biological data points. Nutromics also provides a strong opportunity for enterprise clients to track and engage with their patients and customers.
