Inventure Medical Imaging Solutions
Radiologists Relieve Economic Pressures With New GADx
Thanks to Inventure, diagnostic radiologists will soon enjoy a boost to their economic bottom line. Today’s leading MRI contrast agents are expensive, adding to the constant economic pressure felt by radiologists.
That’s why we developed GADx: the first generic MRI contrast agent.
Same product. Same efficacy. Same safety. Lower price. GADx is a no brainer for radiologists.
Want proof? To fund product development, we’ve raised $1 million directly from radiologists – our ultimate customers.
With a streamlined regulatory path, GADx is on a fast-track to imaging centers across the United States. Read on to find out how you can help lower the cost of healthcare!
Magnevist received FDA approval in 1988. Although other products have been subsequently introduced into the US market, Magnevist has been the most widely used and studied MRI contrast agent. Until now. The final patent on Magnevist expired in 2013, opening the door for a low cost, high quality generic version. Just like the generic version of drugs you can buy at a pharmacy, GADx works exactly the same as Magnevist, but at a much lower cost.
Same exact product, 30% cheaper.
“PR” is a private radiology group based in Maryland. They currently have 20 sites throughout Maryland, Illinois, and Washington, DC, and employ 21 radiologists led by a dynamic management team that seeks to increase revenue through both organic growth and acquisition, while also improving profitability through cost efficiency.Select members of PR have invested in Inventure because GADx will save them over $150,000 annually.
“SH” is one of two dominant radiology groups in Massachusetts. Through its partnerships and company owned facilities, SH manages 218 doctors across 30 facilities. Our cost savings analysis shows that GADx would save SH over $250,000 annually.
As we near the completion of product development, we are also in the final stages of negotiating an agreement with a multi-billion dollar drug manufacturer and distributor.
We have partnerships with two global manufacturers for the manufacturing of the API (the active pharmaceutical ingredient is the “drug” substance) and for the final drug product.
As part of our fund raising process, we have communicated with 150 private radiology groups.
These investors represent over $6 million in annual future sales. More broadly, we have identified over $20 million in revenue from radiology practices that have expressed interest in purchasing the product when it becomes commercially available.
We have received broad industry feedback in support of GADx. Most radiology practices typically enter into multiyear contracts for their contrast agents. Various radiology groups, large and small, have reached out to us to gauge our commercialization timeline prior to entering into such new contracts for branded contrast agents. Demand for our product is strong!
After stability testing, we will submit our Abbreviated New Drug Application (ANDA) to the FDA. The process is straight forward – over an expected 10-month window, the FDA will confirm that GADx meets the Magnevist specifications and that the product has a stable shelf life. We expect GADx to be commercialized by Q1 2018.
Make sure to request access to the business plan tab of this profile to see how you can get involved before then.
Greg Walters, CEO
Greg has spent over 15 years in private equity. He is also the co-founder of Navis Medical, an innovative medical device company that has partnered with the Cleveland Clinic. Greg has a BA from Hamilton College, a JD from Fordham Law School, and an MBA from Columbia University. Greg oversees all aspects of the company including product development, strategic partnerships, fundraising, manufacturing, and sales.
Richard Rosene, VP of Sales
Dick has built a successful 30-year career in capital equipment sales and business management in the fields of diagnostic imaging and radiation therapy. He has held sales positions with Techincare, Varian, and Hitachi Medical Systems before focusing his expertise on launching startup ventures with Accuray, Intraop, Aurora Imaging, MicroMRI, Supersonic Imagine and most recently at VuCOMP. He has also co-owned and operated five independent diagnostic imaging centers. Dick has a BA in economics from Denison University and postgraduate biochemistry studies at John Carroll University. He manages all business development, customer relations, account management, and product sales.
Jonathan Balfour, VP of Operations
For the past 5 years, Jonathan been building and advising medical and technology companies. Prior to that he was a consultant with The Boston Consulting Group, and spent 5 years at Merck & Co. Jonathan has an MBA from the London Business School and the Australian Graduate School of Management, as well as a BScH in life science from Queen’s University in Canada. He runs all product development and manufacturing.
Richard Deslauriers, Founder/Chairman
Richard is an accomplished medical device entrepreneur and patent holder. He has commercialized several innovative medical products and devices including Kryptonite bone cement, SherLock Soft Tissue reconstruction anchor, PureTone and Echo stethoscopes, and has developed a successful contract manufacturing business serving blue chip medical device customers. Richard has a track record of delivering results to shareholders through selling and operating profitable businesses. Earlier in his career, Richard worked as an engineer with Johnson & Johnson and Medtronic Interventional Vascular. He has a BS in mechanical engineering from the University of New Haven and an MD from the University of Toronto. As our founder, he oversees product development, strategy, manufacturing, and fundraising.
Bill Doyle, Board Member
Bill is executive chairman of NovoCure, an innovative medical device company that has commercialized an oncology device. He is also the founder of WFD Ventures and serves as advisor to the hedge fund Pershing Square.
Brad Rummer, Board Member
A serial entrepreneur, Brad successfully built the largest distributor of Medtronic spinal implants in the Texas market.