DermaSensor Inc., founded in May 2009 by Dr. Maurice Ferre and Chris Dewey, is a developer of a medical device designed to assist primary care providers in assessing patients for skin cancer.
Dr. Ferre is a serial entrepreneur who as CEO and President of MAKO Surgical Corp. led the company in its initial public offering and sale to Stryker Corp. for $1.65 billion.
The highest reported rates of melanoma in the world are in New Zealand then Australia as ranked in the 2018 skin cancer index published by German medical analyst group derma.plus. About one in 15 fair skinned New Zealanders are expected to develop melanoma in their lifetime. and almost 2500 new melanoma cases are diagnosed in New Zealand every year.
In the United States, Literature shows that primary care physicians' sensitivity for correctly referring cancerous moles is as low as 54%. DermaSensor device has the potential to equip up to approximately 330,000 front line providers, family doctors, internists and retail pharmacists in the U.S. to quickly and effectively check for all common types of skin cancer. Making accurate assessments of skin lesions can be difficult, but such assessments are a common part of the primary care medical consultation.
The Mayo Clinic’s retrospective review of 142,000 patients in 2010 showed that 42.7% present with skin disorders. Skin cancer is more common than all other cancers combined, with 5.4 million new cases diagnosed each year. Fortunately, 99% of melanoma is curable if detected early. However, only 15% of Americans report ever being screened for skin cancer. Studies show PCPs receive limited dermatology training and do not refer as many as 46% of skin cancers that they evaluate. The spectroscopy technology utilised in the DermaSensor device has a published sensitivity of 94% (100% for melanoma) and uses a simple "high risk" or "low risk" output to improve users' clinical decisions (i.e. referrals, biopsies). DermaSensor Inc. has enrolled thousands of skin lesion recordings that demonstrate the capabilities of its patented technology.
DermaSensor will initially target Australia and New Zealand, , Germany and the U.S. with a potential addressable market of approximately $2.2 billion.
The Company’s CEO is Cody Simmons, who holds degrees in Biology and Economics from Brown University, was a Manager in the area of pricing and contracting strategy at Roche/Genentech and was Head of Business Development at the startup Verana Health. The Company’s Chief Medical Officer, Dr. Cristiane Benvenuto, was a dermatologist and Coordinator of the Post-Graduate Program in Integrative Medicine at Albert Einstein Hospital, a Postdoctoral Fellow in Skin Cancer and Skin Imaging at Memorial Sloan Kettering and holds a MBA from Wharton.
Offering size USD5-8M.