Well, good afternoon, everyone. John Murphy, CEO of Virtual Incision, and I’m here to share how we’re pioneering the use of mini-robots for general surgery, abdominal procedures.
The LSI app has a nice executive summary with key company highlights of ours, the most salient point being that our developed Mira platform is now FDA IDE approved, and we’re currently in a colectomy IDE clinical study in the United States. So that’s the first, in the United States, use of these devices.
Our initial indication is for colon resection. There’s approximately four-hundred thousand of these procedures in the United States every year, most of which are open procedures. And we feel like our approach to robotic MIS for colon will really be an enabler to grow this important market. We are also developing follow-on robots, mini robots, specialty by procedure to address procedures like hernia repair or gallbladder removal or adrenals or spleens or gastrectomy. So overall, this is a very large general surgery market.
Now the very impressive, intuitive surgical where their Da Vinci Systems have done a tremendous job pioneering in this area. And there’s a number of other mainframe robots that are coming to market and are in market. But instead of a 2000 pound robot, our approach is to have a two-pound robot, and we’ve worked diligently over the last ten years to make these things simple, small, and smart. And so, what I have with me today is one of these IDE-approved devices. This robot is real; it has hundreds of hours of operations on it. This robot is 15 times reusable. It has single-use end effector instruments, a bipolar grasper, and a monopolar scissors, as well as a visualization system which has the world’s first flex tip robotic camera scope. So, this has a robot in the handle. It has a light source in the handle, and it has your optics for about a five-millimeter, full HD, 1080p 60 scope that works in coordination with the robot here. I think it’s very exciting.
Our website shares a number of these things around simple, small and smart. The first is less invasive, fewer incisions. Equally important is our capability of full multi quadrant access with looking at a ten-second incision time, a ten-second quadrant change, a ten-second extraction. There’s no re-docking required here. There’s no draping required here. We thought this was a fun way to show that it’s a self-contained, sealed, and sterilize-able robot. If you want to try laparoscopic surgery in a fish tank, this is it. And it shows the advances in the seals and the devices and the design.
Our engineers also thought it would be fun to show how strong this robot is. It can lift two pounds in any and all axes. And, of course, it can do press-ups with a four-pound weight on his back. You need strength to do the bulk work in colon surgery, of course. The other elements of this, we see ourselves, absolutely as complementary to the mainframe system. You’ll have one or two of these mainframes in a room, but we’re addressing the other 80% of ORs where robotics is almost table stakes now in whether you’re at the community hospital, the rural setting, or the ASC.
Beyond the robot and the scope, we’ve got a console that sit-stand, it’s mobile, you can move it from OR to OR. And quite impressively, this is our mock OR in our beautiful headquarters in Lincoln, Nebraska, and Jerry, our clinical specialist here, is showing how you can set up a blank room, a completely empty room into a robotic MIS room in about six minutes. So, this is the full element of this system on show here. So very much driving OR efficiency with this approach.
Now on the smart sides, well, obviously a great AI platform. This robot is spitting out a hundred thousand data items per second. We use deep learning on the surgery video, we use simulation data, and we have, you know, AI algorithms to auto edit down four-hour surgeries into two-minute clips and things like this depending on which events. And and we’re currently using about a dozen of these algorithms today. So that’s very important.
I’d be remiss if I didn’t say we were easy to use. Meaning surgery at practice and training is to proficiency is much quicker. Exponentially less cases than manual lap and considerably fewer than robotic cases. We’ve driven a very hard challenge for ourselves is to be cost parity with manual laparoscopic surgery. So, we’ve got a world-class supply chain. We have got a reuse strategy on the robot side that really drives very compelling economics.
Now also as part of this series C financing, our reason to be here, to get us into commercial launch; we’ve got a comprehensive set of R&D pipelines. Initially, we just move the robot and position the robot with a physician’s assistant, but you’re seeing here a prototype of, what we call, our port bot system, which is an autoclavable robotic support arm. So now you’re talking about fully autonomous, multi quadrant surgery, 360-degree control of the positioning of the robot, of the robot itself for the operation, and for the camera use all from the one console. I told you about a family of devices; we’re changing the geometries, the degrees of freedom, and the instruments to be able to tailor each of these mini robots for a specific procedure, but you use the same camera, and you use the same console and the same workflows in general. We’re advancing these as part of the series C as well.
I mentioned we’re in a colectomy clinical study now, we’re recruiting patients in Lincoln, Nebraska, near our headquarters, and we’re expanding to Pennsylvania and to Florida for three site clinical study for the rest of this year and look to clear a De Novo approval next year and move into a limited market release in the United States.
I’ve got a great team. This technology, it emanates from the University of Nebraska. UNMC in Omaha got DaVinci serial number eight, and Dmitry Oleynikov, a real luminary robotics and MIS surgeon was recruited to start the robotics program at UNMC. He always felt that little robots on the inside made a lot more sense in some cases than a huge robots reaching in from the outside. So, he teamed with my CTO and co-founder Shane Farritor, he’s MIT Ph.D., Mars Rover guy, three NASA sites, and together they started the company in 2006, and I joined about ten years ago. We’ve also got a tremendous functional team in Mukund, Rick, and Eric with decades of technology and med device experience. The use of proceeds of our approximately 35 million round is to get through De Novo approval, get into a market launch, do the key hires in some sales and clinical specialists and the engineering we’re talking about and advance these R&D elements.
The most important thing to conclude with is Mira, its Miniaturized In vivo Robot Assistant. We’re an FDA IDE-approved device. We’re in the clinic now in the United States, and it’s a general surgery, abdominal, you know addressable market for us.
Thank you for your time and your interest in Virtual Incision.