InnerOptic is a privately-held "MedTech" company in the computer-assisted surgery market, developing products to make minimally-invasive surgery procedures simpler and safer.

The Market

More than 50% of surgeries are now performed using minimally invasive techniques. According to BCC Research (2006), the overall MIS market is $7.7 billion in 2006 for the US alone, growing to $18.5B by 2011 (19.2% CAGR). InnerOptic addresses the $704M medical robotics & computer-assisted surgery (MRCAS) market sector, which is projected to have a 5-year 31.4% CAGR. InnerOptic is targeting the 2,100 medium and 900 large surgical hospitals in the US, representing the majority of the $560M laparoscopic equipment market.

Poor visualization and difficulties with spatial coordination result in, for example, over 10,000 bile duct injuries during laparoscopic gall bladder removals, which is the leading cause for malpractice claims against general surgeons (Physicians Insurers Association of America, 2000). Bile duct injury is estimated to occur at an incidence rate of 1.4% (Surgical Endoscopy, 2000). Patient treatment for bile duct injury was billed at an average of $51,411, costing the industry over $500M in repair costs in the US alone.

The Company

With a vision of “Simpler, Safer Surgery through Visualization Technlogy”, InnerOptic is dedicated to improving (MIS) procedures using its advanced visualization technology. By addressing the visibility and spatial-coordination problem inherent in MIS, InnerOptic’s family of medical products enhances a surgeon’s ability to accurately perform complex MIS procedures, thereby improving patient health and recovery.

Launched in 2003, InnerOptic is a spin-off of the University of North Carolina at Chapel Hill's pioneering Computer Graphics Department. Leveraging more than ten years of UNC's world-class research in medical visualizatoin and computer-aided surgery, InnerOptic has an exceptional team along with a strong and growing patent portfolio.

With proven technology, experienced management, a talented technical team and a world-class medical advisory board, InnerOptic is well positioned to successfully commercialize its technology.

InnerOptic is located in the Research Triangle Park area, leveraging strong relationships with UNC and Duke, access to their world-class medical research facilities and staff, and access to local talent.

Business Model

InnerOptic has a capital-efficient software business model, based upon a high margin (70-80%) and a low break-even point (low burn rate). InnerOptic develops refernce systems, licenses its products, and integrates its products into third-party MIS equipment (e.g., ultrasound systems, laparoscopes, etc).

InnerOptic's go-to-market strategy is a "sell through" strategy. Specifically, InnerOptic will establish partnership relationships with existing companies that supply MIS equipment.

Targeted Surgical Procedures

InnerOptic’s products improve a wide variety of minimally-invasive surgical procedures, including:

• Cholecystectomy (gall bladder removal);
  
• Radio-frequency ablation (needle guidance for liver cancer treatment);
  
• Liver disease detection and management;
  
• Myomectomy (removal of uterine fibroids);
  
• Bariatric surgery;
  
• Dye-based lymph node mapping;
  
• Robotic surgery;
  
• Staging and resection operations of various abdominal cancers.

Benefits

The benefits of using the InVision System for minimally invasive laparoscopic procedures include:

o MIS procedures are easier, more accurate and faster to perform;
o Fewer malpractice claims, through lower error rates
o Fewer surgical repairs (and lower costs), through lower error rates;
o Reduced OR time (and lower costs), due to improved visualization;
o Higher reimbursements, using established visualization CPT codes;
o Improved patient outcomes, through lower error rates.

InnerOptic is currently seeking Angel and VC investors to complete the Series A funding round. Contact info@inneroptic.com to meet to review the business plan.