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Luminor Medical Technologies— Diagnostic Device for the Emerging Global Diabetes Crisis

Overview

Luminor Medical Technologies (TSXV:LMT) is a medical diagnostic company working to commercialize the world’s first non-invasive testing system designed to accurately screen for pre-diabetes and type 2 diabetes. The globally patented Scout DS® screening device was developed and advanced under the direction of John Maynard, Co-founder of Veralight Inc. Luminor bought the commercially viable and clinically validated technology from Veralight in 2013. Maynard now serves as a consultant for Luminor.

Luminor’s strategy for bringing Scout DS® to market centers on building a global network of distribution and joint venture partners. The company is currently focusing its efforts in China, where rising incomes and the shift toward a more western diet has led to a rise in obesity and diabetes; in fact, the rate of diabetes in Chinese adults has increased from less than 1 percent in 1980 to nearly 12 percent today, according to a recent IMARC report, making China “the diabetes capital of the world.”

Luminor is led by President and CEO Christian Sauvageau who has three decades of experience in both the pharmaceutical and medical device sectors, including 20 years at Merck Canada Ltd, where he launched innovative products and practices and led business units to $600 million in annual revenue.

Investment Highlights

  • $42.5 million in research and development investment.
  • Strong intellectual property; patent protected or patent-pending in several countries.
  • Tested in more than 20 research studies with more than 15,000 subjects and more than 5,000 subjects commercially.
  • CE Mark and Health Canada certification; approved for sales in 33 countries.
  • Emerging global epidemic of diabetes and pre-diabetes requires non-invasive screening tools.
  • Further growth with acquisition of complimentary technology for diabetes patients.
  • Management owns about 20 percent of shares.
  • Upcoming catalysts:
    • Securing manufacturing/supply agreement with reputable manufacturer that will drive costs down by about 25 percent.
    • Securing distribution or JV deal in China; market potential of more than 100,000 Scout DS® devices.

Diabetes: Large Global Market with Unmet Screening Needs

Global diabetes crisis requires a non-invasive, fast, and effective screening tool to detect pre-diabetes and type 2 diabetes as early as possible.

The World Health Organization reports that 422 million adults around the world have type 2 diabetes and more than 1.1 billion have pre-diabetes. Developing nations account for 272 million adults with diabetes, more than half of which are undiagnosed.

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Multiple studies have shown that much of diabetes can be prevented or more successfully treated if detected early, making a screening device like the Scout DS® a necessary tool in the fight against the global diabetes crisis.

Luminor believes that China represents a market potential of more than 100,000 Scout DS® devices and is currently in discussions with a potential licensing partner. The company estimates that each of the 1,600 Class 3A hospital in China could generate 5,000 tests per day and support the deployment of 20 devices per hospital.

India is also experiencing an emerging diabetes epidemic with 69.1 million cases of diabetes in 2015; that figure is expected to reach 140 million by 2015, according to the International Diabetes Federation. In India, Luminor sees potential sales totaling more than 20,000 Scout DS® devices. The company is in discussions with an interested distributor.

In the United States, the Center for Disease Control reports one–third of adults have pre-diabetes and 90 percent of this group remain undiagnosed. An estimated 29.1 million people in the U.S. have diabetes, of which 8.1 million remain undiagnosed. An average of 1.4 million new cases of diabetes are diagnosed each year. Luminor is seeking a licensing party, joint venture partner and/or a U.S.-based lead investor. The company has hired FreeMind, a large international consulting firm that specializes in helping life science companies secure non-dilutive funding.

Lead Technology: Scout DS® Diabetes Screening Device

The only diabetes screening device that is non-invasive, does not require fasting, offers high sensitivity and delivers immediate results at the point of care.

Luminor’s cornerstone technology is the Scout DS®, a non-invasive diabetes screening device that uses visible light to detect and measure biomarkers associated with pre-diabetes and type 2 diabetes present in a patient’s skin. As we age, our skin naturally develops Advanced Glycation End-Products (AGEs)—proteins which have become glycated from exposure to blood sugars the body hasn’t processed properly. However, an overabundance of AGEs is also present in patients with developing or worsening diabetes as the body fails to properly move glucose from the blood and into the patient’s cells. These AGEs fluoresce under specific light waves, making them easily detectable by the Scout DS® device’s sophisticated sensor apparatus.

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Once the patient places their forearm on the device, in as little as 90 seconds, the Scout DS® can painlessly scan a patient’s skin for AGEs and other key biomarkers—without the use of needles, blood drawing or fasting. With its built-in camera, the device snaps a photograph of the detected biomarkers and then immediately generates a result based on the analysis of more than 200 data points in a proprietary algorithm designed to determine a patient’s level of risk for pre-diabetes or type 2 diabetes. The device’s efficiency in detecting abnormal glucose tolerance is on par with Fasting Plasma Glucose and HbA1c testing.

Once the patient places their forearm on the device, in as little as 90 seconds, the Scout DS® can painlessly scan a patient’s skin for AGEs and other key biomarkers—without the use of needles, blood drawing or fasting. With its built-in camera, the device snaps a photograph of the detected biomarkers and then immediately generates a result based on the analysis of more than 200 data points in a proprietary algorithm designed to determine a patient’s level of risk for pre-diabetes or type 2 diabetes. The device’s efficiency in detecting abnormal glucose tolerance is on par with Fasting Plasma Glucose and HbA1c testing.

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The Scout DS® has been tested on more than 15,000 individuals through more than 20 research studies and on over 5,000 individuals through commercial screening. The device has Health Canada clearance, is CE-Marked for the European Union and is approved for sale in 33 countries. Luminor has filed pre-submission documentation with the Food and Drug Administration for de novo classification of the Scout DS® as a next step in securing market clearance in the United States.

The Scout DS® has patents issued in the United States, with patents issued or pending in Canada, Europe, China, India, Korea and Japan.

Management

Christian Sauvageau, President and CEO

Christian Sauvageau has 30 years of experience in both the pharmaceutical and medical device fields. He has held senior sales, marketing, and business development positions with both national and international experience. Sauvageau’s experience includes 20 years at Merck Canada Ltd, most recently as Vice President of customer innovation where he launched innovative products and practices. He led business units to $600 million in annual revenue.

Chris Carmichael, CFO

Chris Carmichael is the CEO of Bradstone Capital Corp., a Canadian based merchant banking organization which for 20 years has provided financial reporting services for pre-public companies and publicly traded companies on the TSX, TSX Venture Exchange, CNSX. He is a Certified Accountant. As person with type 1 diabetes, Carmichael understands the daily challenges of our target customers.

Harry Bloomfield, Chairman of the Board

Harry Bloomfield is a lawyer, business manager and philanthropist. He specializes in Canadian Federal and Provincial Corporate Law, International Finance, Securities Matters, and International Taxation law. From 1980 to 1987, he was Minister of Financial Institutions of Quebec as Member of the Commission, Commission Des Valeurs Mobilieres Du Quebec (Quebec Securities Commission). He has been an Independent Director of Miraculins Inc. since May 31, 2011.

Ashwath Mehra, Director

Ashwath Mehra serves as CEO of the Astor Group, an investment and advisory group of businesses. He has worked in the minerals industry for 22 years. He has extensive experience in international business, restructuring, risk management, board leadership, debt and equity financings, and M&A. He has been Independent Director of Miraculins Inc. since February 9, 2016.

Daniel Cloutier, Director

Daniel Cloutier is the CEO of LOK Corporation, based in Hong Kong, which specializes in services to Medical Device manufacturers. LOK Corporation’s core business is acting as a manufacturer agent focusing on strategic business development, in country representation, regulatory, establishing channel of distribution and territory management. The company reaches a network of more than 15,000 distributors worldwide. Cloutier has 20 years of experience as International Sales Director and Global Vice President in distribution of leading public medical device companies. He has launched a number of new products internationally.

John Soloninka, Strategic Advisor

John Soloninka is a serial entrepreneur in oncology, radiology and web-based EMR/clinical trials. He is a former CEO of a medtech venture debt fund overseeing $86 million investment in 33 companies including diagnostics, imaging, neuro and cardiovascular surgery. He has served as an international pharma/medtech/health IT and health systems strategy consultant for Accelerant Health Innovations, IBM and Price Waterhouse.

John Maynard, M.Sc. EE, B.Sc. EE, Consultant, Scout DS® Technology

John Maynard is registered as co-inventor on 19 U.S. patents, and has been the co-author of 18 peer-reviewed publications. He was co-founder of Veralight Inc. which developed the Scout DS® screening device for prediabetes and type-2 diabetes, and which Luminor acquired all the relevant assets of (related to the Scout DS®) in 2013. In his multiple roles with VeraLight, (including as VP of Development and Engineering, VP of Technology, and Executive VP), Maynard played a senior leadership role that saw the Scout DS® progressively advance through its early stages of feasibility studies and clinical prototypes, through to its final development as a commercially viable and clinically validated device. He was instrumental in leading the teams that created and tested clinical prototypes of the Scout DS®, outlined and executed clinical trial development plans, achieved and implemented an ISO 9001 and 13485 quality manufacturing certification, collaborated with key opinion leaders and diabetes researchers, secured regulatory clearance for Scout DS® from Health Canada and a CE-Mark for the device in the EU, and introduced the Scout DS® into select international markets.

James Overbeck, MBA, B.Sc. EE, Engineering Consultant

James Overbeck has a dynamic record of leadership and entrepreneurial performance with 25 years of experience in technology driven markets. Overbeck is the founder of Q Product Management LLC, a product development company interfacing with clients building or rejuvenating their businesses. Leveraging skills from his career and using techniques honed in the University of Michigan’s Executive Multidisciplinary Action Project, he assists and executes projects across a variety of markets. Customers include multi-national companies launching new ventures, medical device start-ups, and venture capitalists considering new technical opportunities. During his 21-year tenure at X-Rite Incorporated, Overbeck was instrumental in strategic interaction with large OEM’s yielding multi-year supply contracts. Interfacing with patent attorneys and outside talent he successfully injected new business ideas and technologies into X-Rite’s portfolio assuring long term market leadership and profitability. One resulting product was awarded Reality’s Most Innovative Product of the year and achieved first year sales of $1.3 million. He led X-Rite’s software development staff which created a family of products generating over $10 million in annual sales.

 

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