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Vagus Nerve Stimulation for the Treatment of Atrial Fibrillation 
Team 20, Lessons Learned 
101 Interviews 
IRL 4
Where We Started 
Founders (Rosellini/Spitaels) who have raised >$50M and wasted >$10M in VC funding on advanced implants with no market need. DESPERATE FOR REPEATABLE PROCESS TO PROVE UNMET NEED 
Added preclinical/clinical founders (Bates/Duke) to solidify clinical approach and translate technology with 7 publications, >100 canines, and n=20 clinical patients 
We assumed that because neurostimulation companies weren’t studying Atrial Fibrillation we were wrong to pursue it 
V 
12/10/2014 
V 
Ccccccc c
What we missed 
•Atrial fibrillation (AF) effects 3 million Americans with more than 529,000 hospitalizations 
•Prevalence is expected to double by 2020. 
•Total annual treatment costs are estimated to be $6.65 billion, including $3 billion for hospitalizations directly related to AF diagnoses, $1.95 billion for inpatient management of AF 
•Comorbid diagnosis of stroke increased the cost to $12 billion in 2006, primarily because of the costs of rehabilitation, long-term care, and lost income (shameless plug for Microtransponder, Inc.) 
12/10/2014
Key Personnel CEO Founder/IE CSO and Founder 
12/10/2014
First BMC – 11 Interviews 
12/10/2014 
Cardiac EPs 
Med Device companies 
Patients with advanced AF/HF 
Patients with co- morbidities 
Indirect Distribution 
Journals 
Conferences 
Physician Advocates 
Treatment for Refractory Pts 
<AF Burden 
>NSR 
Simpler data presentation 
Identify responders first 
IP 
Neurostimulator 
Prove Clinical Outcomes 
Demonstrate Cost Efficacy 
Manufacturer 
Software Firm 
Regulatory Counsel 
Distributor 
Non-dilutive Financing 
Device COGS 
Manufacturer 
Distributor 
Clinical Trial 
Labor 
Device Sales 
IP License 
SW License 
Reimbursement for Data 
Hard to treat & Study 
Validated 
New 
Invalidated
What We Did 
We “got out of the building”, talked to Physicians and Patients, asked some wrong questions 
Q: Would patients with AF take an implant? 
A: Yes – much trust in doctor’s advice 
Q: We think early-stage AF is adequately treated, but it would be cool to treat patients that also have HF, right? 
A: Right, there are no treatments for those patients. 
12/10/2014
Updated BMC – 30 Interviews 
12/10/2014 
Cardiac EPs 
Med Device companies 
Patients with advanced AF/HF 
Patients with co- morbidities 
Indirect Distribution 
Journals 
Conferences 
Physician Advocates 
Treatment for Refractory Pts 
AF Burden <50% 
NSR >90% 
Simpler data presentation 
Identify responders first 
IP 
Neurostimulator 
Prove Clinical Outcomes 
Demonstrate Cost Efficacy 
Manufacturer 
Software Firm 
Regulatory Counsel 
Distributor 
Non-dilutive Financing 
Device COGS 
Manufacturer 
Distributor 
Clinical Trial 
Labor 
Device Sales 
IP License 
SW License 
Reimbursement for Data 
Patients with advanced AF 
Validated 
New 
Invalidated
What We Did Next 
Talked to many physicians and Cardiovascular Device Execs, but asked more wrong questions 
Q: If we solved advanced AF that would be pretty cool, right? 
A: Yes! Absolutely! Nothing has advanced in 30 years. 
Q: What are the most important outcomes to show/measure in a clinical study? 
A1: Must be improvement in AF burden! 
A2: Must be improvement in symptoms! 
12/10/2014
Updated BMC – 60 Interviews 
12/10/2014 
Cardiac EPs 
Med Device companies 
Patients with advanced AF/HF 
Patients with co- morbidities 
Indirect Distribution 
Journals 
Conferences 
Physician Advocates 
Treatment for Refractory Pts 
AF Burden <50% 
NSR >90% 
Simpler data presentation 
Identify responders first 
IP 
Neurostimulator 
Prove Clinical Outcomes 
Demonstrate Cost Efficacy 
Manufacturer 
Software Firm 
Regulatory Counsel 
Distributor 
Non-dilutive Financing 
Device COGS 
Manufacturer 
Distributor 
Clinical Trial 
Labor 
Device Sales 
IP License 
SW License 
Reimbursement for Data 
Patients with advanced AF 
Symptoms <50% 
Validated 
New 
Invalidated
What We Did, Finally 
Attended conferences, talked to more physicians/execs, and asked the right questions 
Q: If we gave you a device that treated patients with early-stage AF, would that be a big deal? 
A: Yes! As many as 25% of my patients don’t respond to therapy or aren’t eligible for competing therapies 
Q: If we give you clinical data and IP, do you care if we don’t have a device? 
A: Not at all. Don’t spend $ on a device. We already have them 
12/10/2014
Updated BMC – 100 Interviews 
12/10/2014 
Cardiac EPs 
Med Device companies 
Patients with Early-Stage AF 
Indirect Distribution 
Journals 
Conferences 
Physician Advocates 
Treatment for Refractory Pts 
AF Burden <50% 
NSR >90% 
Simpler data presentation 
Identify responders first 
IP 
Prove Clinical Outcomes 
Demonstrate Cost Efficacy 
Manufacturer 
Software Firm 
Regulatory Counsel 
Distributor 
Non-dilutive Financing 
Manufacturer 
Distributor 
Clinical Trial 
Labor 
Device Sales 
IP License 
SW License 
Reimbursement for Data 
Symptoms <50% 
KOLs 
Conferences 
Neurostimulator 
Device COGS 
Patients with advanced AF/HF 
Patients with co- morbidities 
Patients with advanced AF 
Validated 
New 
Invalidated
Here’s where we are: 
Received NIH and EU Contracts totaling >$7M to develop approach for a number of autonomic disorders. 
Acquired Synaptix, SA and repurposed CE Marked IPG for use as a Vagus Nerve Stimulator 
Completed >100 KOL interviews to confirm clinical approach 
EC/CA approval for 10 patient, 2 site feasibility study 
 Cuff lead to begin MRI compatibility testing 
 Phase II SBIR submission in Q3 2014 
Phase 1 Preclinical Data + EU Clinical Data 
 Need $1.5M A round to match $5M BioWin award to fund GMP device for follow-on 20 patient study 
12/10/2014
12/10/2014 
Effective team? 
Attractive solution & ID of MVP 
Unit economics Validated 
Cash to exit 
Plausible exit 
Compelling clinical need + large mkt 
Regulatory Investment Readiness Level 
Reimbursement 
Intellectual Property
First BMC – 11 Interviews 
12/10/2014 
Cardiac EPs 
Med Device companies 
Patients with advanced AF/HF 
Patients with co- morbidities 
Indirect Distribution 
Journals 
Conferences 
Physician Advocates 
Treatment for Refractory Pts 
<AF Burden 
>NSR 
Simpler data presentation 
Identify responders first 
IP 
Neurostimulator 
Prove Clinical Outcomes 
Demonstrate Cost Efficacy 
Manufacturer 
Software Firm 
Regulatory Counsel 
Distributor 
Non-dilutive Financing 
Device COGS 
Manufacturer 
Distributor 
Clinical Trial 
Labor 
Device Sales 
IP License 
SW License 
Reimbursement for Data 
Validated 
New 
Invalidated
Updated BMC – 30 Interviews 
12/10/2014 
Cardiac EPs 
Med Device companies 
Patients with advanced AF/HF 
Patients with co- morbidities 
Indirect Distribution 
Journals 
Conferences 
Physician Advocates 
Treatment for Refractory Pts 
AF Burden <50% 
NSR >90% 
Simpler data presentation 
Identify responders first 
IP 
Neurostimulator 
Prove Clinical Outcomes 
Demonstrate Cost Efficacy 
Manufacturer 
Software Firm 
Regulatory Counsel 
Distributor 
Non-dilutive Financing 
Device COGS 
Manufacturer 
Distributor 
Clinical Trial 
Labor 
Device Sales 
IP License 
SW License 
Reimbursement for Data 
Patients with advanced AF 
Validated 
New 
Invalidated
Updated BMC – 60 Interviews 
12/10/2014 
Cardiac EPs 
Med Device companies 
Patients with advanced AF/HF 
Patients with co- morbidities 
Indirect Distribution 
Journals 
Conferences 
Physician Advocates 
Treatment for Refractory Pts 
AF Burden <50% 
NSR >90% 
Simpler data presentation 
Identify responders first 
IP 
Neurostimulator 
Prove Clinical Outcomes 
Demonstrate Cost Efficacy 
Manufacturer 
Software Firm 
Regulatory Counsel 
Distributor 
Non-dilutive Financing 
Device COGS 
Manufacturer 
Distributor 
Clinical Trial 
Labor 
Device Sales 
IP License 
SW License 
Reimbursement for Data 
Patients with advanced AF 
Symptoms <50% 
Validated 
New 
Invalidated
Updated BMC – 100 Interviews 
12/10/2014 
Cardiac EPs 
Med Device companies 
Patients with Early-Stage AF 
Indirect Distribution 
Journals 
Conferences 
Physician Advocates 
Treatment for Refractory Pts 
AF Burden <50% 
NSR >90% 
Simpler data presentation 
Identify responders first 
IP 
Prove Clinical Outcomes 
Demonstrate Cost Efficacy 
Manufacturer 
Software Firm 
Regulatory Counsel 
Distributor 
Non-dilutive Financing 
Manufacturer 
Distributor 
Clinical Trial 
Labor 
Device Sales 
IP License 
SW License 
Reimbursement for Data 
Symptoms <50% 
KOLs 
Conferences 
Neurostimulator 
Device COGS 
Patients with advanced AF/HF 
Patients with co- morbidities 
Patients with advanced AF 
Validated 
New 
Invalidated
Current BMC 
12/10/2014 
Cardiac EPs 
Med Device companies 
Patients with Early-Stage AF 
Journals 
Conferences 
Physician Advocates 
Treatment for Refractory Pts 
AF Burden <50% 
Simpler data presentation 
Identify responders first 
IP 
Prove Clinical Outcomes 
Manufacturer 
Software Firm 
Regulatory Counsel 
Non-dilutive Financing 
Manufacturer 
Clinical Trial 
Labor 
Device Sales 
IP License 
SW License 
Reimbursement for Data 
Symptoms <50% 
KOLs 
Conferences 
Validated 
New 
Invalidated

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CardiaX I-Corps@NIH 121014

  • 1. Vagus Nerve Stimulation for the Treatment of Atrial Fibrillation Team 20, Lessons Learned 101 Interviews IRL 4
  • 2. Where We Started Founders (Rosellini/Spitaels) who have raised >$50M and wasted >$10M in VC funding on advanced implants with no market need. DESPERATE FOR REPEATABLE PROCESS TO PROVE UNMET NEED Added preclinical/clinical founders (Bates/Duke) to solidify clinical approach and translate technology with 7 publications, >100 canines, and n=20 clinical patients We assumed that because neurostimulation companies weren’t studying Atrial Fibrillation we were wrong to pursue it V 12/10/2014 V Ccccccc c
  • 3. What we missed •Atrial fibrillation (AF) effects 3 million Americans with more than 529,000 hospitalizations •Prevalence is expected to double by 2020. •Total annual treatment costs are estimated to be $6.65 billion, including $3 billion for hospitalizations directly related to AF diagnoses, $1.95 billion for inpatient management of AF •Comorbid diagnosis of stroke increased the cost to $12 billion in 2006, primarily because of the costs of rehabilitation, long-term care, and lost income (shameless plug for Microtransponder, Inc.) 12/10/2014
  • 4. Key Personnel CEO Founder/IE CSO and Founder 12/10/2014
  • 5. First BMC – 11 Interviews 12/10/2014 Cardiac EPs Med Device companies Patients with advanced AF/HF Patients with co- morbidities Indirect Distribution Journals Conferences Physician Advocates Treatment for Refractory Pts <AF Burden >NSR Simpler data presentation Identify responders first IP Neurostimulator Prove Clinical Outcomes Demonstrate Cost Efficacy Manufacturer Software Firm Regulatory Counsel Distributor Non-dilutive Financing Device COGS Manufacturer Distributor Clinical Trial Labor Device Sales IP License SW License Reimbursement for Data Hard to treat & Study Validated New Invalidated
  • 6. What We Did We “got out of the building”, talked to Physicians and Patients, asked some wrong questions Q: Would patients with AF take an implant? A: Yes – much trust in doctor’s advice Q: We think early-stage AF is adequately treated, but it would be cool to treat patients that also have HF, right? A: Right, there are no treatments for those patients. 12/10/2014
  • 7. Updated BMC – 30 Interviews 12/10/2014 Cardiac EPs Med Device companies Patients with advanced AF/HF Patients with co- morbidities Indirect Distribution Journals Conferences Physician Advocates Treatment for Refractory Pts AF Burden <50% NSR >90% Simpler data presentation Identify responders first IP Neurostimulator Prove Clinical Outcomes Demonstrate Cost Efficacy Manufacturer Software Firm Regulatory Counsel Distributor Non-dilutive Financing Device COGS Manufacturer Distributor Clinical Trial Labor Device Sales IP License SW License Reimbursement for Data Patients with advanced AF Validated New Invalidated
  • 8. What We Did Next Talked to many physicians and Cardiovascular Device Execs, but asked more wrong questions Q: If we solved advanced AF that would be pretty cool, right? A: Yes! Absolutely! Nothing has advanced in 30 years. Q: What are the most important outcomes to show/measure in a clinical study? A1: Must be improvement in AF burden! A2: Must be improvement in symptoms! 12/10/2014
  • 9. Updated BMC – 60 Interviews 12/10/2014 Cardiac EPs Med Device companies Patients with advanced AF/HF Patients with co- morbidities Indirect Distribution Journals Conferences Physician Advocates Treatment for Refractory Pts AF Burden <50% NSR >90% Simpler data presentation Identify responders first IP Neurostimulator Prove Clinical Outcomes Demonstrate Cost Efficacy Manufacturer Software Firm Regulatory Counsel Distributor Non-dilutive Financing Device COGS Manufacturer Distributor Clinical Trial Labor Device Sales IP License SW License Reimbursement for Data Patients with advanced AF Symptoms <50% Validated New Invalidated
  • 10. What We Did, Finally Attended conferences, talked to more physicians/execs, and asked the right questions Q: If we gave you a device that treated patients with early-stage AF, would that be a big deal? A: Yes! As many as 25% of my patients don’t respond to therapy or aren’t eligible for competing therapies Q: If we give you clinical data and IP, do you care if we don’t have a device? A: Not at all. Don’t spend $ on a device. We already have them 12/10/2014
  • 11. Updated BMC – 100 Interviews 12/10/2014 Cardiac EPs Med Device companies Patients with Early-Stage AF Indirect Distribution Journals Conferences Physician Advocates Treatment for Refractory Pts AF Burden <50% NSR >90% Simpler data presentation Identify responders first IP Prove Clinical Outcomes Demonstrate Cost Efficacy Manufacturer Software Firm Regulatory Counsel Distributor Non-dilutive Financing Manufacturer Distributor Clinical Trial Labor Device Sales IP License SW License Reimbursement for Data Symptoms <50% KOLs Conferences Neurostimulator Device COGS Patients with advanced AF/HF Patients with co- morbidities Patients with advanced AF Validated New Invalidated
  • 12. Here’s where we are: Received NIH and EU Contracts totaling >$7M to develop approach for a number of autonomic disorders. Acquired Synaptix, SA and repurposed CE Marked IPG for use as a Vagus Nerve Stimulator Completed >100 KOL interviews to confirm clinical approach EC/CA approval for 10 patient, 2 site feasibility study  Cuff lead to begin MRI compatibility testing  Phase II SBIR submission in Q3 2014 Phase 1 Preclinical Data + EU Clinical Data  Need $1.5M A round to match $5M BioWin award to fund GMP device for follow-on 20 patient study 12/10/2014
  • 13. 12/10/2014 Effective team? Attractive solution & ID of MVP Unit economics Validated Cash to exit Plausible exit Compelling clinical need + large mkt Regulatory Investment Readiness Level Reimbursement Intellectual Property
  • 14. First BMC – 11 Interviews 12/10/2014 Cardiac EPs Med Device companies Patients with advanced AF/HF Patients with co- morbidities Indirect Distribution Journals Conferences Physician Advocates Treatment for Refractory Pts <AF Burden >NSR Simpler data presentation Identify responders first IP Neurostimulator Prove Clinical Outcomes Demonstrate Cost Efficacy Manufacturer Software Firm Regulatory Counsel Distributor Non-dilutive Financing Device COGS Manufacturer Distributor Clinical Trial Labor Device Sales IP License SW License Reimbursement for Data Validated New Invalidated
  • 15. Updated BMC – 30 Interviews 12/10/2014 Cardiac EPs Med Device companies Patients with advanced AF/HF Patients with co- morbidities Indirect Distribution Journals Conferences Physician Advocates Treatment for Refractory Pts AF Burden <50% NSR >90% Simpler data presentation Identify responders first IP Neurostimulator Prove Clinical Outcomes Demonstrate Cost Efficacy Manufacturer Software Firm Regulatory Counsel Distributor Non-dilutive Financing Device COGS Manufacturer Distributor Clinical Trial Labor Device Sales IP License SW License Reimbursement for Data Patients with advanced AF Validated New Invalidated
  • 16. Updated BMC – 60 Interviews 12/10/2014 Cardiac EPs Med Device companies Patients with advanced AF/HF Patients with co- morbidities Indirect Distribution Journals Conferences Physician Advocates Treatment for Refractory Pts AF Burden <50% NSR >90% Simpler data presentation Identify responders first IP Neurostimulator Prove Clinical Outcomes Demonstrate Cost Efficacy Manufacturer Software Firm Regulatory Counsel Distributor Non-dilutive Financing Device COGS Manufacturer Distributor Clinical Trial Labor Device Sales IP License SW License Reimbursement for Data Patients with advanced AF Symptoms <50% Validated New Invalidated
  • 17. Updated BMC – 100 Interviews 12/10/2014 Cardiac EPs Med Device companies Patients with Early-Stage AF Indirect Distribution Journals Conferences Physician Advocates Treatment for Refractory Pts AF Burden <50% NSR >90% Simpler data presentation Identify responders first IP Prove Clinical Outcomes Demonstrate Cost Efficacy Manufacturer Software Firm Regulatory Counsel Distributor Non-dilutive Financing Manufacturer Distributor Clinical Trial Labor Device Sales IP License SW License Reimbursement for Data Symptoms <50% KOLs Conferences Neurostimulator Device COGS Patients with advanced AF/HF Patients with co- morbidities Patients with advanced AF Validated New Invalidated
  • 18. Current BMC 12/10/2014 Cardiac EPs Med Device companies Patients with Early-Stage AF Journals Conferences Physician Advocates Treatment for Refractory Pts AF Burden <50% Simpler data presentation Identify responders first IP Prove Clinical Outcomes Manufacturer Software Firm Regulatory Counsel Non-dilutive Financing Manufacturer Clinical Trial Labor Device Sales IP License SW License Reimbursement for Data Symptoms <50% KOLs Conferences Validated New Invalidated