Haystack Oncology
- Industry
- Biotechnology
- Founded Year
- 2021
- Headquarters
- Baltimore, Maryland, United States
- Employee Count
- 70
Key People
- Dan Edelstein - Chief Executive Officer
- Frank Holtrup - Chief Technology Officer, Managing Director Haystack Oncology GmbH
- Joel Kaufman - Chief Financial Officer
- Joshua Cohen - Co-founder and Chief Innovation Officer
- Hannah Quinn - Director of Laboratory Operations
- Jared Snider, Ph.D. - Director of Marketing
- Matt Ryder - Head of Diagnostic Development
- Tweed Hanusek - Senior Director of Quality Assurance
Assessment
- Team
-
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises experienced professionals with successful backgrounds in MedTech and oncology.
The leadership includes individuals like Dan Edelstein, who have held significant roles in the MedTech industry, indicating a strong foundation for the company's strategic direction.
- Clinical Need
-
Aspect: Very Strong
Summary: Haystack Oncology addresses a critical need in cancer diagnostics through advanced ctDNA detection for MRD testing.
The ability to detect minimal residual disease with high sensitivity and specificity is crucial for personalized cancer treatment, making Haystack's offerings highly relevant.
- Competition
-
Aspect: Very crowded + Strategics
Summary: The MRD testing market is highly competitive, with numerous established players and strategic partnerships.
The presence of multiple competitors with strategic alliances necessitates innovative approaches for Haystack to capture market share.
- Technical Challenge
-
Aspect: Predictable
Summary: The technology is based on well-established ctDNA detection methods, suggesting manageable technical challenges.
Leveraging decades of research in liquid biopsy technologies provides a solid basis for the company's technical endeavors.
- Patent
-
Aspect: Strong
Summary: Haystack Oncology possesses strong intellectual property, enhancing its competitive position.
The company's patents, stemming from pioneering research, offer protection and potential for licensing opportunities.
- Financing
-
Aspect: Well-funded
Summary: The company has secured substantial funding, including a $56 million Series A round.
Significant investment from reputable firms indicates confidence in Haystack's technology and market potential.
- Regulatory
-
Aspect: 510k/PMA
Summary: Haystack is pursuing regulatory approvals for its MRD tests, with plans to launch in 2023.
The company's strategy includes navigating regulatory pathways to ensure timely market entry for its diagnostic tests.
Opportunity Rollup
- Odds of Success
- 3.3
- Peak Market Share
- 3.9
- Segment CAGR
- 1.9%
- Market Segment
- In Vitro Diagnostics
- Market Sub Segment
- Liquid Biopsy
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.20 |
| 2 | 0.58 |
| 3 | 1.36 |
| 4 | 2.73 |
| 5 | 3.90 |
Key Takeaway
Haystack Oncology, with its advanced ctDNA detection technology and strong leadership, is well-positioned to address the growing demand for MRD testing in a competitive market.