Third Pole Therapeutics

Key People

• Bill Athenson - Chief Executive Officer
• Werner Cautreels, Ph.D. - Director
• Greg Hall - VP of Core Technology
• Philip Silkoff - Chief Medical Officer
• Christopher Miles - Chief Technical Officer

Assessment

Team

Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises seasoned professionals with extensive experience in the MedTech industry.

The CEO, Bill Athenson, has over 25 years of experience in the pharma and medical device sectors, including leadership roles at Three Lakes Partners and Cardinal Health. Director Dr. Werner Cautreels brings over 40 years of biopharmaceutical experience, having led companies like Solvay Pharmaceuticals and Selecta Biosciences. Such a leadership composition indicates a strong foundation for strategic decision-making and industry navigation.

Clinical Need

Aspect: Very Strong
Summary: The company's products address critical unmet needs in cardiopulmonary therapies.

Third Pole Therapeutics focuses on developing portable inhaled nitric oxide (iNO) delivery systems, such as eNOfit and eNOcare, targeting conditions like pulmonary hypertension and hypoxic respiratory failure. These conditions have limited treatment options, and the company's innovative approach offers potential for improved patient outcomes and expanded market reach.

Competition

Aspect: Somewhat crowded
Summary: The market has existing players, but opportunities exist for differentiation.

The inhaled nitric oxide market includes established companies providing tank-based systems. However, Third Pole's tankless, on-demand iNO generation technology offers a novel solution that could differentiate it from competitors, especially in settings lacking infrastructure for traditional systems.

Technical Challenge

Aspect: Moderate
Summary: Developing portable iNO delivery systems presents manageable technical challenges.

Creating devices like eNOfit and eNOcare involves integrating complex technologies to ensure safety, efficacy, and portability. The company's successful development and readiness for clinical trials indicate a capacity to address these challenges effectively.

Patent

Aspect: Strong
Summary: The company holds robust intellectual property protecting its innovations.

Third Pole Therapeutics has developed a scalable technology for on-demand iNO generation, free from compressed gas storage. This innovation is protected by broad patents, providing a significant barrier to entry for competitors and securing the company's position in the market.

Financing

Aspect: Well-funded
Summary: The company has secured substantial funding to support its development and commercialization efforts.

As of December 2022, Third Pole Therapeutics raised over $85 million in Series B financing, including a $32 million strategic equity investment. This financial backing supports the final development phases and planned FDA submissions, indicating strong investor confidence and resource availability for growth.

Regulatory

Aspect: Pivotal Trial
Summary: The company's products are progressing through critical regulatory stages.

Third Pole's eNOcare device received FDA 'breakthrough' designation, with a planned 2023 FDA submission. The eNOfit device is set to enter clinical trials, with pivotal trial data expected in the second half of 2023. These milestones reflect significant progress in meeting regulatory requirements essential for commercialization.

Opportunity Rollup

Odds of Success

3.55

Peak Market Share

4.4

Segment CAGR

3.4%

Market Segment

Anesthesia and Respiratory Devices

Market Sub Segment

Inhaled Nitric Oxide Delivery Systems

Key Takeaway

Third Pole Therapeutics is well-positioned to address significant unmet needs in cardiopulmonary care with its innovative, portable iNO delivery systems, supported by a strong leadership team and substantial funding.