Candesant Biomedical

Key People

• Niquette Hunt - CEO, Co-Founder, and Board Chair
• Susan Stimson - Board Member

Assessment

Team

Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises experienced professionals with a track record in MedTech.

Niquette Hunt, the CEO and Co-Founder, has over 25 years of experience in developing and launching products in both large corporations and early-stage companies. Prior to Candesant, she led the commercial strategy at Revance Therapeutics and helped raise over $250 million in the companys 2014 IPO and follow-on financing. Susan Stimson, a Board Member, has over 25 years of experience in the medical device and pharmaceutical sectors, including roles at Intersect ENT and Zenflow. Their combined expertise provides a strong foundation for Candesant Biomedical's strategic direction and operational execution.

Clinical Need

Aspect: Very Strong
Summary: Hyperhidrosis affects a significant portion of the population, indicating a strong clinical need.

Approximately 5% of Americans (15.3 million) report having hyperhidrosis, and many experts believe these numbers are an underestimation because the condition is underreported and underdiagnosed. Additionally, the International Hyperhidrosis Society estimates one in three U.S. adults (85.2 million) are bothered by their excessive underarm sweating. This significant prevalence highlights a strong clinical need for effective and accessible treatments for hyperhidrosis.

Competition

Aspect: Somewhat crowded
Summary: The market has existing treatments, but Brella offers a unique non-invasive option.

The hyperhidrosis treatment market includes various options such as antiperspirants, oral medications, Botox injections, and surgical procedures. However, many of these treatments have limitations, including invasiveness, side effects, or temporary efficacy. Candesant's Brella SweatControl Patch introduces a novel, non-invasive, and quick treatment option, potentially differentiating itself in a somewhat crowded market by addressing unmet needs for convenience and minimal discomfort.

Technical Challenge

Aspect: Predictable
Summary: The technology is based on established principles, suggesting manageable technical challenges.

Candesant's Brella SweatControl Patch utilizes Targeted Alkali Thermolysis (TAT) technology, which involves the interaction between alkali metals and water to generate thermal energy. This method is designed to inactivate sweat glands effectively. The underlying principles are well-understood, suggesting that the technical challenges associated with product development and manufacturing are predictable and manageable, facilitating a smoother path to commercialization.

Patent

Aspect: Strong
Summary: The company holds patents for its TAT technology, providing a competitive edge.

Candesant Biomedical has developed and patented its Targeted Alkali Thermolysis (TAT) technology, which is central to the Brella SweatControl Patch. This proprietary technology provides a non-invasive method for reducing excessive sweating by inactivating sweat glands through controlled thermal energy. The strong patent portfolio not only protects the company's intellectual property but also establishes a competitive barrier, potentially deterring competitors and enhancing the company's market position.

Financing

Aspect: Well-funded
Summary: The company has secured significant funding, supporting its commercialization efforts.

In June 2023, Candesant Biomedical announced the closing of a Series B financing round, raising a total of $35 million to advance the commercialization of Brella, the first-and-only FDA-cleared 3-Minute SweatControl Patch. The financing was led by KCK MedTech, along with other investors including Polaris Partners, Astia Fund, and Correlation Ventures. This substantial funding supports the company's ongoing commercialization efforts and the planned national launch of Brella in 2024, providing the necessary resources to scale operations and penetrate the market effectively.

Regulatory

Aspect: 510k/PMA
Summary: Brella has received FDA clearance, facilitating its market entry.

Brella was cleared by the U.S. Food and Drug Administration (FDA) in April 2023 for the reduction of excessive underarm sweating in adults with primary axillary hyperhidrosis. This FDA clearance is a critical milestone, allowing Candesant Biomedical to market and distribute Brella in the United States. The approval underscores the product's safety and efficacy, facilitating its entry into the market and providing a foundation for future regulatory approvals in other regions.

Opportunity Rollup

Odds of Success

3.5

Peak Market Share

4.4

Segment CAGR

6.3%

Market Segment

Medical Devices

Market Sub Segment

Aesthetic Devices

Key Takeaway

Candesant Biomedical's Brella SweatControl Patch addresses a significant clinical need with a non-invasive solution, supported by strong leadership and substantial funding, positioning the company well in the growing aesthetic devices market.