KitoTech Medical, Inc.
- Industry
- Medical Devices
- Founded Year
- 2013
- Headquarters
- Seattle, Washington, USA
- Employee Count
- 20
Key People
- Ronald Berenson - Founder and CEO
- Paul Leung - VP Operations
Assessment
- Team
-
Aspect: 1 successful MedTech entrepreneur
Summary: Led by Dr. Ronald Berenson, a seasoned entrepreneur with experience in multiple life sciences ventures.
Dr. Berenson's background includes founding and leading several successful life sciences ventures, including two NASDAQ-listed companies. This experience positions KitoTech Medical favorably in the MedTech industry.
- Clinical Need
-
Aspect: Very Strong
Summary: microMend addresses a significant need for efficient, painless, and easy-to-use wound closure solutions.
Clinical studies have demonstrated outstanding results and strong preferences for microMend over traditional sutures, indicating a substantial market need for such innovative wound closure devices.
- Competition
-
Aspect: Somewhat crowded
Summary: The wound closure market has established players, but microMend offers a unique approach.
The wound closure device market includes various products like sutures, staples, and adhesives. However, microMend's combination of ease of use and effectiveness differentiates it from traditional options.
- Technical Challenge
-
Aspect: Predictable
Summary: The technology behind microMend is well-developed and has been clinically validated.
microMend utilizes a patented Microstaple Technology platform, which has been successfully applied in clinical settings, indicating a predictable technical trajectory.
- Patent
-
Aspect: Very Strong
Summary: KitoTech Medical holds patents for its Microstaple Technology platform.
The proprietary Microstaple Technology is protected by patents, providing KitoTech Medical with a significant advantage in the wound closure market.
- Financing
-
Aspect: Medium
Summary: The company has secured funding through convertible notes and Series B financing.
KitoTech Medical completed a $4.5 million convertible note financing in March 2021 and initiated a Series B round in December 2021, indicating moderate financial backing.
- Regulatory
-
Aspect: 510k/PMA
Summary: microMend is an FDA Class 1 medical device listed with the FDA.
Being an FDA Class 1 medical device allows microMend to be marketed and sold in the United States, streamlining regulatory hurdles.
Opportunity Rollup
- Odds of Success
- 4.05
- Peak Market Share
- 5.45
- Segment CAGR
- 5.4%
- Market Segment
- Wound Closure Devices
- Market Sub Segment
- Non-invasive Wound Closure
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.27 |
| 2 | 0.82 |
| 3 | 1.91 |
| 4 | 3.82 |
| 5 | 5.45 |
Key Takeaway
KitoTech Medical's microMend offers a promising, innovative solution in the wound closure market, leveraging strong leadership and patented technology to address a significant clinical need.