RxFunction, Inc.
- Industry
- Medical Devices & Equipment
- Founded Year
- 2010
- Headquarters
- Eden Prairie, Minnesota, USA
- Employee Count
- 35
Key People
- Mary Anderson - Chief Executive Officer
- Lars Oddsson - Co-founder & Chief Technology Officer
- Dan Leach - Co-founder
- Richard J. Nigon - Director
- Richard Offerdahl - Director
Assessment
- Team
-
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises experienced professionals with backgrounds in medical technology and business development.
The presence of multiple successful MedTech entrepreneurs in the leadership team suggests a strong foundation for strategic decision-making and industry navigation.
- Clinical Need
-
Aspect: Very Strong
Summary: Peripheral neuropathy affects a significant population, leading to balance issues and increased fall risk.
The high prevalence of peripheral neuropathy and its impact on balance and mobility underscore a critical clinical need for effective interventions like Walkasins.
- Competition
-
Aspect: First mover
Summary: RxFunction's Walkasins is among the first wearable devices targeting balance improvement in peripheral neuropathy patients.
As a first mover, RxFunction has the opportunity to establish market leadership but must invest in educating both clinicians and patients about the benefits of their technology.
- Technical Challenge
-
Aspect: Moderate
Summary: Developing a wearable neuroprosthesis involves integrating sensor technology with user comfort and efficacy.
The moderate technical challenge lies in ensuring the device is both effective in improving balance and comfortable enough for consistent patient use.
- Patent
-
Aspect: Strong
Summary: RxFunction holds patents related to sensory modulation systems for improving gait and balance control.
The company's patents provide a barrier to entry for competitors and can be leveraged for strategic partnerships or licensing opportunities.
- Financing
-
Aspect: Well-funded
Summary: RxFunction has secured approximately $21.5 million in funding over multiple rounds.
The substantial funding indicates investor confidence and provides the resources necessary for scaling operations and marketing efforts.
- Regulatory
-
Aspect: 510k/PMA
Summary: Walkasins is available by prescription, indicating regulatory clearance.
Achieving regulatory clearance is a significant milestone that allows the company to market and distribute Walkasins to patients in need.
Opportunity Rollup
- Odds of Success
- 4.1
- Peak Market Share
- 5.95
- Segment CAGR
- 4.9%
- Market Segment
- Neurology Devices
- Market Sub Segment
- Peripheral Neuropathy Treatment Devices
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.30 |
| 2 | 0.89 |
| 3 | 2.08 |
| 4 | 4.17 |
| 5 | 5.95 |
Key Takeaway
RxFunction's Walkasins addresses a significant clinical need with strong leadership and funding, positioning it well in the growing neurology device market.