Sparta Biomedical

Key People

• Dushyanth Surakanti - Co-Founder, Chief Executive Officer & Board Member
• Dimitrios Angelis JD - Co-Founder, Chief Operating Officer, President & Board Member
• Benjamin Wiley Ph.D - Chief Technology Officer
• Ken Gall Ph.D - Board Member
• Neil Roth MD - Board Member
• Sean Fontenot - Board Member

Assessment

Team

Aspect: First-time 10+ yrs
Summary: The leadership team comprises first-time entrepreneurs with over a decade of experience in the medical device industry.

The co-founders and key executives have substantial experience in the medical device sector, which is advantageous for navigating the complexities of product development and commercialization.

Clinical Need

Aspect: Very Strong
Summary: There is a significant unmet need for effective treatments for knee osteoarthritis, which affects millions globally.

Knee osteoarthritis is a leading cause of disability, and current treatments often fall short in providing long-term relief. Sparta Biomedical's Ormi implant aims to fill this gap by offering a solution that closely mimics natural cartilage.

Competition

Aspect: Somewhat crowded
Summary: The orthopedic device market is competitive, with several players offering knee implants and related solutions.

While the market has established players, Sparta Biomedical's focus on biomimetic implants that closely replicate natural cartilage properties may provide a unique value proposition.

Technical Challenge

Aspect: Moderate
Summary: Developing implants that mimic natural cartilage involves moderate technical challenges.

Creating a synthetic implant that replicates the mechanical and biological properties of native cartilage is complex but feasible with current technology and expertise.

Patent

Aspect: Strong
Summary: The company holds multiple patents related to their implant technology.

Holding patents on key aspects of their technology can protect Sparta Biomedical from competitors and provide leverage in the market.

Financing

Aspect: Medium
Summary: The company has secured $5 million in seed funding and additional convertible note financing.

While initial funding is promising, the costs associated with clinical trials and bringing a medical device to market are substantial, necessitating additional capital.

Regulatory

Aspect: Pivotal Trial
Summary: The Ormi implant has received FDA Breakthrough Device Designation and is undergoing clinical trials.

Achieving Breakthrough Device Designation is a positive step, but successful completion of pivotal trials and subsequent FDA approval are critical milestones yet to be achieved.

Opportunity Rollup

Odds of Success

3.7

Peak Market Share

5.1

Segment CAGR

3.0%

Market Segment

Orthopedic Devices

Market Sub Segment

Knee Implants

Key Takeaway

Sparta Biomedical's Ormi implant addresses a significant clinical need with a strong team and innovative technology, but faces challenges in funding, competition, and regulatory approval.