Q1 2022, Message From The CEO
Wow! What a milestone! Our first ever Quarterly Investor Report! If you are reading this, it means you are one of the earliest people to believe in our mission of preventing kidney failure so much that you have invested your hard-earned cash, time, and energy in us. Thank you. From the bottom of my and my co-founders’ (Dr. Paula Nwajei, Justin Egwudo, and Collins Nwalih) hearts, thank you! There is no doubt that Collogh Cares Inc. would not be a going concern today without your support. So, once again, thank you.
I am pleased to report that Q1 of 2022 was filled with milestones, validation, and recognition. We have begun and already made major strides in product development, entered into a key strategic partnership with one of the world’s foremost Chronic Kidney Disease research organizations (Arbor Research for Collaborative Health), received verbal validation of our solution from the Director of Kidney Care at the US Centre for Medicare Services & Centre for Medicare/Medicaid Innovation, and won our first (of many) awards – “Top 20 Most Promising Startups in Montreal”. Furthermore, we were accepted (and began) the renowned NextAI program – a 6-month Quebec government-funded specialist accelerator for companies using artificial intelligence to solve global problems.
Of course, as expected, there has been a myriad of challenges – chief of which is difficulty closing on some investment commitments we received last year. However, as a team, we are confident we have the talent, perseverance and creativity to tackle these challenges, with the support of our advisors and you, our trusted investors.
To that end, we have added a key new member to the team. I am so happy to inform you that we have recruited Mattias Paulsson as our Chief Product Officer. Mattias comes to us with over 20 years of AI deployment experience, and he was previously the CEO of Lytics, a data science company specialized in serving dialysis centres across the USA and EU. Mattias came highly recommended and so far, his addition has proved to be a real coup for our young company. In addition, we have been working more closely with our lead clinical advisor, Dr. Gihad Nesrallah (MD, MBA, MSc.), who is a Nephrologist and Epidemiologist with over 20 years of experience – including leading the Data Division of the Ontario Renal Network for over 8 years.
Externally, there have also been significant developments in the market to keep our spirits high and reassure us that we are “in the right place at the right time”. Home Healthcare News just published research that shows the addressable market for our home kidney care technology is currently estimated at $170 billion. This month, 3 companies – Fresenius Health Partners, InterWell Health, and Cricket Health – merged to form a value-based kidney care company said to be worth $2.4 billion. Last month, the value-based, home-focused kidney care company, Somatus announced that it had raised more than $325 million in oversubscribed Series E financing, valuing the 8-year old startup at over $1 billion. Monogram Health, a kidney care management company, recently raised $160 million in its Series B. These tailwinds are highly encouraging to us and confirm the overall shift of large scale investment into preventive, value-based care paradigms.
Looking ahead to Q2, our focus will continue to be on product development – with the target of finalising our minimally viable product (MVP) by the end of August. At the time of writing, we are on track to achieve this target. We will also push the regulatory approval process into the next gear, as we aim to receive a Software as a Medical Device (SaMD) designation from the US Food & Drug Administration (FDA). We are working with Marc Saab and his highly regarded team of regulatory experts at BML Technology to achieve this major milestone. We are confident that if we have the required resources, we can achieve our goal of obtaining the FDA approval by September 2023. In parallel, throughout Q2 we will be working hard on designing and recruiting participant clinics for the pilot testing of the MVP, scheduled to begin this September.
As you can imagine, achieving these ambitious targets within our short timeframes will require a significant capital outlay. Hence, I will continue to spend a significant amount of my time on fundraising in Q2. I will place emphasis on closing the outstanding commitments while continuing to build relationships with strategic Venture Capital firms.
Thank you again for your incredible support. Please feel free to reach out to me if you have any questions or concerns regarding the updates below or counsel on how to overcome current and upcoming challenges. It is a blessing to have you on this journey with us.
Dr. Collins Oghor – CEO