New chief executive officer of iSonea, (ASX:KSX) (formerly KarmelSonix) Michael Thomas said the company has a real chance to lead a global revolution in the way breathing disorders, especially asthma, are managed.
Thomas said in his first address since taking over the reins said "we can create a billion dollar industry, while providing a solution to better detect and manage life threatening breathing disorders worldwide."
His experience in the respiratory and breathing disorder markets in the US (one IPO on Nasdaq, one M&A to GE Healthcare and one independent firm now a global leader) had convinced him iSonea had a pathway to profitability could be paved with a reasonable probability of execution success.
iSonea offers an innovative platform for helping patients, physicians, and healthcare insurance providers a solution to better detect life threatening breathing disorders and deliver a better patient outcome.
Why “iSonea”? The “i” stands for innovation. “Son” references the Latin word “Sonus” meaning sound. “ea” references the Latin word “Apnoea” meaning without breath. So, the new name of the company describes what we do: the innovative analysis of sound for breathing disorders.
One of iSonea's partnerships (Omron) has already been announced, with the company likely to announce several others before the end of this calendar year.
Thomassaid ticked off a number of achievements in 2011:
- Finalisation of the new management team;
- Completion of a distribution agreement with Omron for distribution and regulatory assistance in Japan, Brazil, and Russia as well as one with a strategic partner (not yet disclosed) focusing on the US market;
- An outsourcing of manufacturing activities to ensure proper scalability;
- The pilot of the roll out model for the WHolterTM service in key markets and the validation of this model as a key long-term revenue generator for the company;
- The commercial piloting of the WheezometerTM into key markets via distribution partners and other networks;
- Continued acceptance of the Company’s acoustic respiratory monitoring (ARM™) technology and products as the new paradigm for the monitoring and management of asthma and related diseases by key opinion leaders;
- A clear focus on generating increased sales activity via the established distribution network and working aggressively on reducing expenses and leveraging the assets of strategic partners to “do more with less cost.”
Key objectives for fiscal year 2012 are:
- Fill out the remaining gaps in the management team with best in class executives;
- Complete our capital campaign that enables the company to achieve substantive milestones over the next 12 months;
- Consummate additional strategic partnership deals in industries that are currently not represented (medical device manufacturer, pharmaceutical manufacturer, healthcare payer, disease management service provider, etc…);
- Initiate, complete, and publish key clinical outcome studies that enable the company and the American Thoracic Society (ATS) to jointly lobby the American Medical Association (AMA) to issue Category I codes (the company currently has Category III codes issued) for the WheezoMeter™ and the WHolter™ - a Category I supports negotiation with major third party insurers and rapid scale up of revenue in the US.
Thomassaid the pathway for “innovative” companies such as iSonea, where a new standard of care for disease management is introduced, often leads to a strategic M&A by a major global entity, resulting in a significant upside for shareholders.
Asthma is the first disease state that the company will focus on. COPD and Obstructive Sleep Apnea (OSA) will be the next areas that the company will target its development efforts towards.