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DermDx
7085 N Chestnut Ave #101
Fresno, CA 93720 USA
phone:559-577-2542
fax:
Symbol Private
Founded 0
Employees 2008
Research Sector
Summary Description
Developing a revolutionary optical instrument capable of rapid, accurate, non-invasive skin cancer diagnosis.
Management
Dr. Sampath Srikanth, PhD, MBA, President and CEO; Mr. Robert S. Hulsy, MBA. Chairman. Founder, Granite Point Group (2008); Dr William Riggs, PhD, VP of Technical Operations, Founding CEO of River Diagnostics; Dr. Usha Nagavarapu, PhD, VP Product Development
Keywords
optical, cancer diagnosis, skin cancer, non-invasive, fiber-optic, oncology

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Updated: Jul. 09, 2010

Description
DermDx is a medical device company focused on bringing to market a revolutionary optical instrument capable of rapid, accurate, non-invasive skin cancer diagnosis in a doctor's clinic. DermDx was launched with technology licensed from MIT and the University of Texas, and is strategically aligned with leading clinical oncology centers including the renowned MD Anderson Cancer Center in Houston. The Company currently has operations in Fresno California. Initial clinical testing is underway in cooperation with the M.D. Anderson Cancer Center and the U. Texas Medical Center's Austin Dermatology research facility.
Products / Services
Our cost effective and accurate diagnostic is called DDX, an instrument-consumable system, and is capable of diagnosing all skin lesions meets ALL the unmet needs in the marketplace. DDx will provide highly accurate and rapid diagnostic information to physicians for diagnosing skin cancer. Competing non-invasive methods available or under development elsewhere either diagnose only melanoma or only partially reduce the number of biopsies and cannot approach the power and specificity combined with user cost and convenience benefits of the DermDx technology. The company conservatively estimates that in 5 years from launch it will achieve profitable sales of $162MM with just 20% market penetration.
Technology / Differentiation
The company's first product, the DDx, features a hand-held fiber-optic diagnostic probe that utilizes Multi-Modal Spectroscopy (MMS: diffuse reflectance, intrinsic fluorescence, and Raman spectroscopies). MMS is a disruptive technology that will transform early diagnosis of skin cancer by capture and analysis of unique spectral signatures of suspicious skin lesions. MMS is a major leap forward in capability from optical skin cancer diagnosis methods presently available or under development. DermDx has access to a wide range of IP including worldwide exclusive rights to IP from MIT's well known George R. Harrison Spectroscopy Laboratory, Newton Laboratories, and the University of Texas. Thirty-two patents are included in this portfolio. Under a collaborative program agreement, instrument development will be completed within two years and the system will then enter FDA clinical trials.
Market / Customers
Skin cancer diagnostics is a $1.5 Billion market with a major unmet need for a highly accurate, rapid, in-clinic, non-invasive, diagnostic system to differentiate between a wide range of medically serious lesions and benign conditions that are easily treated. Skin Cancer is the most prevalent of all cancers with 1.27 Million Cases in the US every year costing $4.2B in total healthcare costs. At present identifying skin cancer involves a visual evaluation by a dermatologist followed by a painful and invasive biopsy procedure on suspicious-looking areas, and considerable wait time for pathology lab results. Physicians need an accurate, quick and non-invasive method to diagnose all skin cancers and associated lesions to avoid medical liability and to replace reimbursement from biopsies. In addition, the healthcare and insurance companies need a cost effective accurate replacement for biopsies.
Competitors / Substitutes / Alternatives
MELA sciences, (NASDAQ MELA, market cap $160MM) is a publically traded company that uses multi-spectral imaging method to identify pigmented skin lesions. LUCID technology is another non-invasive diagnostic company that uses laser confocal microscopy method look under the skin and expert interpretation of these images to render a diagnosis using teledermatology methods.