|
|
Two Marriott Drive
Lincolnshire, IL 60069 USA
phone:847-229-2020
fax:847-229-2080
|
|
| Symbol |
|
| Exchange |
|
| Founded |
1991 |
| Employees |
119 |
|
|
|
|
|
| Research Sector |
Medical Devices & Tech |
|
 |
| Summary Description |
| Aksys has ceased operations. |
|
| Management |
| Howard Lewin, CEO; Karen R. Krumeich, CFO; Rodney S. Kenley, Sr. VP Product Development; Thomas F. Scully, Sr. VP of Manufacturing and Operations |
| |
|
|
|
|
|
| Keywords |
| renal, renal failure, kidney, hemodialysis, dialysis, ESRD,j2008b |
|
|
|
| Description |
|
Aksys ceased operations in February 2007.
Aksys, Ltd. manufactures and delivers dialysis products and services for patients suffering from ESRD, or End Stage Renal Disease. The Company's lead product, the PHD� System, is a hemodialysis system designed to improve the clinical outcomes of patients and reduce mortality, morbidity and the associated high cost of patient care. |
|
| Products / Services |
The PHD System provides patients with greater adequacy and more bio-compatible dialysis, in that it increases the quantity of toxins removed per session and reduces the amount of exposure the patient's blood has to the products used in treatments, than any other home product on the market. By addressing the many drawbacks of conventional hemodialysis systems, Aksys believes its products and services can be instrumental in improving clinical outcomes, decreasing total treatment costs and improving quality of life for dialysis patients. Additionally, by producing ultra-pure, injectible-quality dialysate from its patient's tap water, the PHD system enables clinics to reduce the cost of supplies that other home products require.
|
|
| Technology / Differentiation |
| Aksys' PHD system is a revolutionary technology, which opened the door to the possibility of home care for ESRD patients by being the first home hemodialysis product to receive FDA approval and CE Mark. The PHD System is an automated personal hemodialysis system that is designed to assist patients in performing hemodialysis in alternate care settings. Aksys technology creates a better quality of life for dialysis patients and allows clinics to service more patients at a higher margin. |
|
| Market / Customers |
There are currently 1.4 million people suffering from kidney failure worldwide, with roughly 337,000 patients within the United States. In this country, 93% of all ESRD patients are treated with thrice-weekly, in-center hemodialysis. However, there are several disadvantages to this treatment method, including a seriously dampened quality of life for their patients. Aksys' customers are these clinics who provide thrice-weekly dialysis treatments to ESRD patients. By providing the PHD? System as an alternative therapy, these clinics will be able to reduce annual labor costs, by increasing nursing efficiency, and eliminate capital investments and operating expenses through increased capacity in the center.
|
|
| Competitors / Substitutes / Alternatives |
Aksys primary competitors in supplying dialysis equipment, disposables, and services are Fresenius Medical Care AG (FMS, Baxter International, Inc. (BAX), and Gambro AB (GAMBA.ST). We also compete with NxStage Medical, Inc. (NXTM)
|
|
| Strategy |
Aksys has implemented a new turnaround strategy to lead the company into the future. Included in its strategy is a new geographically focused sales strategy that will re-align key profitable and strategic territories into PHD Operating Districts, or POD's. The POD concept will cluster Aksys patients into tighter geographical locations, and will reduce current sales and service costs, while helping Aksys to provide a greater quality of service to its clinics and patients. Also included in this realignment will be a number of cost-cutting initiatives, as well as an increased focus on bringing the next generation PHD system to market. Finally, the company has recently announced an increased commitment from its largest shareholder. In the agreement with Durus Life Sciences Master Fund, Durus has committed $5 million cash and a $5 million line of credit that will be available at the closing of the transaction.
|
|
| Funding |
| In addition to the increased commitment from Durus, Aksys also announced in January 2006 a $20 million stock purchase agreement with Fusion Capital. The arrangement will allow Aksys to sell its common shares at its discretion over a 25-month period on a "when and if needed" basis. Assuming that both the deal with Aksys and Fusion Capital is executed, the Company will have capital through 2007 and into 2008. |
|
| Status |
| Aksys' PHD? System, has been approved for patient use in the US and Europe since 2002. Additionally, the company has recently signed a development agreement with DEKA Research & Development to expand the capabilities of its existing PHD System. The development of the next generation PHD system will be focused on allowing patients to perform short dialysis and nocturnal hemodialysis, hemodiafiltration or hemodialysis or a combination of both, portability, and highly advanced automation. |
|
|
|
|
|
|
|
Biotech & Specialty Pharma
Healthcare Services
Medical Devices & Tech
OneMedPlace Member
AdvaMed Members