Near Infrared Imaging: Causing a shift in medical imaging

by Michael Feeney

There are 30M- 40M vein punctures everyday worldwide, and 30% of them are painful and miss the 1st time. We will change that.
Wrentham, MA United States Medical Device Diagnostics Home-Based Care Equity Raise

All Team Company Patients Physicians Hospital Partners Innovation Details Investor Info Due Diligence Docs Supporters Comments Updates

About our project

The problem we solve: • There are 30m – 40M vein punctures everyday worldwide. • Locating a vein to insert a needle can be difficult in any patient, but they are very difficult when the patient is very young, aged, obese or has very dark skin. • Over 300 million IVs are placed by paramedics in the EMS setting each year in the USA. Of these IVs, an average of 28% are placed incorrectly, causing multiple needle sticks, patient discomfort, an increased risk of infection, and delays in medical treatment. • Locating a vein to insert a needle can be difficult in any patient, but they are very difficult when the patient is very young, aged, obese or has very dark skin. • Care delays occur in approximately 25 percent of all patients regardless of care setting due to the inability to establish IV access. • Drawing blood or placing an IV is very difficult if the patient has diarrhea, is very young, is very old, or the veins have collapsed due to dehydration.

About our solution: The solution – Vein-Eye® CARRY • Industry forecasts are that “image guidance systems” will increase the success rate of IV placements in difficult patients by 50% - 80%. • The Vein-Eye® CARRY allows for: o The visualizing of the vein in patients where the veins are not visible, o Stress free puncturing of the vein on the 1st attempt, o The monitoring of the needle in the vein. • The Vein-Eye CARRY performs extremely well even with patients who have excess hair, dark skin or collapsed veins. • The Vein-Eye CARRY shows real-time video of the entire arm and hand, allowing to see the direction of the vein and avoid puncturing a vein. • The Vein-Eye CARRY will be used by hospitals, the VNA (Visiting Nurse Association), mobile healthcare practitioners, nursing homes, assisted living facilities, ambulances and anywhere quick and accurate vein punctures are required.

Progress to date:

 

About Our Team

Creator: Michael Feeney

Location: Massachusetts

Education: Northeastern University, Boston

Bio: After spending over 14 years in optical networking sales, I became intrigued with optics in medicine. I could not understand why we could not see more in the human body by using fiber optics, and thus avoid diagnostic surgeries. I began NII in December, 2009, with not much money but a ton of desire and energy. Our goal was, and still is, to develop a handheld, non-contact, non-invasive, handheld devices that combines optical imaging with ultrasound to detect real-time bleeding in the brain. After a number of years of unsuccessfully working to obtain funding for this technology, we developed the vein illumination technology, which will benefit the lives of every patient on the planet.

Hospital Affiliation: Lawrrence Livermore National Laboratory

Title: President

Advanced Degree(s): MS

About Our Company

Near Infrared Imaging

Location: 115 King James Way
Wrentham, Massachusetts 02093

Website: http://www.nearinfraredimaging.com/

Other link: http://www.vein-eye.com

Product Stage: In the Market

YTD Sales: Less than $250,000

Employees: 3-5

How We Help Patients

  • Vein illumination will soon be a billion-dollar industry. It is experiencing tremendous demand and rapid growth.
  • By visualizing the veins of a patient, medical practitioners will be able to avoid anxiety, pain to the patient, treatment delays, and infection.
  • When a medical practitioner or nurse inserts a needle for an IV or to draw blood, it should be accomplished in a timely and safe manner.  
  • The Vein-Eye Carry will decrease hospital costs and the patient will have a more successful experience, causing the hospital’s Customer Satisfaction Care score to increase, an important component of the Affordable Care Act for reimbursement.  
  • Only the Vein-Eye CARRY will easily fit into a crowded pediatric area.  

How We Help Physicians

  • THURSDAY, Dec. 24, 2015 (HealthDay News) -- Patients can be taught to safely self-administer long-term intravenous antibiotics at home, without the help of a health care worker, a new study suggests.
  • Some infections require treatment with IV antibiotics for six weeks or more.
  • Requiring these patients to be hospitalized for several weeks means loss of personal freedom for the patients.
  • The patients who self-administered had a 47 percent (47%) lower rate of hospital readmission over 30 days.

How We Help Hospitals

  1. Intravenous access is often one of the first needs a patient has when medical or surgical intervention is necessary,” said Farley Peechatka, senior vice president and general manager, ultrasound business for Analogic. “In our latest study, results show that PIV cannulation was successful 93 percent of the time on patients where the vein quality was very poor, but an image guidance system was used.
  2. According to Constantino, TG (2005), “When traditional insertion methods are compared to image guided access, results show that the image guided group’s success rates rise to 97 percent. In addition, the image-guided group attempts to completion drops to 1.7 attempts.”
  3. “The average cost of a peripherally inserted central catheter (PICC) is $6501,2 compared to $32 for a PIV attempt3. Consequently, this patient population often suffers care delays due to unnecessary PIV attempts and central lines, which result in higher costs for hospitals.”

 

 

How We Help Partners

  • The #1 cause for medical malpractice lawsuits when a patient is receiving medicine from an IV is the inadvertent leakage of the medicine from the intended vein into the surrounding tissue. 
  • Infiltration and Extravasation are the inadvertent leakage of medicine from the vein into the surrounding tissue.
  • A large volume of leakage can cause compression of nerves and acute limb compartment syndrome (ALCS) resulting in long-term disability.
  • The degree of injury ranges from mild skin reaction, severe necrosis, infection, complex regional pain syndrome, loss of function and amputation.  

Innovation Details

Intellectual Property Summary

NII has purchased either exclusive rights to many patents, and we own some patents and IP outright. Most of our patents were developed, filed, and written by the scientists and legal experts at Lawerence Livermore National Laboratory (www.llnl.org) 

Patent Link
file:///C:/Users/Owner/Desktop/Desktop/Patents/Vein-Eye%20PLUS%20-%20approved.pdf

Clinical Information

  • The Vein-Eye is an FDA Class 1, 510K exempt, non-contact, non-invasive camera and Tablet. The Vein-Eye has the CE Mark as a Class 1, low voltage medical device that does not have a measuring function and is not required to be in a sterile environment. 
  • Industry forecasts are that “image guidance systems” will increase the success  rate of IV placements in difficult patients by 50%-80%.
  • The Vein-Eye is a non-invasive, non-contact and safe illumination system that has never had any adverse affects upon patients or users.
  • The Vein-Eye is a minimal impact medical device that could not cause any harm to the patient or clinician.  

Regulatory Status

The Vein-Eye is a Class 1, 510K exempt, medical device. The regulation number is 880/6970. The owner opertator number is 9065236. The registered establishment number is 3002736133. The registered establishment is Sparqtron Corporation, Fremont, CA.  

How we will use the funds raised

  • The funds will be used specifically for the completion of the development of the Vein-Eye CARRY and the sales launch.
  • The specific tasks and projects to be completed are technical hardware experts (Android, iOS and Windows) and software experts.  
  • The software development will allow for picture perfect images on a Tablet.
  • Some of the funds will be used to develop a supply chain of integral components and to purchase an initial inventory of 200 units.   

Thank You

  • It took our major competitor over $26M to get to the same point that we reached with only $1.3M in investment funds.
  • We take great pride in our connections with prestigious Universities and institution partners.
  • Thus, we make certain to meet every deadline, and to accomplish all projects, in accordance with our forecasted budget
  • We are very serious in how we spend investors' funds.
  • NII is an honorable group of workers, specialists, scientists and investors.
  • The more due diligence you do, the better you will feel about investing in us.  

Investor Info

Market Size

  • In the top 15 most populous countries, there are approximately 107,000 hospitals, 4,500,000 physicians, and 500,000 medical clinics.
  • The Vein-Eye has been developed and priced so that hospitals will be able to purchase 1 for every hospital room. In China, market demand for healthcare and rehabilitation products is fast expanding.
  • At present, companies in China selling home medical products are growing at 20% - 100% a year.        
  • There are 30M - 40M vein punctures everyday worldwide, and this does not include catheter placements or vein puncture attempts by EMS.  

Projected 3 Year Growth

Year      Unit Sales           Total Revenue     NII ‘s Profits       EPS  

1            5,000                    $6M                      $2M                      $.40

2            10,000                 $12M                     $5                         $.80

3            30,000                 $36M                     $15M                   $2.40

4            100,000               $109M                   $20M                   $4.00

5             200,000               $180M                  $50M                   $10.00

                                                                           

Revenue Model

  • We began sales in October, 2014, with a tremendous amount of interest and very favorable responses from the medical community. 
  • Soon, we had the Vein-Eye hospital cart in over 40 countries.
  • We have met and communicated with senior level executives from Henry Schein (www.henryschein.com), Canon (https://www.usa.canon.com/internet/portal/us/home/explore/industries/healthcare/) and other large international medical equipment resellers.
  • There is a very strong interest in reselling the new Vein-Eye CARRY.   

Competitors

  • The Vein-Eye CARRY is unique and beats the competition in price, safety, portability, quality of images, problems solved, and ease of use. 
  • Our competitors project a reconstructed image back onto the skin.
  • A common complaint is that the images make all of the veins appear to be the same depth, same shape and the same circumference.      
  • With the Vein-Eye CARRY, it is clear to see which veins are thinner, longer, wider, and deeper.
  • The Vein-Eye CARRY is considerably less expensive, uses a monitor for easy viewing of the veins and needles in the arm, and can be carried into the home in a small bag or purse.

Traction

NII’s Vein-Eye™ was released in 2014 and is a great tool for sclerotherapy. Below is a video performed by a Cardiologist, Dr. Srivatsa.

https://www.youtube.com/watch?v=AZGf-QsanB8&feature=youtu.be

The video below is of an average Asian patient with the new Vein-Eye CARRY.

https://www.dropbox.com/s/3jnx96mjlsqu15h/James_Video_20170411.avi?dl=0

  • NII has developed considerable traction with over 120 medical equipment distributors worldwide anxiously waiting for the Vein-Eye CARRY. The future for vein illumination lies with NII and the new Vein-Eye CARRY, which could be released as early as February, 2018, with additional funding and/or a partnership.
  • The new Vein-Eye CARRY only weighs 3-4 lbs. and is able to be carried into the home.   

Due Diligence Docs

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Michael Feeney
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Northeastern University, Boston

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