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Piraeus Medical, Inc.

A stroke happens every 40 seconds in the united states, we use our novel thin walled catheter technology to improve outcomes for stroke victims.

Maple Grove, MN, USA

One Liner

One Liner
A stroke happens every 40 seconds in the united states, we use our novel thin walled catheter technology to improve outcomes for stroke victims.

What Problem We are Solving

Problem
Acute Ischemic Stroke is the fifth-leading cause of death and leading cause of preventable disability in the U.S. Recently, aspiration thrombectomy (retrieving clots using minimally invasive suction catheters) has become the favored approach of 80+% of physicians. However, the leading tools for aspiration, ‘superbore’ 0.088” catheters, have navigation and wall thickness concerns that prevent them from removing clots in a majority of cases. In addition, physicians are limited to treating patients from the femoral artery because existing devices are too large to support radial artery access.

About Us

About Us
The Piraeus team has invented and developed a novel, thin wall technology that enables us to build catheters with half the wall thickness. This technology enables world class tip softness to improve navigation to the clot and achieve the largest inner diameter on the market to improve clot removal for stroke patients. Our 7Fr Mach 88R catheter allows physicians to treat stroke safely from the radial artery for the first time.

Venture Highlights

Highlights
We interviewed over 100 physicians to ensure we understood the clinical need and that we were building a product they wanted.

We started our company at a workbench in my living room and raised $2.5 million to achieve design freeze on our three devices that make up the Mach Catheter Portfolio. 

18 physicians have invested in our company after using our device in a simulated vessel anatomy model.

We have filed 3 total US and PCT patents with 54 total claims 

We have received a 26 (high fundable score) on our $2 million NIH grant submission. 

Southeast Minnesota Capital Fund II in combination with Gopher Angels are leading this current $2.5 million fundraise with over $900K committed.

Business Model

Business Model
At Piraeus Medical we work with a contract manufacturer Switchback Medical to design, develop, and build our regulatory documents which we submit to the FDA for approval. 

Upon approval we sell to physicians and hospitals who get reimbursed using existing reimbursement codes from Insurance companies.

Competitive Advantage

Quote
Beyond our novel thin walled technology, our team has extensive experience in the neurovascular market.  We started Marblehead Medical in 1999 and had a successful exit in 2021.

The experience and connections from the Marblehead exit gives our team unique experience and connection within the space. 

Finally, our biggest competitive advantage is our strong physician relationships. We interviewed over 100 physicians to ensure we were building a product that solved a clinical need. 18 physicians in total have invested after evaluation our devices in a simulated anatomy model giving us confirmation we have filled a need.

Users

Total Users
N/A
Total Users (Past 30 Days)
N/A
Daily Active Users
N/A
Monthly Active Users
N/A
Total Paying Users
N/A
MoM Growth Users
N/A
Organic Traffic %
N/A

Customer Costs

CAC
N/A
LTV
N/A
Churn
N/A
Margins
80%

Go-To Market Strategy

Business Strategy
The neurovascular market is very unique in that it is very concentrated with 10% of hospitals buying 60% of the stroke treatment devices. We have over 18 physicians who have invested in our company are looking to be early adopters. The early adopters account for our first two years of revenue. They are both key opinion leaders who will present early experience with the device and high volume users who collectively will drive strategic interest to attract an acquisition.

Team

Jared Hutar
Jared Hutar

CEO

Competitive Analysis

Competitive Analysys
Our competitors use existing catheter technology which limits their products performance and value to physicians.

Our thin walled catheter technology enables us to build two catheters with the same crossing profile as one of our competitors enabling us to have the largest inner diameter catheter as possible for optimal clot removal. Our thin walled catheter technology is applied to our radial access (wrist) catheter which allows physicians to treat stroke from the radial location safely for the first time, something our competitors simply cant do.
Competitor Website
Route 92 Medical www.route92medical.com
Perfuze Medical www.perfuze.com
Imperative Care imperativecare.com

Networking

Networking
We are open to meeting up to grab a coffee, or just to chat. We would really enjoy your feedback and insight into our venture and would be happy to discuss anything that you are currently working on to see if we can be of service!

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Capital

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Name Amount
Amount Left $1,500,000.00
Amount Raised (This Round) $1,000,000.00
Amount Raise To Date $2.5M
Investment Type N/A
Type of Raise Equity
Valuation
$10M
Preseed
$2.5M

TAM SAM SOM

TAM
$650M
SAM
$350M
SOM
$250M

Business Stage

Business Stage
Seed

Business Type

Business Types
Investor-Backed

Categories

Technology
Healthcare