A Chicago med-tech startup that wants to fundamentally change how we understand and treat cancer kicked off the year with the announcement that it received FDA clearance for its introductory platform and hasn't looked back since.
SimBioSys' technology uses artificial intelligence, spatial biophysics and computer modeling to help cancer surgeons better see tumors. Surgeons can create detailed 3D models of a patient's cancer using the platform, called TumorSight, allowing them to better determine the best route of care for patients.
The company plans to continue to expand the platform across surgical planning, risk assessment, treatment selection and more, and in April launched TumorSight Plan, which provides a new approach to surgical planning for early-stage breast cancer. SimBioSys CEO Tushar Pandey said the platform has reached 10 organizations across the country, including the Mayo Clinic.
Meanwhile, after raising a $15 million Series A in 2021, the company aims to close a $20 million to $25 million Series B raise in the coming months, Pandey said. SimBioSys will also be moving offices to Fulton Market later this month.
"When you're building a solution like this, initially all you're thinking about is what are the scientific technologies that we need to build," Pandey told Chicago Inno. "That was the first three to four years: enabling technologies, modeling capabilities and building the foundation. Now in the fourth year, the focus shifted away from regulatory clearance to how do we land and expand as we get into health systems."
Pandey said that building a med-tech company can be especially difficult because it comes with scientific, clinical, regulatory and commercials risks — like figuring out how you are going to pay for it.
SimBioSys is now focused on marketing its platform in the right way to best impact the most patients.
"The market capture that we feel good about is about 15% to 20% of the market, which is about 72,000 patients," Pandey said.
He projects 6,000 patients will use the platform in 2024.
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