GPX Medical will become listed on Nasdaq First North Growth Market today and we asked its CEO, Hanna Sjöström, about the next steps and her strategy moving forward.
GPX Medical was founded in Lund, Sweden, 2016 and is developing NEOLA, a lung analyser for continuous monitoring of the lungs of preterm born infants using a technology that measures lung volume and oxygen concentration. NEOLA will be sold to hospitals’ neonatal intensive care units as a standalone device placed next to the ventilator or as a module incorporated into the overall surveillance system in neonatal intensive care units. In a historic bell ringing ceremony today (on October 2nd 2020), a first time ever bell ringing in Lund, the company will go public.
Congratulations to the listing! Describe your business strategy and your future plans for the company?
”Thank you! It feels terrific to take this important step forward in our journey to revolutionize the care of preterm born infants. Product development is in progress and consists of technical design and verification, clinical validation, CE-approval and establishment of a quality control system, among others. NEOLA has gained interest at the distributor level. In parallel with our preparations for sale to hospitals via distributors, we have also begun work on plans for licensing out our technology to global medtech actors. There is also potential for multiple medical applications of our technology in addition to monitoring the lungs of preterm born infants, such as diagnosis of sinusitis, a common and painful disease usually caused by viral infections that also contributes to a high rate of antibiotics overprescription, and lung monitoring for older children and in a future, perhaps also adults.”
What opportunities do you have on the market for neonatal intensive care?
”The market potential for NEOLA is 586 million EUR per year. We have already identified over 4,000 neonatal clinics, primarily in Europe and the United States, that are advanced enough to be interested in NEOLA. This focus market consists of approximately 60,000 beds in total. Our most important market is the United States. Neonatal care is associated with widespread healthcare costs and we estimate that nearly 80 percent of NEOLA’s sales will be in the US. Other important markets are European countries such as Germany, France and the United Kingdom. Several factors suggest that GPX Medical with NEOLA has the potential to be a game-changer in the pediatrics landscape: preterm births are becoming more common because mothers are older when they first have children, have health issues such as diabetes and high blood pressure, or undergo fertility treatments that result in twins and triplets. C-sections are also becoming more common. We have also seen a positive investment climate within the medical technology sector.”
Where do you see GPX Medical in 5-10 years?
”In 5-10 years we hope to have entered the US market and the major markets in Europe and have strong collaboration and partnerships with hospitals and within the medtech industry. We would also have expanded our platform technology beyond the neonatal application. In the short term our goals are to conduct a preclinical study, initiate a clinical pilot study on newborns and to determine a clinical study plan together with our key opinion leaders. In 2021 we also aim to develop NEOLA’s final product functions, conduct a user study with neonatologists and nurses and recruit a Director of Clinical Affairs.”
Photo of Hanna Sjöström: Roger Nellsjö
For the full interview with Hanna Sjöström, read our upcoming issue of the magazine (out in November). Sign up for a subscription here!