Seed
Technology
Finland
Last updated January 19, 2018
Lumbar punctures are critical in treating childhood leukemia. Injeq IQ-Needle™ knows the position of its tip, taking the safety and success of lumbar punctures to a new level. This is but one of the many applications for the technology.
Seed
Stage
11
Employees
2010
Founded
Financial information
Revenue EBITDA
2016 0 EUR -80 EUR
2015 0 EUR -161 EUR
2014 0 EUR -80 EUR
2013 0 EUR -97 EUR
2012 0 EUR -68 EUR

Business & market

The company’s first product will be a spinal needle that allows for collecting diagnostic samples of cerebrospinal fluid (CSF) and for administering intrathecal drugs into the CFS e.g. as part of leukemia treatment. These lumbar punctures (also known as a spinal tap) are especially demanding when treating small children, and Nordic pediatric hospitals in particular have expressed their interest in starting to use the product as soon as possible. Treatment of acute lymphocytic leukemia (ALL), the most common cancer type in children, typically includes around 20 lumbar punctures per patient.

Business & market

The estimated annual market potential in European pediatric hospitals is 51 million euros. The estimate is based on patient and procedure volumes, number and types of hospitals, and expected sales prices (28 EU member states, Norway, and Switzerland). The greatest need for the product is in the treatment of childhood leukemia and diagnostics and intensive care for newborns. These specialized fields account for around 60% of medical procedures carried out on children. The sales strategy is that the transition to using the smart needle for all lumbar punctures be completed simultaneously throughout each individual pediatric hospital to ensure coherent operating methods. The combined annual global market for applications relating to the technology is around 2 billion euros.

The sales method and pricing model will be adapted to each market. The most common model will be one-off sales of tissue analyzers. This will generate a quick income flow, while also kicking off the sales of smart needles as disposable items. Depending on the target market and the financing model, the analyzers can also be sold using a leasing contract or the needle-as-a-service model. In the latter case, the customer will be charged for the needles based on use or number of patients. The business and pricing models suited to each market and the relative prices of the components will be discussed with customers and distributor partners. The aim is that the price will not constitute a barrier to buying the products.

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Our team

Kai Kronström

Co-founder

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M.Sc. (Industrial Engineering and Management) with over 10 years of experience in management tasks in high and medical technology companies.

Rami Lehtinen

Chief Executive Officer

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Ph.D. (Biomedical Engineering) with solid expertise in business, research, and education.

Timo Elomaa

VP Quality & Projects

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M.Sc. (Industrial Engineering and Management) with over 20 years of experience in innovative high-technology products.

Petri Ahonen

VP Production & Mechanical Design

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M.Sc. (Production Technology) with 20 years of industrial experience.

Sanna Halonen

Researcher

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M.Sc. (Biomeasurement) with 5 years of experience in modelling, measuring, and data analysis tasks in the life science and bio sectors. She is currently writing a dissertation in medical technology on using bioimpedance measurement with medical instruments.

Juho Kari

Researcher

LinkedIn

M.Sc. (Medical Physics) with special expertise in planning, implementing, and analyzing the results of clinical device research. He has strong theoretical and practical expertise in using bioimpedance measurement.

Jari Hyttinen

Co-founder and chairman of the board

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PhD (Technology) and professor of medical technology. 30 years of experience in research and education on medical devices and medical technology, and over 15 years of management experience in research and international organizations.

Riitta Seppänen-Kaijansinkko

Co-founder and member of the board

LinkedIn

Professor, PhD (Medicine), Licentiate of Dentistry, specialist in oral and maxillofacial surgery, and specialized dentist. Over 30 years of experience in clinical work, research, and entrepreneurship.

Katja Paassilta

Co-founder and member of the board

Licentiate of Dentistry and M.Sc. (Technology). Developer of the original smart needle.

Tommi Rasila

Member of the board

LinkedIn

Dr. Tech with dissertation on growth company activities. Over 30 years of experience of serial entrepreneurship.

Jan Lindgren

Member of the board

PhD (Medicine and Surgery).

Our story

Injeq Oy (Ltd) was founded when technology experts identified a possible solution for a known medical need. The vision of Riitta, Katja, and Jari of a smart needle has since developed from an idea to clinical research at neonatal intensive care units. Now the company has a ready technology and a clinically-proven product that provide a sustainable competitive advantage.

The operating method of the IQ-Needle™ is unique: The tip of the needle (lumen) and the supporting part inside it (stylet) are used during the puncture to measure the bioimpedance of the tissue touching the needle tip. A tissue analyzer of the Injeq BZ-300 series measures bioimpedance 200 times per second, at 15 different frequencies. This allows for identifying the type of tissue surrounding the tip of the needle at any given time. The tissue type options contain e.g. muscle, fat, tendon, skin – or cerebrospinal fluid (CSF). In lumbar punctures, the smart needle emits a sound signal when the tip of the needle touches CSF, i.e. when the needle has reached the spinal canal and should not be inserted any further. The youngest patient treated during the clinical trials was a two-day-old baby. Taking a sample with a normal needle failed four times, but with a smart needle the puncture was done successfully with the first attempt.

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Funding & Documents

Injeq Oy has raised 1.65M EUR in 1 funding rounds with a latest valuation of 6.26M EUR

Funding rounds
Date Amount
Jul, 2017 1.653.360 EUR
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