mark evans - adaptix - uk - stanford engineering - mar 7 2016

A transformation in X-ray technology:3D X-ray made truly portableMar 7th 2016

Mark Evans, CEO

mark.evans@adaptiximaging.com

@adaptiximaging

www.adaptiximaging.com

European Entrepreneurship

Stanford Engineering

Field Emitters from

Field Emission Electric

Propulsion (FEEP)

- used in satellite

propulsion

X-ray Optics

- used in

X-ray telescopes

Image reconstruction

approaches used in

Earth Observation

Disrupting the >$17bn medical imaging industry using space origin technology.

Vacuum tubes have been superseded in most arenas…but not in medical imaging

So the X-ray Detector and IT infrastructure has gone digital…but the source has not…yet.

• No 3D capability• No quantification capability• Big and bulky• Large power need• Expensive technology

• “Movement free” 3D• Quantification• Far lower dose than CT• True portability• Lower purchase and maintenance costs• Reduced power need (normal ring main)

Our innovation: A pixilated Flat Panel X-ray Source (FPS) that completes digitization.

1. Medical [Focus]• All: $16.9bn [2020]

• CAGR = 4.7% [2013- 2018]

• Portable: $8.4bn [2020]

+ >20 mid-tier

2. Dental [Secondary]• All: $2.7bn [2019]

• CAGR = 9.7% [2014 to 2019]

• 3D is highest growth segment

3. Industrial [License]• All: $652m [2020]

• CAGR = 6%

4. Security [License]• All: $2.6bn [2020]

• CAGR = 7%

TREND DRIVER

Digital/Solid State Reducing cost and enhancing maintenance economics.

3D Imaging Enhancing the ability to diagnose.

Portable Taking imaging to the patient to reduce total costs.

Lower Dose Imaging is more prevalent, increasing aggregate risk.

Screening Allowing early intervention to reduce cost-to-treat.

Quantification Ascertaining disease progression and response to therapy.

Digital Tomosynthesis (DT) Obtaining 3D imaging without the cost of a CT scanner.

A series of long-term trends in diagnostic imaging are driving the market.

“1.5-2.0% of all cancers in the United States may

be attributable to the radiation from CT studies.”

[1] www.nejm.org/doi/full/10.1056/NEJMra072149

Tomosynthesis >50% of Breast imaging market and is emerging in General Radiology.

We will make low-dose 3D imaging available at the bedside, GP clinic or in an ambulance.

Moving the point of diagnosis gives clinical and economic advantages.

Portable

Planar X-ray

Planar Array Digital

Tomosynthesis

128 slice Computed

Tomography (CT)

3D Capability NO YES YES

Approximate Size Filing Cabinet Carry-on bag Small Car

Typical Dose (CXR) 0.10 mSv <0.13 mSv 1.5-8.00 mSv

Typical Cost $170,000 $100,000 $1,100,000

Cost per scan $35 <$35 $330

Typical Weight 200kg 20kg 2,000kg

Our USP is low-dose low-cost portable 3D.

Prototype housing and

manufacturing design

concepts complete.

Scale prototype on track for Q1 2016 will demonstrate full performance.

Image reconstruction

approach developed.

Test Devices are

emitting X-ray.

1. Hospital (Entry Mkt)• Taking a patient from ICU to the

imaging suite takes 30 minutes for 1xDoctor + 1xNurse + 1xPorter.

2. Primary Care• X-ray initial diagnostic for chest:

Lung Cancer, COPD, CHF.

• Use of 3D imaging can reduce need for CT by up to 75% due to reduction in inconclusive reads.

3. Developing World• Low-cost low-dose DT can reduce

need for high-cost high-dose CT.

• ‘Solid state’ reduces need for trained maintenance technicians and a barrier for deployment.

4. Lung Screening• >10m US smokers should be

screened annually. Up to 60% will have abnormalities.

• Reducing screening cost from $330 to $35 will impact viability.

Objectives

Seed •Scale hardware prototype.

•Reconstruction software developed to Alpha.

•Manufacturing agreements in place.

A •Regulated product ready for commercial production.

•Clinical Trial: Q4 2016

•Manufacturing and Commercial channels ready.

Growth •Working Capital for commercial production.

•Material revenues commence: Jun 2017

•Target: > $100m run-rate < 3 years from launch.

Looking for US investors to assist a ‘flip’ in to becoming a US company to drive exit value.

A transformation in X-ray technology:3D X-ray made truly portableMar 7th 2016

Mark Evans, CEO

mark.evans@adaptiximaging.com

@adaptiximaging

www.adaptiximaging.com

European Entrepreneurship

Stanford Engineering