|1||Proprietary imaging technology with 18 granted patents, 100 patents pending.|
|2||Founder started 4 companies valued at $100m+. Built medical imaging devices used by a million people.|
|3||Less than 1/4th the cost of conventional diagnostic MRI systems.|
|4||Advisor and investor helped start 200+ companies with multiple 100m+ exits.|
|5||Versatile technology applicable to horses and companion pets with an estimated $3.1 billion addressable market for compact diagnostic MRI.|
|6||Veterinary services market projected at $47.3 billion in 2020.|
|7||Strong team of radiologists, physicists and engineers with current success developing veterinary imaging technology for horses and people.|
Robovet has assembled a unique team that understands the needs of veterinary patients and the veterinary imaging market. We have been working with doctors and scientists across the globe to build the first MRI systems for guiding and manipulating surgical tools.
Currently, MR systems are extremely expensive and require large specially constructed facilities that may not be readily available in emergency situations or able to accommodate larger animals such as horses. Moreover, radiation treatment for cancer requires referral, is limited in availability and has side effects.
We knew we wanted a system that was extremely light-weight, mobile, and versatile. The result is an MRI system design that is compact and lightweight, while also being far more energy and cost-effective. The system design provides fast, high-resolution images and also has the capability to perform magnetically-actuated surgery and image-guided therapy. Our systems will not only allow for real-time imaging during surgery but provide the capability to help treat illnesses ranging from bacterial infections to treating cancer in veterinary patients.
The team currently has experience in the veterinary imaging market having sold PET scanners to high-profile equine clients such as The Breeders Cup. Complementary technology such as image-guided particles is currently undergoing research and development with medical research collaborators at academic institutions.
While most smaller practices cannot afford a traditional MRI, our unique design significantly reduces the cost and size, which will allow for wider availability. Initial revenue will be derived from the sale of the MR system as a stand-alone imaging device at a projected price point of $150,000 per unit. An estimated 20,648 prospective equine and companion animal practices are present in the US compiling an addressable market of nearly $3.1 Billion for compact diagnostic MRI.
Subsequent revenue will be generated through the sale of annual subscriptions for image-guided therapy and proprietary robotic kits and nanoparticles for image-guided treatment. The primary indications include equine lameness and soft tissue cancers in small animal patients. Subscriptions and image-guided treatment and robotic surgery applications result in an estimated addressable market of $47.9 Million. Successful surgical or image-guided treatment plans will be recorded for sharing between participating veterinary surgeons to advance medical treatment using the Robovet system. Robovet technology has a tremendous upside with future translation to human medical imaging.
After venturing into the equine imaging market with a unique PET scanner for horses, it became apparent there was a market for an innovative MRI system for animals and the cost advantages would make a difference for companion animals and their owners. It has been a long and productive journey so far, but we’ve only just begun!
We need you to help achieve our goal of developing a full-scale prototype for imaging companion animals. Funding is needed to refine software algorithms and optimize hardware. Funding milestones include:
We are looking forward to establishing Robovet systems at academic institutions and research facilities to advance research in image-guided therapy and robotic surgery in veterinary patients. Help us take Robovet to the next level, invest today!
Thank you for choosing us!
Robovet has financial statements ending December 31 2019. Our cash in hand is $10,179, as of October 2019. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $0/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Robovet Corporation has developed a new MR imaging technology that can also help treat disease in our pets. The same magnets that provide high resolution images can also manipulate surgical tools and guide magnetic particles to help treat disease in animals such as cancer.
Within 5 years, our goal is to be the standard for MR imaging and MR-guided therapy in the veterinary field, with treatment enabled systems installed at major veterinary centers in the US, Canada and China. We are working with university-based partners whose surgical robots have achieved better endpoints than human surgeons. Robovet technology is already backed up with 18 issued USA and China patents and over 100 patents pending. The patents are owned by Weinberg Medical Physics, and exclusively licensed to Robovet for veterinary use, under a license agreement that has been reviewed by the accountants. The same patents are being licensed by Weinberg Medical Physics to other companies solely for use in human populations.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
Robovet Corporation was incorporated in the State of Delaware in June 2019.
Since then, we have:
Historical Results of Operations
Our company was organized in June 2019 and has limited operations upon which prospective investors may base an evaluation of its performance.
Related Party Transaction
Refer to Question 26 of this Form C for disclosure of all related party transactions.
Liquidity & Capital Resources
To-date, the company has been financed with $10,020 in debt.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 12 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 12 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
Robovet Corporation cash in hand is $10,179, as of October 2019. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $0/month, for an average burn rate of $0 per month. No material changes or trends in our finances or operations have occurred since the financials were calculated.
Weinberg Medical Physics, Inc. ("WMP") has exclusively licensed its technology in the veterinary field-of-use to Robovet. WMP has licensed the technology to other companies in fields-of-use that do not overlap with Robovet’s veterinary field-of-use. WMP is also providing R&D resources in terms of personnel and supplies, in exchange for a $30,000 monthly fee from Robovet (to defray patent costs) and royalty payments after Robovet has made commercial sales (as laid out in an executed license document between WMP and Robovet). WMP has an annual budget of about $2 million, including revenues from both Federal grants and non-Federal license fees (from licensees with non-overlapping fields-of-use). These resources will assist WMP in continuing to refine the underlying technology. Robovet will bring in individuals to customize the technology for veterinary applications, and to sell the systems to the veterinary market.
We hope to go to market in approximately 12 months from now, selling prototype systems to academic sites at a premium and generating $1,000,000 in revenue per year. We believe it will cost approximately $3,000,000 in total to go to market with a low-cost systems that can be sold to community-based veterinarians. In addition to raising future capital, the underlying technology is being supported by WMP (supported by federal grand and investors at a rate of approximately $2M per year). If we raise the full target round, we will bring some of our part-time consultants in as full-time employees. This will raise our monthly burn rate. If we raise substantially less than the target, we will likely not change expenses much.
Calibration and image reconstruction software may take longer to perfect than the company will expect, which will delay delivery of the first system.
Competitors may infringe on company's intellectual properties, and company may not have sufficient resources to enforce compliance with relevant patent laws in a timely fashion.
Initial sales to luminary sites may not be as brisk as projected, thereby reducing cash flow available for other company activities (e.g. development or marketing costs).
Initial testing of the system by luminary sites may not achieve expected results, thereby slowing acceptance in the overall market.
Companies currently developing or selling human-use surgical robotic systems may decide to compete with our company in addressing the veterinary market.
Veterinary facilities may choose not to honor vouchers issued by company as incentive prize to investors.
Tariff costs on critical supplies (e.g. magnets) may change, depending on government policies in the USA and China.
Veterinary professionals may be more conservative in their buying patterns than anticipated in our business plan, thereby delaying profitability.
Electrical noise in veterinary offices may be higher than anticipated, which may compromise performance of the MRI scanner at those facilities unless mitigated with additional shielding.
Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company’s assets or profits and have no voting rights or ability to direct the Company or its actions.
Irving Weinberg is a part-time officer, in addition to his duties as a clinical radiologist and as President of Weinberg Medical Physics, Inc. As such, it is likely that the company will not make the same progress as it would if that were not the case. Dr. Weinberg's future percentage work for Robovet will be dependent on the size of the raise.
M.C. Seward is a part-time officer, in addition to his duties as a veterinary radiologist. As such, it is likely that the company will not make the same progress as it would if that were not the case. Dr. Seward's future percentage work for Robovet will be dependent on the size of the raise.
Robovet relies on a license of technology from Weinberg Medical Physics, Inc., which currently has majority control of Robovet.
Robovet has not had prior revenues or sales, including sales in the veterinary market targeted by this offering.
Elaine Yi Wang is a part-time officer. As such, it is likely that the company will not make the same progress as it would if that were not the case.
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