The new year is already shaping up to be a good one for Kishore Eechambadi and Raj Mehra of ATDC member company The Coupon Doc. The Atlanta-based duo is packing their bags and heading to Chicago to join the inaugural class of Healthbox, a new business accelerator focused solely on healthcare.
In September, The Coupon Doc founders connected with Healthbox program organizers at an ATDC-sponsored networking event. On Monday, the startup will join nine other hand-picked companies at the three-month program, which includes $50,000 in seed capital, healthcare-specific learning and networking opportunities, and an “Investor Day,” where participants will pitch their businesses to a targeted group of health-focused investors.
Not a bad opportunity for an early-stage startup like The Coupon Doc. Launched only six months ago, the company aims to provide an easy-to-use, centralized repository that gives consumers access to manufacturer discounts on prescription and OTC medications.
“Healthbox is very well-connected in the healthcare industry, so we want to make the most of those connections and raise enough capital to make The Coupon Doc a sustainable venture,” said Eechambadi, who previously conducted microfinance work in India and was a strategy consultant at Deloitte. “We think there is a huge untapped market for the product that we’re offering.”
The idea for the startup came about in the spring of 2011, when Mehra – whose family worked in the pharmaceutical industry – saw an opportunity to provide consumers with a more direct and accessible route to discounts. The site, which is still in beta testing, will allow individuals to search for medicine and find all available coupons and discounts as well as a cost comparison to its competitors. In addition, users will be able to view forums and reviews for other medicines and search by conditions ranging from the common cold to diabetes and epilepsy.
“Most pharmaceutical companies rely on doctors’ offices to pass on discounts, so consumers are really isolated to what the doctor prescribes and are uneducated on alternative medications, prices and associated discounts,” said Eechambadi. “Our site will save consumers money on their prescriptions and OTC medications, as well as give them the opportunity to interact with others to share knowledge and experiences.”
After their meeting in September, The Coupon Doc had to beat out hundreds of applications from 26 states and eight countries before being named one of the 10 finalists for Healthbox.
“I give full credit to ATDC for giving us the chance to interact with Healthbox staff,” said Eechambadi. “This is an amazing opportunity.”
During his 15 years in the healthcare industry, Prem Bhatia noticed that many corporate wellness programs were failing to resonate long-term with employees. So he joined forces with Sarwar Bhuiyan and John Duisberg to brainstorm ways to provide a more flexible corporate health platform that would generate staff interest and engagement. Eventually, they also turned their focus to a broader, consumer audience.
The result? Call it an Expedia for your health and wellness efforts. Unlike traditional gym memberships, the newly launched Cooleaf web application allows people to pick and choose classes and programs “a la carte” to improve their health, all while earning rewards.
“From my own experience, a gym membership just doesn’t fit into my schedule. And I know others that have the same problem or maybe don’t like the aggressive sales memberships or price tags,” said Bhatia, a co-founder. “So this is a platform that serves that need. The user experience is really similar to how someone might use a popular travel search engine to book a flight or hotel for an upcoming trip.”
Since the startup’s soft launch back in April, nearly 70 Atlanta providers of health and wellness have joined forces with Cooleaf including Operation Boot Camp, Urban Body Studios, CORE Pilates and Gyrotonic, Jai Shanti Yoga and Café Physique. That means website visitors can browse nearly 900 classes and programs encompassing personal training sessions, yoga and pilates classes, nutrition counseling and massages. Once a consumer has found their program of choice, Cooleaf provides full enrollment capabilities, as well as reward points that may be redeemed for merchandise, gift cards, charitable contributions and other classes and programs through the website.
In addition to growing their user base, the three partners are now hard at work designing and developing Cooleaf’s corporate wellness features and enhancements. The idea is to provide local employers with a more cost-effective, innovative and tailored way to reward employees for pursuing and maintaining healthy lifestyles. Employers that adopt the Cooleaf corporate wellness solution will likely provide their staff with access to employer-sponsored funds. These funds could be used for Cooleaf’s available programs and classes, while employees earn reward points that they can keep (even if they leave the employer). They hope to unveil that platform early next year.
Members of ATDC for the past year, the startup profits through revenue-sharing and recently formed affiliate partnerships with local businesses including Fresh To Order and Phidippides. They have also targeted an angel round of financing and hope to raise $250,000 in the next few months.
“Our intention is to make living healthy easier, more fun, and more rewarding,” said Bhatia, who explained that the company name reflects the ability for users to turn over a new leaf and realize that wellness can be “cool.” “Since healthy living is a highly personalized journey, Cooleaf gives individuals the flexibility to do it on their terms and earn something more tangible then a ‘pat on the back’ for living healthy.”
When the Health Care Reform Bill (H.R. 3590) was passed on March 23, 2010 it included a Tax Credit or Cash Grant for qualifying small businesses developing therapeutics, molecular diagnostics or delivery vehicles. This tax credit will reimburse eligible companies for 50% of all expenditures spent on a Qualifying Therapeutic Discovery Project during calendar year 2009 and 2010 or fiscal year 2010 or 2011.
The most compelling part of this legislation is the ability to exchange the tax credit for a cash grant. Many small biotech and pharma companies do not have a tax liability and would not benefit from a tax credit. The cash grant option will allow more companies to receive an immediate return.
For example, a $1 million qualified investment will lead to either a $500,00 tax credit or $500,000 check.
The program solicitation will be released by the Department of Treasury, IRS on or before May 21st, 2010. Applications will be be due within 30 days and funds disseminated beginning mid-June.
While the mechanics of the program will be described by the IRS, qualified projects will selected by the Department of Health and Human Services. All eligible companies should receive some assistance, but it is currently not clear how the proposals will be judged and selected, and whether there will be a maximum allocation per project and/or per company.
What we do know:
A Qualifying Therapeutic Discovery Project (Sec 9023 or H.R.3590) includes:
Therapeutics designed to treat or prevent diseases or conditions (investments made in R&D to further a 505(b) or 351(a) application to the FDA).
Molecular diagnostic products to be used in direct diagnosis, or in determining molecular factors related to the disease.
Therapeutic delivery or administration vehicles.
Specifically excluded from this legislation are projects for the development of medical devices. However, we will not know until May 21st whether a medical device used in the delivery or administration of a therapeutic would be considered a qualifying project.
In addition to the above qualifying criteria, selected projects will also result in new therapies, reduce long-term healthcare costs or advance the cure for cancer AND have the greatest potential to result in high-paying job creation and retention, and advance the competitiveness of the U.S. in the fields of life, biological, and medical sciences.
The legislation was modeled after a similar program distributed by the Advanced Energy Manufacturing Credit distributed by the Department of Energy. We anticipate that a similar process will be followed which could include:
A 1 page preliminary application due within 30 days of the solicitation release.
A final application due within 60 days of solicitation including an executive summary, scientific eligibility criteria, selection criteria including job creation/retention and U.S. competitiveness, as well as a spreadsheet detailing costs incurred.
If you are attending the 2010 BIO International Convention, a session held on May 5th from 2:00 to 3:30 will provide additional information.
SoloHealth, a leader in self-service health screening, has partnered with Schnucks Markets, Inc., a regional grocery and pharmacy retailer, to bring EyeSite vision screening kiosks to 30 stores in the St. Louis area.
The interactive kiosks are free to use and provide consumers with a quick, accurate assessment of their near and distance vision. They also asses risk, provide relevant eye health information and encourage consumers to schedule a comprehensive eye exam with their eye care professional or select an eye doctor from a list of local providers.
The EyeSite kiosks are not a replacement for a regular eye exam. Rather, consumers answer a series of lifestyle questions on a touchscreen and are presented with various sized letters to determine near and distance acuity. They then receive a customized report of their results which they can share directly with their eye care professional.
According to Prevent Blindness America, a national non-profit organization, half of all blindness is preventable if eye problems are detected and treated early. For adults, data shows that the number of Americans with age-related eye disease, such as glaucoma, macular degeneration and diabetic eye disease, is expected to double by the year 2030.
“Too often, people don’t realize that their vision may deteriorate so slowly that it may be imperceptible,” said Bart Foster, CEO of SoloHealth. “They may think they have 20/20 vision, but in reality, eye disease may be forming. In fact, of the 175,000 people tested in our home base of Atlanta, 25 percent had never had an eye exam despite, in many cases, having risk factors such as family history of eye disease.”
Added Foster, “By partnering with Schnucks, we hope to encourage those in the St. Louis area to take a brief moment to stop by our free kiosks and make their vision health a priority. By taking care of our eyes today, we can help to preserve the gift of sight for years to come.”
“Schnucks has always been dedicated to bringing its shoppers solutions for the health and wellness of their families,” said Mike Jurgensmeyer, vice president for pharmacy and fuel. “Providing our customers with access to free vision screenings from SoloHealth’s EyeSite kiosks is big step in helping them take an active role in their overall health.”
Solo-Health is positioning to become the world’s leader in self-service health screening, with an initial market focus on eye health. Watch Solo-Health’s EyeSite self-service vision testing and new patient generating kiosk product at work in a segment on CNBC’s “Street Signs” with Erin Burnett to see for yourself.
ATDC is happy to say that CNBC spotted Solo-Health by following ATDC’s blog, PeachSeedz. If you want to be “in the know on emerging growth companies” like CNBC does, subscribe to our blog now.
Solo-Health is on the move. They recently announced a partnership with leading eye care companies including Transitions Optical, Inc., and Optos to deploy a large number of its award-winning EyeSite kiosks in a major US market this summer while simultaneously closing on a round of angel capital.
If you want to check out EyeSite™ kiosks for yourself, make a visit to the Disco Kroger on Piedmont Road and take just 5 minutes to assess your near and far vision, schedule an appointment with a local eye doctor, and learn about general eye health conditions.
The level of excitement at the ATDC was high this week with news of member company SoloHealth's recent funding and expansion plans. SoloHealth makes EyeSite™ vision testing and new patient generating kiosks that you can find in stores like Walgreens and Kroger. In the press release, SoloHealth announced that it will be teaming up with Transitions Optical, Inc. and other leading eye care companies to deploy a large number of the EyeSite kiosks in a major US market this summer. This recent investment, which includes funding from various private investors, gives SoloHealth and its partners the opportunity to grow and expand the innovative EyeSite concept.
A quote from the recent press release:
“SoloHealth, combined with these optical industry leaders, is helping to create new ways to drive additional traffic to eye doctors,” said Bart Foster, CEO and founder of SoloHealth. “Results have shown that of the people who have used the EyeSite kiosk, over 25 percent have never visited an eye care professional and 49 percent reported family history of eye disease. Many of those have gone on to book appointments with a local eye doctor. EyeSite self-service vision testing kiosks educate people about the health benefits of seeing an eye doctor on a regular basis.”
SoloHealth has had great experience with the kiosks in Atlanta and has screened over 100,000 people since late 2007. The nearest location to ATDC is in the "Fresh Fare" Kroger in Buckhead. Check it out!
Zenda Technologies provides a quick screening device for the earliest signs of Alzheimer's Disease, a condition affecting 5 million Americans today, with expectations of 15 million by 2050. Zenda’s device is specifically designed for use by primary care physicians to make early detection of Alzheimer’s both practical and affordable – and early detection is key to the initiation of drug therapies to postpone the ill effects of Alzheimer’s.
Zenda is the latest company to emerge from Georgia Tech’s VentureLab and join ATDC. Zenda’s technology is based on over 6 years of research at Georgia Tech and Emory, and has been validated by three major clinical studies. Zenda’s device consists of a headset that provides visual and auditory isolation, and a handheld input console to record responses.
Their unique IP is their immersive testing environment that reduces errors, gives more consistent scoring and, most importantly, drastically reduces the amount of time to complete neuropsychological tests.
Zenda is bringing exciting and important technology to market. We are pleased to welcome them to ATDC.
We reported back in August that SoloHealth was named a semifinalist in the Forbes "Boost Your Business" competition. Today I was pleasantly surprised to see SoloHealth and their participation in the Forbes contest profiled front and center in the business section of the Atlanta Journal Constitution. You can read the article here.
In the not too distant future voting for the final prize will take place. As soon as SoloHealth CEO Bart Foster returns from his trip on the Forbes yacht with the details we will let you know.
Solo-Health continues to make great strides and has seen some amazing results with their EyeSite kiosks in Wal-Mart.
More than 6,000 people took a simple vision test using EyeSite, a breakthrough self-service vision screening kiosk, inside a Wal-Mart store in Cumming earlier this spring, the results showed that 30 percent of the participants had never visited an eye care professional for an examination. In addition, 80 percent of the people who used the kiosk were recommended to see an eye care provider.
The results show that the EyeSite kiosks resonant with consumers and that EyeSite also has the potential to drive customers to eye care professionals. If you are Bart Foster, CEO of EyeSite, those are two very good things to prove.
Velocity Medical has entered ATDC. Velocity Medical is developing a radiation planning and therapy response software solution for oncologists that assesses the extent of cancer tumors and their response to treatment through the use of advanced biological imaging.
The platform has the ability to import multiple imaging modalities including PET, MRI, CT, and SPECT. Once imported the software enables the images to be easily overlaid and manipulated to better contour a tumor.
If this seems like a bunch of gobblygook to you try this analogy. It is akin to using Google maps in hybrid mode, it is not just maps, it is not just satellite, it’s both, which enables you to better understand the lay of the land.
