RT Microfluidics- The Future Of At-Home Diagnostic Testing
The Problem
Every year, in the US, 125 million patients see a doctor for symptoms of bacterial infections 99% of which are negative. Testing is invasive, uncomfortable, and can average a wasted time of over 4 hours. Since it is a platform technology, we have focused our first product on detecting Streptococcus pyogenes, the pathogen that causes strep throat. There are about 50M tests performed per year when the CDC confirms only 36 thousand positive cases of strep per year in the US. The impact on the healthcare system is valued at close to $2.3B which does not include the impact in time and money on the parent of children or patients to get tested.
What The Company Does
RT Microfluidics is building an easy-to-use, home diagnostic platform that detects bacterial or viral pathogens in saliva and offers a DNA amplification molecular test’s sensitivity and selectivity for the cost of a rapid antigen test.
Market
The home diagnostic market is expected to grow to over $10B in the next few years, and the strep testing market is currently valued at $2.3B. The team believes that if they were to capture 30% of the strep market, revenue could reach close to $350M. Their competitive advantage is the simplicity of their device design, which is based on proprietary technology to display test results. This device offers both ease-of-use and inexpensive design, allowing them to market a home diagnostic medical device that uses superior molecular detection but at the cost of a rapid antigen test.
Business Model
The key to monetization of this solution is two-fold. First, the over-the-counter device will be without any insurance reimbursement. At the consumer level, they expect testing kits to retail for approximately $30–40. The team is working to create these kits at the cost of $5 per kit and sell them wholesale for $15 to pharmacies. If adopted by organizations such as clinics and consumers, their device will eliminate the need for rapid in-clinic testing and laboratory testing such as PCR or bacterial culture.
Traction
RTM is still in the R&D phase. They have proven their science with the help of a partner CRO lab in Atlanta and now are transitioning to engineering and product development. RTM has completed 2 accelerators (Summer Catalyst and The WinLab) both out of the Blank Center at Babson College. They have also participated in 2 pitch competitions. Babson’s BETA challenge where the team won and the MIT 100K challenge where they came in 3rd. In total, the team has won $38,000. Finally, RTM secured a bench at an incubator called LabShares and moved in on June 1.
Founding Team Background
As a parent of 4 children, founder and CEO Nathalya Mamane’s biggest pain points were the need to see a doctor for fever and a sore throat and having her children get tested when most of the time the diagnosis was a virus with no treatment. She came up with this idea during her MBA at Babson in 2021. She brings over two decades of broad experience and understanding of successful business creation. Her eldest daughter, Olivia Mamane, is the original co-inventor of the solution and currently takes the role of quality systems engineer and support associate of the product development process. CTO Dylan Dulseco brings 20 years of experience developing innovative technologies into commercial products and has focused on devices, reagents and applications for both research-use-only and diagnostic platforms. VP of Engineering, David Wolf, brings 30+ years of experience in assay and device development.
What They Need Help With
RTM is in growth mode and would love introductions to investors. Connect with the RT Microfluidics team.
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