Bulsai is a medical device designed for the 8.5 million insulin dependent diabetics in this country. This portable ultrasound allows diabetics to locate healthy tissue and avoid lesions when performing daily insulin injections. In 2017, $327B was spent on diabetes in the U.S. In the same year, there were 16M ER visits by diabetics. The vast majority of those visits were from diabetics either taking too much or too little insulin. The problem we are solving is to allow the body to absorb the correct dose every time, which has a dramatic effect on diabetic's overall long term wellness. We have a patent pending and have completed a two month feasibility study that found a number of published papers on the benefits of ultrasound usage by diabetics. We have not been able to identify any competing devices in this area.
We have partnered with Genesis Innovation Group (www.genesisinnovationgroup.com) who currently has 12 portfolio companies in the medical device industry, Tekna (www.teknateam.com) a company who provides market research, prototype design and commercialization capabilities, A Wright Path (www.awrightpath.net
) assisting us in FDA clearance and Dr. Mark Schafer, a PhD in Ultrasound at Drexel University who has been highly involved in product development, expert testimony in patent infringement and FDA clearance.
The end goal is to sell Bulsai to a large company in the diabetes durable medical equipment space like Medtronic, Abbott Labs, Dexcom, Tandem, Omnipod or Roche. If that doesn't happen, we plan to sell the product through the Bulsai brand and build a large distribution network. Tekna is heavily involved in production and distribution for these types of products today and does a lot of work with Stryker in Michigan.
We are raising $500,000 to pay for a 4 month market study, to write a 513g application for the FDA, cover payroll and begin building a prototype.