VERIPHI SAVES LIVES

Veriphi has developed a laser-based analyser that minimises the risk of death and injury due to intravenous medication error in hospitals. The proprietary laser technology automatically verifies the drug identity and concentration as it is compounded or administered, providing greater safety by fitting seamlessly into existing clinical practice.

Medication error is one of the most common causes of patient harm in the hospital system, costing billions of dollars and thousands of lives globally.

Hospitals are being increasingly challenged to safely deliver drugs to patients due to the growing number and potency of drugs being administered and the aging profile of the hospital patients, for whom the consequences of errors are more severe. The complexity of the task is increasingly too challenging for procedural control or manual systems alone to ensure medication safety. Intelligent autonomous systems are required to safely monitor and verify the delivery of high-risk intravenous drugs. Veriphi ‘s revolutionary analyser addresses these issues by confirming the identity and concentration of IV drug’s before they reach the patient thus preventing medication errors.

Find out more about the Veriphi technology and business goals.

Get More Info

Veriphi Technology

The analyser passes a laser beam through the drug in a proprietary single-use cuvette. The software compares the recorded drug signature to that of a known library of drugs to determine if the drug is what the clinician intended. If it is not, the analyser raises an alarm notifying the clinician and protect the patient from harm. Veriphi’s solution will reduce injury, isolate problem areas and create greater transparency for IV medication delivery.

Verification of IV drugs is difficult due to the small spectral differences between drugs in solution. As a result, Veriphi’s technology breakthroughs are recognised by 21 granted global patents including 7 granted US patents.

Veriphi Technology

Medical errors are the 3rd leading cause of death in the US⁴

US Deaths per annum from medication error¹

NZ patients are permanently disabled each year²

$0m

is spent annually in NZ from preventable, adverse drug effects (NZD)

$50.6B

medication error cost in the US each year (USD)³

Medical error is the 3rd leading cause of death in the US⁴

With over $8m invested into Veriphi, we’ve accomplished a lot...

Testing

Veriphi is conducting trials a several New Zealand hospitals, prior to securing commercial supply agreements. It has reached out to other hospitals in New Zealand and the United States; following a visit to the Texas Medical Center in Houston in March 2018.

Patents

Veriphi has 7 US patents, with 14 granted in other overseas jurisdictions including 2 in China.

Customers

Veriphi is currently commencing a 3 month free trial at a New Zealand hospital for a range of drugs. These drugs have been selected by Veriphi & the hospital on the basis that they are within the current capability of the analyser. This is part of a programme to engage up to 4 NZ hospital pharmacies in free trials on selected drugs over the next 6 months. This will provide proof of concept data to support commercial sales.

Performance

Since 2016, we have reduced drug verification time from 100 seconds to 10 seconds. We are currently working to reduce this to 5 seconds.

Analysers

Veriphi currently has 7 commercial analysers being tested.

Staff

We have grown from a team of 3 full time equivalent employees (FTE) in 2016, to 8 FTEs in 2019.

Veriphi's Game-Changing Technology

Veriphi has developed a ground-breaking laser-based analyser that minimises the risk of death and injury due to intravenous medication error in hospitals. The Veriphi system works by using lasers to automatically verify the drug identity and concentration.

Download the Veriphi Information Memorandum.

Find out more about the Veriphi capital raise.

Learn More

Veriphi Team

Roger Lampen

Roger has extensive experience as an entrepreneur, investor and director in various sectors, including staff recruitment, healthcare and medical technology. Roger is currently Chairman of Veriphi and a major investor in the company. He was until recently, Chairman of Geneva Healthcare.

Chairman
Greg Shanahan

Greg is Managing Director and Cofounder of Veriphi. He has nearly 30 years of experience in technology development, operational and marketing roles in New Zealand and the US. He is also the founder of Technology Investment Network, publisher of the TIN Report, New Zealand’s leading annual quantitative report on the technology export sector.

Director / Cofounder
Dr. Ray Simpkin

Ray has a PhD in physics from the University of London. He is the lead scientist for Veriphi, responsible for Veriphi’s system design and evolution. Ray is a senior scientist with Callaghan Innovation and has been working with Veriphi since 2010.

Lead Scientist
Natalee Taylor

Natalee is Veriphi’s In-house IP Manager. Natalee has a science degree, is a qualified lawyer and a registered patent attorney. She has extensive experience as a Solicitor/Patent Attorney for a large New Zealand IP Law Firm as well as IP Management roles for a range of exciting New Zealand technology companies.

In-house IP Manager

Team Updates

[rev_slider alias="team-interviews-v2"]

Leadership Team

Roger Lampen

Chairman
Greg Shanahan

Director / Cofounder
Jason Bloom

Director
Gavin Mitchell

Director
Dr Kyle Pennington

Engineering Team Leader
Dr. Ray Simpkin

Lead Scientist
Natalee Taylor

In-house IP Manager
Tom Boyens

Product Development Engineer

Key Target Performance Milestones

[flik-timeline category=”veriphi-history”]

FAQ

How will the funds be used?

The funds are being used to achieve first commercial revenues. This means that the funds will primarily be spent on wages of our team, trial/commercial partners and regulatory compliance costs. Our first commercial analysers are built, tooling for further production completed and initial results from hospital trials are positive. We now plan to deliver the proof that we have a robust commercial solution and convert our trial partners to customers. Our focus is currently on several NZ based hospitals where we are conducting trials.

What are the biggest challenges to overcome?

Our challenges include delivering a commercially robust solution, scaling our business to realise our potential and funding the growth of the business.

Commercially Robust Solution. We are tightly focussed on bringing a minimum viable product to the market as soon as humanly possible. We have an incredibly smart young team that continues to attract equally smart people and are supported by partners with enormous healthcare experience. The result has been great progress over the past 24 months.

Scaling the Business. We will employ a service model to speed up customer acquisition and revenue growth within and between hospitals. We will remain tightly focussed on a few clinical areas e.g. oncology drugs, opiate disposal, and eyedrops, so that we can leverage success with hospital quickly to the next with the same drug suite. We will avoid the need for medical device regulatory compliance by initially focussing on hospital pharmacies, where the compliance burden is less. Pharmacies will give us the opportunity to maximise our test volumes and recurring revenue, from a smaller distribution base. This will simplify our path to revenue growth.

Funding. Once we have demonstrated our ability to generate commercial revenues and scale the business, securing funding will become considerably easier.

What is the business model?

The Veriphi business model is “Safety as a Service”. There will be a one off set up cost, followed by monthly service fee payments. The setup cost will include installation and training. The monthly service fee will include, analyser rental, supply of consumables, maintenance, ongoing training, and data.
By using service revenue model, we lower the barrier to hospital purchase decisions, speed up the rate on customer acquisition, maximise recurring revenue for Veriphi, and maximise customer value by ongoing service and product upgrades as required.

Why this technology?

We plan to transform the delivery of IV medication by providing a level of safety, virtually seamless with existing clinical practise. Medication error is a major issue for hospitals as medication regimens become more complex, particularly with an aging patient profile. The cost in New Zealand is $158m and in the United States US$3.5-$5.6B per annum. IV medication errors account for over half of total errors and are twice as likely to cause harm, or death than from drugs delivered via other routes. The ability to quickly and efficiently verify whether the drug in the syringe or IV bag is what it was meant to be is the best way, we believe, to protect the patient.

The technology has potentially tremendous scope beyond drug verification prior to administration. This includes other pharmacy applications such as verification of opiates prior to disposal to prevent diversion and non-medical applications such as, fuel and water quality testing, and resolving the contents of any solution by infra-red laser spectroscopy. Veriphi plans to have revenue before the end of the 2019 calendar year.

When will Veriphi generate revenue?

"An anaesthetist will inject over half a million drugs during their career. The potency of these drugs means that life threatening errors can occur.

Evidence shows merely encouraging professionals to be vigilant does not eliminate patient harm. Safeguards need to be place in the system to reduce these events."
-Dr. Kerry Gunn, Specialist Anaesthetist

VERIPHI SAVES LIVES

Find out more about the Veriphi technology and business goals.

Veriphi Technology

Veriphi Technology

Medical errors are the 3rd leading cause of death in the US4

Medical error is the 3rd leading cause of death in the US4

With over $8m invested into Veriphi, we’ve accomplished a lot...

Testing

Patents

Customers

Performance

Analysers

Staff

Veriphi's Game-Changing Technology

Download the Veriphi Information Memorandum.

Find out more about the Veriphi capital raise.

Veriphi Team

Team Updates

Leadership Team

Key Target Performance Milestones

FAQ

Medical errors are the 3rd leading cause of death in the US⁴

Medical error is the 3rd leading cause of death in the US⁴