Lund-based Neola Medical has developed Neola. to improve the care of premature babies. The medical device makes it possible to continuously monitor the babies' lungs, which in turn means that healthcare professionals can detect any complications earlier than they can with today's monitoring.
The monitoring itself is done via special light and detector probes that are attached to the child's chest and that provide an even and diffuse spread of light on the skin. This makes it possible to measure lung volume and oxygen concentration to provide an accurate picture of the condition of the lungs in real time. Neola's probes are disposable items that are intended to be replaced daily on the child.
European patent approved
Neola Medical has now had a new European patent approved, which applies specifically to the probes and protects the technology until 2040. In addition to Europe, Neola Medical has also submitted corresponding patent applications to authorities in the USA, Australia and China.
"It is gratifying to receive this patent for our advanced invention, which has a completely unique optical design that enables laser light from a laser to be directed to the skin and distributed evenly over the surface and stay in place for a longer period of time.", write Sara Bergsten, CTO of Neola Medical in a press release, adding: “To our knowledge, there is no similar product on the market, which makes this patent approval significant and demonstrates the innovative power of our technical team at Neola Medical.”
The foundation of Neola’s IP portfolio is the general patent covering the concept of measuring gases in body cavities. The patent family has a lifespan until 2026, which is why the company has continuously worked to extend the protection. The patent portfolio consists of several different families, which together intend to protect different parts of the technology until the years 2036 – 2041.
CEO comments
BioStock contacted Neola Medical's CEO Hanna Sjöström to find out more about what the new patent means for the company.
The patent that has now been approved in Europe is part of a larger whole. Can you tell us a little more about what your patent portfolio looks like?
– We currently have eight patent families in Neola's IP portfolio, which cover a broad use of the technology for medical purposes, but also more specific technical patents that protect inventions linked to the product's efficiency and measurement performance.
– Patent approval for the disposables and the method used with these specifically with our Neola has now been granted in Europe and applications have also been submitted to the USA and China.
How would you say the ongoing work with the patent authorities in your focus markets is progressing?
– We work according to a sharp IP strategy but clear focus areas. We work structured with the development of new patent applications and aim to submit new applications annually. We also work to protect our brand, our design, our user interface and our algorithms.
– IP work often bears fruit in the long term, and several of the patents we are now getting approved come from hard work in the team going back several years. Therefore, it is particularly important in innovative technology companies to keep a strong development team intact and ensure the long-term nature of the work.
The probes are an important part of your intended business model. Can you tell us a little more about what it is intended to look like?
– Our business model is based on selling the company's medical device product, Neola, together with disposable items, where the major lever in the company's profitability is the recurring revenue for the disposable items that need to be changed daily on the child.
– Today, there is no similar product on the market, which means that the patent approval has great strategic importance for Neola Medical, as it protects our unique design of the advanced disposable items and is also significant for our future profitability model.
As mentioned, the probes are supposed to be replaced daily. What is stopping hospitals from doing otherwise and using the same probes multiple times?
– I see the risk that hospitals will deviate from the user instructions, and thereby jeopardize patient safety, in such a vulnerable patient group as premature babies as small. The technical accuracy of the probes is unchanged even when using the same probe several times, but to ensure that the probes' adhesive sticks to the children's delicate skin, the probes need to be changed daily.