MedTech Baymatob completes capital raise to advance life-saving labor monitoring device
- Written by PR Newswire
SYDNEY, March 29, 2022 /PRNewswire/ -- Medical device company Baymatob has completed a placement of A$4.215 million, with proceeds used to continue in-human clinical trials for its AI-guided labor monitoring device, Oli.
Cornerstoned by Australian Unity's Future of Healthcare Fund, the placement was strongly supported by institutional and high net worth investors, securing long-term capital partners to support Baymatob's ongoing clinical development and path to commercialization.
Founded by engineer and mother Dr Sarah McDonald after her own traumatic birth experience in 2013, Baymatob's innovative wearable device Oli uses artificial intelligence to identify mothers during labor who are at high risk of developing abnormal postpartum hemorrhage (PPH) well before giving birth.
Postpartum hemorrhage, or heavy bleeding after childbirth, is a serious complication of pregnancy and is the world's leading cause of preventable maternal death. One mother dies every seven minutes due to postpartum hemorrhage globally.
Severe PPH cases can lead to debilitating outcomes for women, including emergency hysterectomy and death. Despite medical advancements, postpartum hemorrhage is responsible for around 11 per cent of all US maternal deaths and this has remained stagnant over the last forty years. Globally, postpartum hemorrhage is the primary cause of nearly one quarter of all maternal deaths.
There has been little advancement in maternal and fetal monitoring technologies overall, with even less advancement to successfully detect PPH. Today's devices focus on maternal heart rate, fetal heart rate and contractions with no available technology to successfully detect PPH before significant blood is lost.
Founder Dr Sarah McDonald said genuine innovation in the maternal-fetal monitoring space has not been seen since the 1960's, with latest advancements focused on repackaging old devices in a sleek wireless form that still have issues monitoring during labor.
"It is a sad fact that mothers today are monitored with the same measures as their grandmothers. Postpartum hemorrhage is currently diagnosed by estimating blood loss after it has occurred by which point it is an emergency with damage done. There is clear evidence that devices used in labor monitoring are not helping us to improve outcomes for mothers and babies. Further they are increasing rates of unnecessary interventions and restricting mothers' comfort and movement during labor. Yet we continue to persist with these devices to best protect in cases of litigation should things go wrong. We need to do better for mothers, babies and clinicians."
Baymatob's wearable device Oli uses innovative sensor technology and AI interpretation to detect a pending PPH during labor before postpartum bleeding starts. Current clinical evidence from Baymatob's pilot study suggests that 80 percent of mothers with PPH could have clinical attention before bleeding starts using Oli, improving health outcomes and decreasing risk.
In August 2021, Oli received Breakthrough Device designation by the US Food and Drug Administration (FDA), granting the company an expedited regulatory review path and providing timely clinical access for select medical devices with potential to transform US clinical practice.
Tara Croft, Baymatob CEO, said investor support for the placement and proceeds raised will be invaluable in progressing Oli's development, enabling Baymatob to complete its 500-patient pilot study on path to a pivotal study at Australian and US sites.
"This capital raise represents an important stage of Baymatob's growth, providing sufficient funds to complete our Australian pilot study for PPH, advance toward a pivotal clinical study, while accelerating R&D in further capabilities. It is a strong validation to have the support of capital partners including Australian Unity during our next exciting phase of growth."
"Baymatob's success to date has been largely supported by the NSW Medical Devices Fund, with the company having received ~A$4.4 million in grants since 2017", she said.
Victor Windeyer, fund manager of Australian Unity's Future of Healthcare Fund, said the fund is proud to support the clinical development of Oli, which has the potential to improve outcomes and positively impact millions of women's lives globally.
"Baymatob's Oli is revolutionising how mothers are monitored in labor, with an innovation that overcomes challenges that mothers, families and clinicians have had to accept for too long."
"With maternity complications increasing, breakthrough technologies such as Oli have significant potential to reduce morbidity and mortality rates of women and ultimately transform the delivery of healthcare. Australian Unity's Future of Healthcare Fund is proud to partner with the team at Baymatob on its next phase of research and development."
About Baymatob
Baymatob was founded after a traumatic birth experience and aims to transform outcomes for mothers and their babies. The company's flagship product Oli is a platform technology that will provide world-first, definitive clinical diagnoses, that have never-before been seen within pregnancy and labor monitoring. The first of these being a post-partum hemorrhage advance diagnostic capability. Baymatob, with its Oli technology, holds a rare opportunity to truly and completely transform clinical practice, disrupting decades-old technologies, with completely novel and impactful predictive diagnoses.
About the Australian Unity Future of Healthcare Fund
The Australian Unity Future of Healthcare Fund makes purposeful investments designed to generate long-term capital growth and enhance the health and wellbeing of Australians.
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References
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