Incedo
Gait problems are the most common disability for stroke patients. Reflex-based electrical therapy was invented by Professor Ole K. Andersen at the Centre for Sensory-Motor Interaction (SMI), who demonstrated its effectiveness in restoring gait in stroke patients.
To benefit patients, it was necessary to spin out this invention from academia by creating a medical device company and bringing a product to market that would enable patients to benefit from reflex-based electrical therapy.
What was needed
The science was sound; however, funding was needed to make the invention available to patients. When funding was secured, a company and team needed to be established, and the product to be developed as a medical device.
What was done
The process of creating a medical device (Incedo) took three years. Based on the science from Professor Ole K. Andersen, we created a business plan and pitch and presented it to potential investors.
Once the investment was secured, a spin-out company was established, with Kristian Hennings as CEO and Morten Hansen as CTO. Over the course of two years, an organisation was built, a quality management system established and certified, and the product Incedo was developed and released to the market.
What was achieved
- An investment (13.7 mio. DKK) was secured.
- The company (Nordic NeuroSTIM) was established, and the required competencies were recruited.
- A quality management system was established and certified.
- The Incedo product was developed (Class IIa, EU MDD) and released to the market on time (2 years) and at 79% of the original budget. This was noted by the investors, as it was the first time they had seen a medical device company achieve that on time and under budget.