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.

Veriphi is a New Zealand company that has worked to develop a highly innovative laser-based analyser to verify intravenous drugs and alert clinicians before administration to prevent medication error in hospitals.

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.

Veriphi is a New Zealand company that has worked to develop a highly innovative laser-based analyser to verify intravenous drugs and alert clinicians before administration to prevent medication error in hospitals.

Find out more about the Veriphi technology and business goals.

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Veriphi Technology

The innovation of the technology is evident in five granted US patents. The solution employs a proprietary connector with unique optical features that allow the laser to pass through the drug inside. The connector attaches to an IV bag, line or syringe as part of the delivery system.
Veriphi's analyser passes a laser beam at specific wavelengths through each IV dose to recognise the unique spectral signature of each drug and concentration.

Veriphi Technology

The innovation of the technology is evident in five granted US patents. The solution employs a proprietary connector with unique optical features that allow the laser to pass through the drug inside. The connector attaches to an IV bag, line or syringe as part of the delivery system.
Veriphi's analyser passes a laser beam at specific wavelengths through each IV dose to recognise the unique spectral signature of each drug and concentration.

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


0

US Deaths per annum from medication error1


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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 $7m invested into Veriphi, we’ve accomplished a lot...


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Patents

Veriphi has 5 US patents, with 9 granted in other overseas jurisdictions.

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Testing

Since 2016, we have progressed from in house testing to completion of our first phase of hospital trials.

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Customers

Veriphi is completing trials a large NZ based hospital, prior to securing a commercial supply agreement. 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.

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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.

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Analysers

Veriphi currently has 5 commercial analysers being tested.

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Staff

We have grown from a team of 3 full time equivalent employees (FTE) in 2016, to 7 FTEs in 2018.

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.

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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.
  • 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.
  • Gavin Mitchell
    Gavin is a business strategy and market development professional. He is a Founder and Director of business consultancy nVision. Previously he was Commercial Manager at Industrial Research Ltd (now Callaghan Innovation). Gavin has held senior roles with Jade Software Corp and Spectrum Resources.
  • Jason Bloom
    Jason is the CFO for global apparel company Icebreaker. He is a finance and strategy professional with twenty years of experience, including Equities Research for Investment banks Deutsche Bank and UBS. Jason has had operational roles at RACQ, Air New Zealand, and consulting work for his own company Decision Lab.
  • 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.
  • Dr Kyle Pennington
    Kyle is responsible for all technical elements of product development, including electronic, mechanical, and software design and development. He has expertise in designing and building precision measurement devices from concept to production. He holds a Bachelor's degree with first class honours and a PhD in Electronic Engineering from the University of Waikato in New Zealand.
  • 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.
  • Tom Boyens
    Tom is a Product Development Engineer at Veriphi. He has a Bachelor of Engineering Honours in Biomedical Engineering from Auckland University. Tom is responsible for managing Veriphi’s product performance and testing programmes with partner hospitals.

Team Updates

Leadership Team

Key Target Performance Milestones

  • March 2018
    Veriphi visits Texas Medical Center in Houston, the largest medical complex in the world.
  • August 2017
    First off-tool production of Veriphi commercial IV consumable.
  • July 2017
    Veriphi conducts first round of hospital trials.
  • June 2017
    Veriphi signs research agreement.
  • February 2017
    100% success in 100 blind trials conducted on 10 anaesthetic drugs using 3 different containers and training data collected at 3 different temperatures. The testing time was reduced from 100 seconds to 10 seconds and extensive changes made to cuvettes, hardware and software in preparation for commercial release.
  • February 2016
    100% success in 40 blind trials conducted on 10 anaesthetic drugs using 4 different containers and training data collected at 3 different temperatures over a week.
  • October 2015
    Successful randomized blind trials on 15/15 common anaesthetic drugs in single container.
  • September 2015
    Transfer of algorithm into software code.
  • July 2015
    Indicative results on fast verification times.
  • May 2015
    Indicative results on verification of 4 drugs in concentrations from 1 to 10%.
  • April 2015
    Indicative successful use of the mathematical model for verification of 10 drugs in multiple containers.
  • July 2014
    The successful verification of 30/31 drugs in a single flow cell in randomised blind trials.
  • September 2013
    Achievement of repeatability targets required to expand the drug set.
  • December 2012
    Indicative success with randomised blind trials on 10 drugs. Poor repeatability.

FAQ

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 a large NZ based hospital where we are conducting trials and three other hospital that have compounding services.

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, 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.

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 and ongoing training.
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.
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 of 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 simple drug labelling.

Veriphi plans to have revenue before the end of the 2018 calendar year.

"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

"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