Wroclaw-based BioCam on its way to NewConnect. Capsule revolutionizing endoscopy gets closer to commercialization

Endoscopic capsules backed by artificial intelligence could save the lives of many patients by detecting dangerous gastrointestinal diseases in advance. Although the idea of this non-invasive examination method was born more than 20 years ago, due to a number of limitations it is still not widely available, as it requires a huge amount of money and is limited to only certain sections of the digestive system. However, diagnostic processes are increasingly supported by AI algorithms, and the endoscopic research revolution is being led by Poland’s BioCam.

The company’s technology augurs a breakthrough not only in human medicine, but also in veterinary medicine. The company announces the commercial debut of its solution as early as Q4 2024.

“We are in talks for commercial cooperation with the leaders of Central and Eastern Europe in the production and distribution of drugs for animals. At the same time, we are applying for a grant of about PLN 20 million to match the technology to the veterinary market and commercialize three different capsules for large and small dogs, cats, and horses. The parallel development of the second business path is possible due to, among other things, lower regulatory requirements in the veterinary market. Hence, we do not exclude the possibility that we will commercialize the smart capsule for humans prior to its widespread implementation among quadrupeds.”
– emphasizes Maciej Wysocki, president of medtech company

BioCam’s dual-pronged efforts are driving work on the technology and optimizing its performance. Improved in both software and hardware areas, the product will be tested on another 120 people in January 2024, and will undergo international clinical trials in the first half of next year.

Round on the way to NewConnect

While the mere application of the capsule is trivial, the construction of an integrated, intelligent system is already a complex and time-consuming work of a team of scientists, engineers and data science specialists. BioCam is currently negotiating the next steps in financing its operations. The company is closing an investment round for up to PLN 3 million to accelerate work on refining the technology to the level of a final production capsule. After that – as early as the summer of 2024. – BioCam announces its debut on the market.

NewConnect and join the ranks of high-tech companies on the stock market

“We are looking at the stories and track record of ScopeFluidics or Bioceltix, which give investors a substantial return on capital, while benefiting from financing raised on the stock market. This is also our growth path, with the WSE Main Market on the horizon. It will provide us with the means to grow even faster by enabling investment on a much larger scale. What matters with medtech is the innovation of the technology, the ability to scale quickly and the international potential. For now, looking at the dry facts, we have impressive financial efficiency. After all, our global competitors needed an average of about $100 million to bring the hardware alone, or just the capsule, to a similar TRL (technology readiness) level. We, with dozens of times less investment, have better results – we are developing an integrated system that also includes AI software for image analysis, a telemedicine platform and a mobile application.”
– notes Maciej Wysocki

To date, BioCam has raised a total of more than PLN 10.5 million in financing. Part of this amount came from public grants for R&D projects, and most from angel investors and VC investors, including the Level2 Ventures fund. Over the past year, the medtech founded in 2019 by Maciej Wysocki, Robert Stachurski, Jakub Niemczuk and Prof. Mark Langner, has nearly doubled its team, strengthening the technical and medical team in terms of the annotation process. Recently, BioCam participated in the prestigious Google for Startups Growth Academy: AI for Health program, as one of the few companies from the entire EMEA region.

Testing several times cheaper than market competitors

“Significant technological improvements to our capsule include an intelligent image sensor, causing it to automatically extinguish itself if it temporarily gets stuck in a certain section of the digestive tract. We have thus extended the battery life by up to several hours. In addition, we are working intensively on Narrow Band Imaging (NBI) technology, which allows us to illuminate tissues with different wavelengths of light, giving additional diagnostic value by visualizing pathological changes that are impossible to see under visible light. NBI is the standard of the most advanced systems for traditional endoscopy, but no one in the world has yet used it for capsule endoscopy.” – comments the head of BioCam and emphasizes that the R&D work, as well as every patient tested, brings the company closer to obtaining medical certifications in the European Union and the United States, and the first commercial deployment of the endoscopic system as early as the end of 2024.Plans also include reimbursement efforts – in this
prospect, the AI-based test designed by BioCam costs PLN 1.2-1.5 thousand, several times less than competing capsules.