Illinois-based Ohmx Corporation will soon be empowering patients with a revolutionary blood monitoring device – Vice President of Research Dimitra Georganopoulou, Ph.D. calls it “blood work on a chip”. Ohmx’s handheld telemedicine technology will allow users to prick their fingers and take blood measurements in much the same way as diabetics do with glucose monitors – but the device will detect metabolites, electrolytes, and specific markers for cancer, strokes, and cardiac health. “You can have a full analysis of how you’re doing so you can actually monitor yourself independently and be remotely taken care of by your physician,” said Georganopoulou. “Patients with diseases can monitor themselves regularly. When values go up, they can go in for a checkup or further testing, or adjust their lifestyle accordingly.”
Ohmx was founded in 2005 by Dr. Thomas Meade, who achieved a successful exit with his previous company, Clinical Micro Sensors, when Motorola acquired it for $300 million in 1999. Ohmx completed a $5.1 million Series A round of preferred stock financing in 2009. “There was a lot of pitching and a lot of selling of the idea and our vision and our beliefs. And there was a lot of negotiating,” said Georganopoulou. “But this is part of what would be similar to venture funding.” Ohmx presented at last year’s Michigan Growth Capital Symposium (MGCS), and the company has since secured another round of angel funding, began product development with its manufacturer, and is tracking a timeline for a 2012 market launch.
Georganopoulou said that presenting at the MGCS was a great honor. “We learned a lot and we met a lot of people. It was very nice to see our network of people there.” She advises other presenters to focus on top-notch preparation and a deep knowledge of all aspects of their companies prior to their pitch. “Be very well prepared from all points of view – technical, commercial, marketing, and financial,” she said. “Investors are very well educated and they can be equally versed in a lot of things. They will immediately point out weakness in your business strategy.”