Polymedco Company Profile

Background

Overview

Founded in 1980 and headquartered in Cortlandt Manor, New York, Polymedco is a leading marketer and distributor of diagnostic tests, primarily focusing on colorectal cancer (CRC) screening and cardiac conditions, including acute myocardial infarctions. The company's mission is to enhance early disease detection, thereby improving patient outcomes and reducing healthcare costs. Polymedco's products are distributed to leading distributors, hospital systems, payors, and laboratories across North America.

Key Strategic Focus

Core Objectives and Specialization

Polymedco specializes in non-invasive diagnostic tests, with a significant emphasis on colorectal cancer screening through its OC-Auto® product line. This line enables high-volume fecal immunochemical testing (FIT) for hemoglobin in stool, facilitating early detection of blood that may be associated with colorectal cancer. Additionally, the company offers diagnostic solutions for cardiac conditions, including tests for acute myocardial infarctions.

Key Technologies and Target Markets

The OC-Auto® FIT system is a cornerstone of Polymedco's offerings, providing automated, high-throughput screening capabilities. The company targets healthcare systems, payors, providers, and reference laboratories, aiming to integrate its diagnostic solutions into routine screening programs to improve early detection rates and patient outcomes.

Financials and Funding

Funding History and Investors

In June 2022, RoundTable Healthcare Partners, a private equity firm specializing in the healthcare industry, completed a majority investment in Polymedco. The terms of the transaction were not disclosed. This investment is part of RoundTable's strategy to partner with companies that can benefit from its extensive industry relationships and operational expertise.

Utilization of Capital

The capital infusion from RoundTable Healthcare Partners is intended to support Polymedco's growth initiatives, including expanding its product offerings, enhancing distribution channels, and increasing awareness of colorectal cancer screening and cardiac testing solutions.

Pipeline Development

Product Portfolio and Development Stages

Polymedco's product portfolio includes the OC-Auto® FIT system for colorectal cancer screening and diagnostic tests for cardiac conditions. The company continues to focus on enhancing its existing product lines and developing new diagnostic solutions to address unmet needs in disease screening and early detection.

Target Conditions and Milestones

The primary target conditions for Polymedco's products are colorectal cancer and acute myocardial infarctions. The company aims to achieve milestones related to expanding market penetration, obtaining regulatory approvals for new products, and establishing strategic partnerships to broaden its reach.

Technological Platform and Innovation

Proprietary Technologies

Polymedco's OC-Auto® FIT system is a proprietary technology that offers automated, high-throughput fecal immunochemical testing for colorectal cancer screening. This system is designed to provide accurate and efficient detection of hemoglobin in stool samples, facilitating early diagnosis.

Scientific Methodologies

The company's diagnostic tests employ advanced immunoassay techniques to detect specific biomarkers associated with colorectal cancer and cardiac conditions. These methodologies are supported by robust clinical evidence and are designed for ease of use in various healthcare settings.

Leadership Team

Executive Profiles

Doug White, Chief Executive Officer: Appointed in 2022, Doug brings a successful track record of building businesses based on innovative healthcare solutions. His experience includes leadership roles at Emergent BioSolutions, Becton Dickinson, OpGen, Bayer, and Chiron. Doug holds a bachelor's degree from Washington College.

Chris Mathews, Chief Financial Officer: Joined Polymedco in July 2022, overseeing Finance, Human Resources, and Information Systems. Chris has extensive experience in life sciences, including roles at Merial and Medtronic. He holds an MBA from the University of Georgia and certifications as a Certified Managerial Accountant (CMA) and Certified Supply Chain Professional (CSCP).

Helen Landicho, Senior Vice President of Regulatory Affairs: Serving since 2014, Helen has over 25 years of experience within Polymedco's regulatory and business development divisions. She holds a Bachelor of Science degree from the University of Washington and various certifications in regulatory affairs and project management.

Angela Davis, Senior Vice President of Sales: Joined in October 2022, bringing over 25 years of healthcare industry experience, primarily in commercial leadership roles. Angela previously held positions at Cardinal Health, including national vice president of commercial access for the At-Home Solutions business. She earned her Bachelor of Science degree from The University of Maryland University College.

Todd W. Kelley, Vice President of Medical Affairs: Appointed in September 2023, Dr. Kelley is a board-certified pathologist with experience at the University of Utah, ARUP Laboratories, Beckman-Coulter, and Biofidelity. He holds M.S. and M.D. degrees from Ohio State University and has published over 70 research articles.

Tara Pucci, Vice President of Operations: With over 25 years at Polymedco, Tara has served in various roles, including director of operations and marketing manager. She earned her bachelor's degree from Boston College, concentrating in Business Management and Marketing.

Anthony Bercaw, Vice President of Marketing: Joined in April 2023, bringing over 25 years of commercial and marketing experience across the diagnostic and pharmaceutical industries. Anthony previously held positions at Abbott Laboratories and Quest Diagnostics. He holds a bachelor's degree from Ithaca College and a master's from George Washington University.

Leadership Changes

In 2022 and 2023, Polymedco underwent significant leadership changes, including the appointments of Doug White as CEO, Chris Mathews as CFO, Angela Davis as Senior Vice President of Sales, Todd W. Kelley as Vice President of Medical Affairs, and Anthony Bercaw as Vice President of Marketing. These changes reflect the company's strategic focus on strengthening its leadership team to drive growth and innovation.

Competitor Profile

Market Insights and Dynamics

The diagnostic testing market, particularly for colorectal cancer and cardiac conditions, is experiencing growth due to increasing awareness and the emphasis on early detection. The U.S. Preventive Services Task Force's recommendation to lower the initial CRC screening age to 45 has expanded the target population, potentially increasing demand for non-invasive screening methods like FIT.

Competitor Analysis

Polymedco faces competition from companies such as Terumo, Drive DeVilbiss Healthcare UK, Creganna, and A&D. These competitors offer various medical devices and diagnostic solutions, with some focusing on areas overlapping Polymedco's product lines. For instance, Terumo develops medical devices and supplies, while Creganna designs and delivers finished medical devices.

Strategic Collaborations and Partnerships

In June 2017, Polymedco acquired the U.S. distribution rights to the PATHFAST product line from LSI Medience Corporation. PATHFAST is a bench-top chemiluminescent immunoassay analyzer providing core-lab quality results from whole blood samples in under 17 minutes. This partnership enabled Polymedco to enter the critical care arena and expand its product offerings.

Operational Insights

Strategic Considerations

Polymedco's focus on non-invasive, high-throughput diagnostic solutions positions it favorably in the market. The company's emphasis on colorectal cancer screening aligns with public health initiatives promoting early detection. Strategic partnerships, such as the distribution agreement for PATHFAST, enhance Polymedco's product portfolio and market reach.

Competitive Advantages

Polymedco's proprietary OC-Auto® FIT system offers a combination of automation, accuracy, and ease of use, distinguishing it from competitors. The company's established relationships with healthcare systems, payors, and laboratories provide a robust distribution network. Additionally, the recent leadership appointments bring diverse expertise to drive innovation and growth.

Strategic Opportunities and Future Directions

Strategic Roadmap

Polymedco aims to expand its product offerings in diagnostic testing, particularly in areas with unmet needs. The company plans to leverage its existing distribution channels to introduce new products and enhance market penetration.

Opportunities for Expansion

The growing emphasis on early disease detection presents opportunities for Polymedco to promote its non-invasive screening solutions. Collaborations with healthcare providers and payors can facilitate the integration of Polymedco's tests into routine screening programs.

Positioning for Future Objectives

With a strong leadership team, proprietary technologies, and strategic partnerships, Polymedco is well-positioned to achieve its objectives of improving early disease detection and patient outcomes. The company's focus on innovation and quality aligns with the evolving needs of the healthcare industry.