MeMed

Munich, October 2024

MeMed is an Israel based company in med tech and bio-convergence, offering innovative immune response tests that solve complex clinical challenges and improve patient outcomes in infectious and inflammatory diseases. MeMed’s innovative solution earned them the first-place in the 12TH MEDICA Start-up COMPETITION at MEDICA 2023.

We had an insightful conversation with the MeMed team. Let’s explore their journey and the steps they took towards this remarkable achievement.

1. HOW DID IT ALL START?
   MeMed’s story began at the Technion Israel Institute of Technology, where Co-founder Kfir Oved’s deep dive into immunology and medicine intersected with co-founder and CEO Eran Eden’s pursuits in molecular biology and computer science. This meeting sparked a unique partnership as they embarked on a journey fuelled by shared curiosity, combining their diverse backgrounds to create innovative solutions. Kfir’s grandmother’s famous blintzes were more than just a culinary delight; they became a cornerstone of their early journey. Her kitchen, a quiet sanctuary, was where they often met to work, dubbing this period their “garage phase.” Spanning roughly a year and a half, this phase began in 2009, a notably tough period for starting a company or raising capital. Despite the odds, their steadfast commitment bore fruit, and MeMed transformed from a series of intellectual pursuits into a significant venture. During this evolution, they identified a crucial gap in healthcare—the urgent need for effective diagnostic tools to differentiate between bacterial and viral infections, in a way that would complement conventional diagnostics. This challenge resonated deeply with their personal experiences as patients and parents who had faced health uncertainties with their own children.  The formation of MeMed wasn’t a sudden revelation but a gradual realization. Embarking on this journey with a mix of naivety and boldness, they were fueled by the excitement of creating something meaningful and the willingness to accept potential failure. Above all, it was the joy of the journey, the thrill of venturing into the unknown, and the desire to effect real-world change that propelled them forward. 
2. WHAT ARE THE KEY MILESTONES YOU HAVE REACHED SO FAR?

MeMed key milestones:  

• Identifying the Correct Clinical Question: Initially, there was scepticism about whether distinguishing between bacterial and viral infections was the correct clinical dilemma. However, this query ultimately proved fundamental. 
• Uncovering and Integrating Biomarkers: The journey involved examining hundreds of biomarkers to identify three key biomarkers that can help predict whether the body is fighting off a bacterial vs viral infection. These biomarkers were then seamlessly integrated using computational methods. 
• Achieving Double-Blind Validation: The company successfully navigated the challenging process of independent, double-blind validation. This is a significant milestone that many companies never attempt, and those who do often fail. 
• Developing the Key analyser platform: A breakthrough achievement, this compact immunoassay platform enables rapid, overly sensitive, multiplexed protein measurements, previously only possible with large, costly lab equipment. 
• Securing Significant Funding: The company successfully raised approximately $200 million from investors and in grants from the US federal government and the EU commission, a testament to the confidence investors and state sponsored programs has in the vision and capabilities. 
• Gaining Unprecedented FDA Clearances: MeMed received landmark FDA clearance, a first of its kind, followed by another groundbreaking approval for whole blood testing. 
• Establishing Key Partnerships: The company forged strategic partnerships with major industry players like Diasorin and Beckman Coulter, further cementing its position in the market and goal to make MeMed BV the standard of care. 

Reflecting on MeMed’s path, each milestone marks a significant chapter in our story. A pivotal moment in our international expansion was obtaining the CE Mark in Europe in 2020 for both MeMed BV and MeMed Key. This certification broadened our reach, allowing us to impact healthcare on a global scale. The CE Mark, alongside the AMAR clearance from the Israeli Ministry of Health, signalled our transition from a local Israeli firm to a significant player in the global diagnostics arena. 

The FDA clearance for our MeMed BV test on whole blood, achieved earlier this year, was a watershed moment, enabling quicker, more efficient infection diagnosis. This achievement built upon our earlier serum-based test, which received FDA clearance in 2021.  The successful launch of our test in medical Centers across the United States, Israel, and Europe, coupled with robust partnerships with industry leaders DiaSorin and Beckman Coulter, has established a solid foundation for our ongoing successes. This strategic expansion and collaboration have been pivotal in reinforcing our market presence and driving our achievements. 

Our strategic expansion into the US market, highlighted by the opening of a new office in Boston, heralds a new phase of growth. This move positions us to enhance our operations and drive innovation, equipping us to address critical challenges in medical diagnostics. 

3. WHAT WERE THE BIGGEST CHALLENGES YOU HAVE FACED?

Throughout our journey, scepticism has been a recurring theme. Initially, there was significant doubt about the efficacy of our approach in tackling a challenging scientific problem. This scepticism extended to our ability to replicate our results in critical independent, blinded clinical studies. The development of the MeMed Key Analyzer further highlighted these doubts, with even our investors expressing concerns about the overwhelming engineering challenges. Finally, the pursuit of FDA clearance was shadowed by uncertainty, with no direct precedent and a pervasive disbelief in our chances of success. Despite these challenges, we persevered, demonstrating the resilience and innovation at the core of our mission. 

The journey with MeMed has been filled with numerous, sometimes overwhelming challenges. In the beginning, our understanding of what it takes to build a company was just the tip of the iceberg. Navigating the complexities of medical diagnostics, dealing with regulatory mazes, and translating academic concepts into practical solutions–all these were steep learning curves. Embracing these challenges have kept us agile, constantly learning, and adapting. They have been crucial in shaping not just MeMed as a company but us as individuals and leaders in this field. 

4. WHAT IS COMING IN THE NEAR FUTURE?

The future holds a multitude of exciting chapters yet to be written. We are poised to expanding our impact, especially in the US and Europe, leveraging our MeMed BV whole blood clearance as a springboard. But more than that, our ambitions extend far beyond just infectious diseases. Our innovative technology has the potential to revolutionize a myriad of healthcare challenges, and we are only beginning to uncover its full potential. Our mission is to continually push the boundaries and exploring new frontiers in medical diagnostics. For us, it is more than just advancing the technology, it is about the profound impact on people’s lives. This deep sense of purpose fuels our daily endeavours at MeMed, driving us to make a difference in the world. 

5. DESCRIBE YOUR EXPERIENCE IN THE 12TH MEDICA Start-up COMPETITION AND BEING THE TOP12 MEDICAL START-UP 2023?  

Participating in the 12th MEDICA Start-up Competition was an exceptional and professionally enriching experience. Being part of such a distinguished, innovative, and diverse group of finalists was truly inspiring. The event’s outstanding organization was impressive—everything flowed seamlessly, contributing to a conducive and engaging environment. 

One of the most surprising and gratifying aspects was the exposure we received. The event drew a large and enthusiastic audience, allowing us to connect with a broad spectrum of individuals. The feedback received post-event was overwhelmingly positive, generating significant interest in our solution and commercial conversations that have continued well after the close of the conference.  

6. YOUR THREE TIPS FOR UP-COMING STARTUPS

1. Clarity and Precision in Messaging: Condensing your product essence into a brief pitch requires clarity and focus. Communicate the identified need and how your product precisely meets this need with precision. Highlighting the unique value proposition in a concise manner is crucial. 
2. Communication Strategy for Go-to-Market: Craft a comprehensive go-to-market plan and demonstrate the path to commercialization during your pitch. Presenting a robust strategy for product implementation and market penetration is essential to showcase your business readiness. 
3. Proficiency in Addressing Judges’ Queries: Anticipate and prepare to answer judges’ questions effectively, demonstrating a deep understanding of your solution and its market potential. This opportunity allows you to delve into aspects that may not have been covered in your initial pitch. 

Thank you for sharing these valuable insights. We look forward to following your future endeavours and the exciting milestones you will achieve moving forward!

Visit MeMed and learn about innovative diagnostic testing methods.

The 14^th MEDICA Start-up COMPETITION is already open for submissions. Participation is free of charge with chances to present at MEDICA 2025. More information & free submission: MEDICA | Trade Fair for Medical Technology & Healthcare – Düsseldorf / Germany (medica-tradefair.com)