Simpletest

Simpletest

Revolutionizing the medical point of care device industry by democratizing care

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Security Type
Convertible Note
Min Investment
$100
Location
San Diego, CA
Offering Date
January 04, 2021
Expected Close Date
April 29, 2021
Target Raise
$50.00K-$900.00K
Deal Notes

Interest: 6.0%

Discount: 15%

Company Description

SimpleTest is a portable medical test reader, with a universal adapter, that allows tests to be read anywhere, eliminates human error, and produces results in minutes. 

In 5 years, we hope that our next generation device will be in use at medical facilities, nursing homes, private households and in major businesses across the globe. Our anonymized cloud data will be used in international research to improve the lives of patients everywhere. These projections are not guaranteed.

Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.

Key Deal Facts

Revolutionizing a $26 Billion field with what may be the 1st and only patented universal test reader
Tapping into the $68 Billion Healthcare Big Data Industry
Eliminating manual errors means better, faster, smarter care for all

Use of Proceeds

$50,000 

  • 47% R&D, SimpleTest units for supporting FDA EUA, Clinical Testing supporting COVID-19 Diagnostics FDA Emergency Use Authorization Clearance
  • 10% Legal/Accounting
  • 23% Salaries
  • 13.5% G&A
  • 6.5% Wefunder fee 

$900,000 

  • 39% Salaries
  • 33% R&D
  • 11.3% Legal/Regulatory
  • 5.6% seed Simple Test production
  • 4.6% G&A
  • 6.5% Wefunder Fee 

Management Team / Advisory Board Bios

Lonnie Adelman
CEO
Successful at taking multiple products from concept to high volume manufacturing. Developed a variety of revolutionary devices including the first automated PCR machine and a magnetic labeling platform for DNA and protein detection to market

George Foo
Director of Operations & Supply Chain
Director for HP's inkjet cartridge supply chain & mftr operations. Extensive experience with New Product Introductions including: selection of materials, suppliers, design for logistics-negotiating costs, contracts, managing suppliers

Edward Strong
Scientific Director
Ed has been involved in several early-stage genomic businesses as executive, founder, and advisory roles. His vision is to create user-friendly tools and resources that empower productivity, growth and change.

Tom Hayhurst
Director of Business Development
Tom is an entrepreneur and business leader with broad commercialization expertise in both start-up and large multi-national Fortune 100 companies. Previously VP of Sales & Marketing for Berkeley HeartLab, and Product Manager of Abbott Laboratories

Deal Notes

Interest: 6.0%

Discount: 15%

Amount Raised : $0
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Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

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