Member profile: NERv Technologies Inc.
NERv Technologies Inc. (Nerv) is a company focused on providing data-driven medical insights for optimal postoperative recovery. NERv aims to reduce the risks that are associated with surgeries by monitoring the patient’s health after a surgical operation. Its platform composed of bio-sensors detects post-operative complications and alerts doctors as soon as the complication develops. In this profile, NERv discusses their platform along with their connection to the University of Waterloo.
In a short pitch, how would you describe NERv's offerings? What makes it innovative? What industry sectors and/or customers are you focused on?
NERv aims to create a paradigm shift in post-operative care, utilizing the plethora of data which can be obtained from within the body, to help in the detection of post-operative complications at their onset. The Inline Effluent Monitor, NERv’s platform sensing technology, augments existing wound drains and catheters, providing healthcare providers with a smart monitoring tool that can enhance the delivery of care. NERv’s technology is built with the goal of decreasing the surgeon’s response time to potential complications, making patient recovery easier, and even saving lives.
Providing more detail, what is the value proposition of NERv's offerings? Examples could include the underlying technology, new capabilities, cost reduction, risk reduction, improved performance, new business model, etc.
NERv’s system improves the clinical outcome for patients while also reducing the risk of liability for surgeons. It can also alleviate worries that complications will go undetected for long periods of time and allows surgeons to provide better care for their patients using fewer resources. NERv’s system also incorporates telemonitoring. Given that legislation in the U.S. has been moving in the direction of using remote patient monitoring tools, this can represent an additional billing opportunity for surgeons. The system can reduce risks associated with the surgery, increase chances of survival, provides better quality of life following surgery, and reduces the concern around the occurrence of leaks and their remaining undetected. NERv’s system can also reduces costs incurred on hospitals by improving the current expensive standard of care for diagnosis. The solution reduces the impact on patients by reducing the incidence and suffering from complications, while offering patients the hope of earlier discharge. Better patient outcomes can also have a positive reputational impact on the hospital and can have significant implications on reimbursements and staff loading. This potential for earlier discharge and outpatient monitoring can also reduce occupancy and associated costs.
What is NERv’s biggest achievement/success story to date?
NERv’s biggest achievement to-date is the initiation of its second phase clinical trials, enrolling more than 75 patients to-date across multiple world-renowned institutions in Canada and the U.S., including Juravinski Cancer Centre in Hamilton and the Cleveland Clinic in Ohio.
What does the future hold for NERv?
NERv is currently working on completing its clinical trials and securing regulatory approval to commercially launch its first product, The Inline Effluent Monitor, in 2022.
What is NERv’s connection to the University of Waterloo?
NERv’s co-founders are University of Waterloo graduates from the Nanotechnology and Electrical Engineering departments. NERv has previously collaborated with multiple researchers at the University of Waterloo and has close affiliations with the Waterloo Institute for Nanotechnology (WIN).
Why did you decide to join the GEDI Exchange? What are you looking for? What do you want get out of it?
As a member of the Waterloo community, NERv aims to lend its expertise in medical device product development and collaborate with existing startups, industry experts, and academia to help strengthen the solid entrepreneurial foundation for future entrepreneurs and ventures.