It is estimated that the market for treatment of heart attack patients using a cryotherapy catheter is approaching €1billion worldwide, with the market for treatment of atherosclerotic plaque that may rupture and cause heart attack estimated as being in excess of 5billion.
The Company aims to commence clinical studies during the second half of 2019 and to begin commercialization once it has CE Mark approval. Sales will initially be via a network of distributors specializing in the marketing and sale of products used in the interventional cardiology field. In its first full year of sales in Europe the company aims to generate revenues in excess of €10million and in parallel generate additional value by carrying out further clinical trials that will lead to launch of the product in other markets such as the United States.
As far as we are aware there are no competitors in the field developing cryotherapy products for use in interventional cardiology to treat atherosclerotic plaque. Following clinical studies where CryoTherapeutics demonstrates the benefits of its technology it is expected that the large cardiovascular device companies that currently dominate the interventional cardiology market will be potential acquirers / JV partners for the company. Future competition is expected from technologies such as biodegradable stents and drug eluting balloons. However these approaches are faced with long regulatory pathways and are currently not addressing the same potential markets as CryoTherapeutics, their focus being on replacing stents in treatment of severe lesions and restenosis.