Further detailed information is contained in the Information Memorandum
JUNOFEM is a medical device company providing a trusted solution for improving women’s pelvic floor health and relieving symptoms of urinary incontinence. Built on 10 years of university research, JUNOFEM is now on a path to commercialisation, with a product that is backed by science and grounded in research.
Urinary Incontinence (UI) is a problem no one talks about, yet one in three women suffer from involuntary urinary leakage, it affects both their physical and social wellbeing. Many women curtail or stop their normal activity, cannot continue employment, and the cost burden is huge. We believe women deserve better.
JUNOFEM have created the femfit® system; a combination of a thin, flexible intravaginal sensing device which connects to an interactive mobile app to help women learn the skill of pelvic floor muscle contractions and guide them through a proven pelvic floor exercise training programme. Custom support improves the likelihood of the exercise programme being effective, leading to better outcomes for women who successfully complete the programme. femfit® and the exercise programme delivered via the app can resolve up to 70% of urinary incontinence symptoms in just 12 weeks.
Due to the proprietary nature of our femfit® system, IP is integral to our success. We have a portfolio of patents, built around the multi-sensor array providing a pressure profile which informs users, in realtime, of their pelvic floor exercising technique. Correct technique is key to effective exercising and symptom resolution. Patents are now granted in Australia, US and China. Europe, Canada and Hong Kong are still under review. As a medical device, approval to sell is country specific, and we have completed regulatory approvals in NZ, AU and UK. We will file our US FDA submission in Q4 2022.
JUNOFEM is early-revenue, which is not unusual for a medical device company, as it can traditionally take up to five years for substantial revenue generation. femfit® is in the market with revenue for FY2022 of NZ$41K. We have evidence of healthcare professionals’ confidence in the ability of femfit® to help their patients, with 35 professional healthcare practices in New Zealand and Australia onboarded already to refer patients to use femfit®.
Having validated the market and contracted key suppliers capable of large-scale manufacturing, the focus now is on growth and we forecast revenue of $414K in FY2023 and $2.5m in FY2024. Our growth strategy is to build credibility with health care providers in Australia and the UK and develop targeted sales channels to market, first to new mums, via Direct to Consumer (DTC). JUNOFEM will build the health economics evidence to support reimbursement from health insurers in the future.
Achieving market uptake metrics and FDA 510(k) clearance prepares JUNOFEM for a Series A raise in Q2 2023 and for expansion into the US. JUNOFEM is looking for $1.5M of growth capital through the issue of SAFE Notes with a 20% discount and a valuation cap of $8M. Existing JUNOFEM investors GD1, NZGCP, UniServices, and Icehouse Ventures, have already committed ~$1M to the round.
Our team comprises global clinical experts in urogynaecology, pelvic floor function, wireless medical devices, intellectual property, and commercialisation. Spun out of the Auckland Bioengineering Institute, our senior team has worked effectively together for 8 years.
JUNOFEM is seeking to raise $1,500,000 by offering a SAFE note with the following terms:
JUNOFEM's current investors have already committed approximately $1M to the round and we are now giving new wholesale investors the opportunity to participate.
In 2021, JUNOFEM raised $1M with a post-money valuation of $4.5M. We anticipate that the progress since 2021 combined with the use of this bridge round funds to obtain FDA approval, show good market traction (% growth) and lead expansion to other off shore markets, in particular the UK, will had added substantially to this valuation. The valuation cap is set at $8M to further incentivise investors to participate in this SAFE note round.
The SAFE note will convert into Conversion Shares at the time of the next capital raise (with discounts applied). Conversion Shares will be the same class as issued at the next capital raise.
There are no conflicts of interest to report. Senior executives are on a salary with ESOP incentives. Nonexecutive directors are not receiving remuneration.
If the round is oversubscribed, the board reserves the right to accept additional funds for the purpose of preparing for Series A.
In 2022 JUNOFEM went through a share restructuring process to prepare the cap table to be attractive to a Series A investor. The goal was to show that the key executives were incentivised sufficiently. This was achieved by creating a sizable ESOP (and direct share transfers from other founders) allocated to Kruger and Budgett. Non-executive founders were also bundled into the nominee company JUNOFEM Shareholders Limited.
The Companies Office reflects the Shares on Issue in the cap table, however, it does not have visibility of the ESOP allocation.
UniServices is the tech transfer office of the University of Auckland. They received some shares for assignment of IP. The bulk of their shareholding is assigned for the cash investments from the Auckland Inventors Fund – they are also participating in the Bridge Investment.
The JUNOFEM Board has remained stable over the last 12-months. Chair of the Board, Simon Malpas continues to provide guidance and support for JUNOFEM and keeps the executive team focused. Vignesh Kumar has applied his experience and expertise of high growth tech heavy startups and facilitates access to a range of resources at GD1. Both have used their networks to introduce relevant expertise. We have also have the benefit of Kent Lee (UniServices) as an advisor – he has been a JUNOFEM supported from its inception. Jenny Kruger and David Budgett, Executive Directors, round out the governance team, and they continue to live the dream of driving a high tech startup on a pathway to change the world.
We welcome non-executive directors as capital is taken on. There is also a role for an advisor to the Board with experience in medical device marketing to provide an independent perspective. Discussion are underway with potential thought leaders who fit the criteria.
Series A funding will be sought in Q2 2023. The plan is to raise $4M based on a pre-money valuation of $15M. This Bridge Investment is primarily focused on achieving the key milestones identified to strengthen the Series A pitch.
We have three VC companies who want to know about our Series A positioning and timing.
We are currently managing our Share registry with Orchestra
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