Siren Appoints Chief Financial Officer to Support Next Phase of Growth

June 29, 2020

 

Siren, a medical device company that has developed breakthrough technology to embed microsensors within fabric, allowing for mass production of affordable, washable smart textiles with remote patient monitoring applications, announced today the appointment of Philip Preuss as Chief Financial Officer. Mr. Preuss brings a strong finance and cross-functional background to the Siren executive team with over 17 years of professional experience in both the financial services and medical device industries. He will report directly to Ran Ma, the CEO and co-founder of Siren and will oversee all aspects of the finance, accounting, and business operations of the company. Siren's first product is an FDA-registered temperature monitoring sock that connects wirelessly to a software application, allowing healthcare practitioners to detect early signs of inflammation in patients at risk of developing diabetic foot ulcers.

 

Mr. Preuss has developed a strong multi-disciplinary expertise in management, leading teams in Vice President roles in finance, business operations, marketing, strategy, and corporate development. He spent the past 12 years at Avinger, an innovative medical device company in the vascular intervention space. As one of the first employees at seed stage, he supported fundraising activities for over $200M in capital and played a significant part in building the finance, strategy, commercial operations, and business administration functions through commercialization and an initial public offering. Most recently, he held the Vice President of Marketing and Business Operations position, leading multiple successful product launches and several key strategic projects for the company. He has also worked in medical device corporate development at Foxhollow Technologies, and spent several years in financial services as an equity research associate, becoming an Associate Director at UBS.
Mr. Preuss commented, "Siren has a compelling combination of an innovative technology platform, a commercial-ready product with existing reimbursement, strong business model, excellent executive and Board leadership, and top tier investors. Most importantly, the company has developed a product that helps patients at-risk of suffering the potentially devastating complications of a severe chronic disease through early detection and prevention. I am extremely excited to join a company that will make such a positive transformational impact on patient care."

 

"With Siren gaining significant commercial traction, we are making key executive hires to support substantial growth going forward," noted Ran Ma, CEO and founder of Siren. "We are excited to have someone with Phil's background in the important role of Chief Financial Officer, especially given his shared commitment to advancing patient care. Phil's extremely well-rounded skill set, deep functional knowledge in strategy, business operations, and finance, and experience building a startup medical device company from inception to an initial public offering, really complements the existing core competencies of our leadership team."

 

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In Times of COVID-19 Darkness, Remote Patient Monitoring Shines a Light for High Risk Patients

June 11, 2020

 

People with diabetes are not more likely to get COVID-19 than the general population. The problem people with diabetes face is primarily a problem of worse outcomes, not greater chance of contracting the virus.

 

Early studies have shown that about 25% of people who went to the hospital with severe COVID-19 infections had diabetes.

 

One in 10 coronavirus patients with diabetes died within the first seven days of hospitalization, and one in five needed a ventilator to breathe, according to a new study by French researchers.

 

Diabetes is one of the underlying health conditions that health experts believe put people at greater risk for developing more severe symptoms of Covid-19 and the study, published in the journal Diabetologia, seems to confirm this.

 

One reason is that high blood sugar weakens the immune system and makes it less able to fight off infections.

It is well known that people with diabetes have increased infection risk, especially for influenza and pneumonia.

 

Diabetes was previously reported as a major risk factor for mortality in people infected with the 2009 H1N1 pandemic influenza and, more recently, with the Middle East respiratory syndrome-related coronavirus (MERS). Epidemiological studies have quickly and consistently pointed out diabetes as one of the major comorbidities associated with COVID-19 and affecting its severity.

 

The researchers found that patients who used insulin and other treatments for modifying blood sugar levels did not have a higher risk for developing COVID-19.

 

It is imperative for diabetics to create a COVID-19 plan as social distancing and shelter in place rules may make it harder to get the supplies and care that you need.

 

If you start feeling sick, stay home. Check your blood sugar more often than usual. COVID-19 can reduce your appetite and cause you to eat less, which could affect your levels. You also need more fluids than usual when you're sick. Keep water close by, and drink it often.

 

At Siren, we are dedicated to keeping our high risk patients safe and at home, by allowing them to communicate with their doctor regarding foot health remotely. Our goal is to keep patients safe, connected, and out of the hospital.

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Siren Raises $11.8 Million to Power Commercial Expansion of its Smart Fabric Remote Patient Monitoring Solution

May 27, 2020

Siren, a medical device company that has developed breakthrough technology to embed microsensors within fabric, allowing for mass production of affordable, washable smart textiles with remote patient monitoring applications, announced today that it has raised $11.8 million in funding led by Anathem Ventures, with participation from existing investors DCM, Khosla Ventures, 500 Startups, and Peter Thiel’s Founders Fund. In connection with this Series B round of funding, DCM Partner Jason Krikorian will join Siren’s board and Anathem Managing Partner Crystal McKellar will join Siren as an advisor.

 

Since its founding in 2015, Siren has raised $22 million across three funding rounds to position itself for commercial expansion, including a previously undisclosed $6.5 million Series A in 2018 and a $3.4 million seed round. Siren was the TechCrunch CES 2017 Hardware Battlefield Winner, and was named 2018 CES Best of Innovation for its innovative smart textile technology. 

 

Empowering Doctors to Effectively Care for Patients Remotely

 

Siren’s first commercial product is an FDA-registered temperature monitoring sock that connects wirelessly to a software application, allowing podiatrists to detect early signs of inflammation in patients at risk of developing diabetic foot ulcers. The onset of diabetic foot ulcers represents a dangerous condition that, when left unchecked, can lead to serious complications, including amputation. Today, podiatrists largely rely on in-clinic visits to manually monitor the temperature elevations that are the precursor to a diabetic foot ulcer. However, ulcers form in a matter of hours or days and can worsen rapidly between such visits. Siren’s solution enables real-time detection and early intervention, which can prevent the serious complications that result in over 100,000 lower limb amputations every year and cost the US healthcare system over $43 billion annually. 

 

COVID-19 Changing Healthcare Now and Forever

 

Siren’s remote monitoring solution is particularly valuable during the COVID-19 pandemic, as it allows healthcare practitioners to stay engaged with and care for their patients remotely, limiting in-clinic visits to true emergencies while delivering additional services for physician practices through CMS’ recent expansion of Medicare reimbursement for remote patient monitoring services. 

 

“COVID-19 has changed healthcare now and forever. Digitization and virtual care is no longer a nice-to-have, it’s a need-to-have. Patients need remote patient monitoring to collect and send crucial health data to their physicians. Clinics, by transitioning some medical staff into virtual monitoring, can stay operational, prevent job loss, and allow patients continued access to care,” commented Ran Ma, CEO of Siren. “Additionally, as a medical device company, we have changed the way that we do business - how we make sales, provide customer support, and how our products work. The companies who not only survive, but thrive, are the ones best able to evolve and help their customers adapt to this new world.”

 

Series B lead and Anathem Ventures Managing Partner Crystal McKellar said, “Technology, at its best, should deliver higher functionality at a fraction of the cost. In the healthcare space, this means improving patient outcomes while reducing the financial burden to the system. Siren’s breakthrough technology combines all of these important adoption drivers, and I am thrilled to partner with Siren to help further the company’s growth.” 

 

DCM Partner Jason Krikorian, a long-time Siren investor who co-led Siren’s 2016 seed round, noted, “When we initially invested, what I saw was a resourceful team and a creative and elegant product that would represent an enormous improvement for patient care and cost-effective physician workflows in any environment.  The current pandemic has made it clear that remote monitoring solutions will be a critical part of any physician’s practice.  I’m excited to work even closer with the team on this next phase of growth.”

 

About Siren

 

Siren is a technology company founded in 2015 by Ran Ma, Henk Jan Scholten, and Jie Fu that has developed proprietary technology to embed microsensors into fabric, allowing for the mass production of affordable, washable smart textiles. Siren’s products seamlessly integrate into their users’ everyday lives while providing real-time biofeedback to patients and their doctors. Siren’s first commercial product is an FDA-registered temperature monitoring sock for the early detection of inflammation that leads to diabetic foot ulcers, which costs the health system over $43 billion a year and leads to over 100,000 lower limb amputations annually in the United States. www.siren.care

 

About DCM 

 

DCM is a venture capital firm with over $4 billion under management. Since 1996, DCM has invested in more than 400 technology companies across the U.S. and Asia. With offices in Silicon Valley, Beijing, and Tokyo, DCM empowers its entrepreneurs with hands-on operational guidance and a global network of business and financial resources. www.dcm.com

 

About Anathem Ventures 

 

Anathem Ventures is an early stage venture capital fund that invests in the Seed to Series B rounds of great companies that have developed breakthrough technology with strong IP protection that they are leveraging to win and own well-defined, high-margin markets. Anathem is located in Jackson Square in the heart of San Francisco. www.anathemventures.com

 

Media Contact

 

[email protected]

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Siren Appoints Chief Commercial Officer to Lead National Expansion

May 18, 2020

Siren, a medical device company that has developed breakthrough technology to embed microsensors within fabric, allowing for mass production of affordable, washable smart textiles with remote patient monitoring applications, announced today the appointment of David Castiglioni as Chief Commercial Officer. Mr. Castiglioni brings an extensive background of startup commercial experience to the Siren leadership team from both the medical device and biotechnology industries and will report to Ran Ma, CEO and co-founder. In his role, Mr. Castiglioni will oversee all aspects of commercialization of Siren’s first product, an FDA-registered temperature monitoring sock that connects wirelessly to a software application, allowing healthcare practitioners to detect early signs of inflammation in patients at risk of developing diabetic foot ulcers. His responsibilities will include leading and driving sales, go-to-market planning, strategic partnerships, clinical education, and customer success. 

 

Mr. Castiglioni has led the commercialization of numerous new and innovative medical device platforms. He has over 20 years of medical device sales and marketing experience, including senior executive positions at Abbott Vascular and Intuitive Surgical. During his 7 years at Intuitive Surgical, he served in numerous leadership roles of increasing responsibility as part of the team that drove early-stage adoption of the daVinci robotic surgery system across the globe. Most recently, he was the Vice President of Sales at VitalConnect, leading commercial expansion of the company’s Vista Solution remote patient monitoring platform in North America. 

 

Mr. Castiglioni commented, “I am extremely excited to join the leadership team at Siren and bring a transformational technology to market that will help patients suffering from severe chronic disease. Throughout my career, I have been driven by my passion to improve patient care and commercializing technologies that address unmet clinical needs. Siren’s remote patient monitoring platform aligns with my commitment to putting patients first and represents an enormous improvement for patient care, particularly for those at risk of developing severely debilitating complications of diabetes and associated neuropathy.”

 

“We are delighted to welcome David to the team as our Chief Commercial Officer during this exciting period in Siren’s national expansion,” said Ran Ma, CEO and founder at Siren. “His passion and commitment for putting patients first, combined with his ability to strategically build strong customer relationships, brings a valuable skill set to the company’s leadership team. David’s extensive healthcare, technology, and medical device experience and track-record means that Siren will be well positioned for our growth phase.”

 

About Siren

Siren is a technology company founded in 2015 by Ran Ma, Henk Jan Scholten, and Jie Fu that has developed proprietary technology to embed microsensors into fabric, allowing for the mass production of affordable, washable smart textiles. Siren’s products seamlessly integrate into their users’ everyday lives while providing real-time biofeedback to patients and their doctors. Siren’s first commercial product is an FDA-registered temperature monitoring sock for the early detection of inflammation that leads to diabetic foot ulcers, which costs the health system over $43 billion a year and leads to over 100,000 lower limb amputations annually in the United States. https://siren.care

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Dr. Rimi Statkus Explains Tech Behind Siren Socks

May 13, 2020

Northern Illinois Foot and Ankle Specialists are offering cutting edge technology and care delivered by a top notch team to distinguish themselves in the field of podiatry. We are thrilled to have them integrate Siren in to their practice. Watch as Dr. Statkus explains how Remote Patient Monitoring technology and the Siren Sock System is keeping high risk patients monitored from the safety of their own home.

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Where Telehealth Stops and Remote Patient Monitoring Starts

May 12, 2020

REMOTE PATIENT MONITORING vs Telehealth: Which is right for you?

COVID-19 has brought to light for patients and providers the importance of Remote Patient Monitoring and Telehealth. While they are often lumped in one large “Telemedicine” category and are both valuable in their own ways, these two modalities are in fact different.

What is Remote Patient Monitoring?

Remote Patient Monitoring (often abbreviated as RPM) is a method of healthcare delivery that uses the latest advances in IT to gather patient data outside of traditional healthcare settings. It’s about using technologies to bridge the gap between traditional physical settings of your clinic and people living their every day lives. The most effective RPM systems often consist of consumer-friendly, wearable tech products that seamlessly integrate in to the users life, and a platform for clinics to streamline the data collected and provide a clear picture of the patients health. RPM is giving clinicians the power to know what’s actually occurring with their patients on a daily basis, as it happens, vs relying on their routine scheduled check in, or even a check in via telehealth. Patients are provided with a steady stream of biometric data to the healthcare professionals monitoring their treatment. It automates the process to an extent that makes it easier for both individual and provider to keep on top of the situations in real-time.

What is Telehealth?

Telehealth was originally created as a way to treat patients who were located in remote places, far away from local health facilities or in areas with shortages of medical professionals. While it is still used today to address these problems, it is increasingly becoming a tool for convenient basic medical care.  In short, telehealth is the practice of medicine using electronic and telecommunications technologies (think zoom, facetime, skype, etc.) and services to provide care from a distance. Today’s connected patient wants to waste less time in the waiting room at the doctors, and get immediate care for minor conditions when they need it. Telehealth can be used as a tool, but maybe not a solution for high risk patients. It should be used to screen patients, triage patients, and care for patients who do not need medical intervention.

 

As we know, COVID-19 can be harmful and even fatal for people with compromised health, and both Remote Patient Monitoring and Telehealth can help these patients avoid exposure. While telehealth can provide routine care for patients with chronic disease who are at high risk, it is limited in proactively alerting the patient or physician of potential ailments as remote patient monitoring can do.

 

Siren has the best in class Remote Patient Monitoring solution to continuously track foot temperature, keeping patients and providers connected by helping track issues related to inflammation or injury. Temperature monitoring, in contrast to visual checks alone, has been shown to improve outcomes related to ulcers by 87%.*

 

Contact us to learn more about our Siren Smart Sock system.

 

For more information on RPM and Podiatry, click here.

*https://siren.care/research/

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Remote patient monitoring and podiatry during COVID-19

April 16, 2020

People with neuropathy and those at risk for diabetic foot ulcers are particularly vulnerable during COVID-19. They need high-quality care to avoid complications. But many are scared to see their doctor, and don't know how to keep in touch with their podiatrist from home. In turn, podiatrists are seeing a decline of patients coming in for in-person visits. Remote patient monitoring offers a critical solution to deliver the best care for the patients that need it the most.

Impact of COVID-19 on diabetic foot care

People at risk for foot ulcers are also the most vulnerable when it comes to COVID-19. Many are older, have diabetes, and other co-morbidities that make the Corona-virus particularly dangerous for them. But especially now they need the care to make sure they don't develop foot complications. In order to keep people at home and out of the hospital, it's crucial for their health that they remain connected with their podiatrist.

  1. Less in-person visits and increased risk of complications. Patients are scared to come into the office and are cancelling appointments unless absolutely necessary. The fear is easily justified, but by not going in for regular in-person visits and seeing their doctors as often, they have an increased risk of developing diabetic foot ulcers. Diabetic foot ulcers can be fatal and have extreme consequences. Using remote patient monitoring, patients can be safely monitored from the comfort of their home without having to come into the office.
  2. Risk for healthcare providers. Due to exposure and infection rate, the number of staff available to see patients can decrease. As the virus continues to spread, health care providers will be forced to quarantine themselves. As a result, remaining providers will have to work more with less resources.
  3. Reduced access to care. The cancellations of these appointments are costly to the clinics as revenues are reduced. Medical assistants and nurses may have to be furloughed. Especially smaller and rural clinics are at risk, even though these are crucial for their communities. If clinics start closing, it reduces access to care for our most vulnerable patients. Siren allows clinics to keep their healthcare workers safe, because they can transition into remote patient monitoring instead of being furloughed.

How can Remote Patient Monitoring help your practice during COVID-19?

  1. Maintain relationships with high risk patients. Stay engaged and treat your patients even if they are unable to come in to the office. This will make your patients feel safe, knowing they are still being monitored and cared for by their physician. You can manage and limit in-person visits to only those which are absolutely necessary, while also creating better care for patients at home.
  2. Continue to monitor patients and avoid severe diabetic foot complications. Many patients with neuropathy are at high-risk to develop life-threatening wounds. Without close monitoring and regular check-ins, wounds can go unnoticed. RPM provides the means for monitoring patients who are at greatest risk during their period of self-isolation, protecting clinic staff and patients alike.
  3. Keep your clinic open and retain talented staff. RPM provides a provides a means to supplement some of the lost income from appointment cancellations for routine visits. The reimbursement is carved out specifically for the technology component of remote patient monitoring, so these programs can be more profitable than traditional telehealth services (CPT 99453, 99454, 99457 and 99458). You can keep your office open and retain talented and loyal staff.

Remote temperature monitoring for diabetic foot care during COVID-19

COVID-19 is here and it’s probably going to get worse before it gets better, but we are confident we will get through this difficult time together and that we can still save limbs and lives. With remote temperature monitoring, you can keep patients healthy and at home, and retain your staff to deliver the highest quality of care.

Contact us at [email protected] to discuss how we can help your patients and your practice to get going quickly.

Resources

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FCC Fights COVID-19 with $200M Telehealth Program

April 14, 2020

Huge news from the Federal Communications Commission earlier this month as they voted in favor of adopting a $200 million telehealth program to support healthcare providers responding to the ongoing coronavirus pandemic. This new program will provide immediate support to HCP’s and patients across the country, including aid for the purchase of telecommunications, broadband connectivity, and devices necessary for providing telehealth.

 

FCC chairman Ajit Pai issued the following statement on the adoption of the order:

“Our nation’s healthcare providers need us more than ever, and we at the FCC are answering the call. With the adoption of the $200 million COVID-19 Telehealth Program, the FCC can now take immediate steps to provide funding so that more patients can be treated at home, freeing up valuable hospital beds for those who most need them and reducing the risk of exposure to the virus.”

“In addition, the new Connected Care Pilot Program will help us to look to the future and determine how universal service support can shepherd telehealth services into a new era of healthcare delivery. I’d like to thank my colleagues at the FCC for voting expeditiously to adopt these two programs. More than ever, we need to work together to address the needs of the American people in the face of this increasingly challenging time.”

 

The FCC also adopted final rules to stand up a Connected Care Pilot Program. This separate three-year Pilot Program will provide up to $100 million of support from the Universal Service Fund (USF) to help defray health care providers’ costs of providing connected care services and to help assess how the USF can be used in the long-term to support telehealth.

 

There is no better time to adopt Siren as your Remote Patient Monitoring platform for best in class foot health. There is power in numbers and here at Siren, we stand by our customers. We are here to help in times of need and will still be here with you once we get through this, together as one.

 

 

For more information on these programs and additional FCC efforts to keep Americans connected, visit fcc.gov/keep-americans-connected.

 

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