Profusa, Inc. · NASDAQ:PFSA
Profusa — SPAC Merger (November 2022)
37 slides from Profusa's SPAC merger presentation, Nov 10, 2022
Slide 1: Profusa Corporate Overview
PROFUSA CORPORATE OVERVIEW “ ACCESSIBLE BIOCHEMISTRY ANYTIME, ANYWHERE” November 2022 1
Slide 2: Disclaimer
Disclaimer 2 This presentation (the “ Presentation ”) contains confidential information and is solely being made available on a confidential basis, and subject to the following pr ovisions to a limited number of selected persons and/or institutions (each a “ Recipient “ together the “ Recipients “)
Slide 3: Disclaimer – Con't
Disclaimer – Con’t 3 Trademarks NorthView and Profusa own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of the ir respective businesses This Presentation also contains trademarks, service marks, trade names and copyrights of third
Slide 4: Agenda: Overview
4 • OVERVIEW • TRANSACTION HIGHLIGHTS • PROFUSA ADVANTAGE AND MARKET OPPORTUNITY • CLINICAL VALIDATION • INVESTMENT HIGHLIGHTS • APPENDIX: RISK FACTORS
Slide 5: Company Overview
Company Overview ▪ NorthView Acquisition Corp (“NVAC”) completed its IPO in December 2021 with $191.6M of cash in trust to merge with a life sciences busi ne ss ▪ NorthView is merging with Profusa a digital health company that is pioneering the next generation of personalized medicine via the develo
Slide 6: Profusa Value Proposition
Profusa Value Proposition Transformative Technology with Vast Commercial Opportunities 6 (1) US Census Bureau, Eurostat Platform Opportunity >500M Users in Glucose, Oxygen (US/EU) Other opportunities; Lactate, CO 2 , Sodium, Ethanol… Oxygen Platform: x CE approved x Short - term product revenue x Ad
Slide 7: Agenda: Transaction Highlights
7 • OVERVIEW • TRANSACTION HIGHLIGHTS • PROFUSA ADVANTAGE AND MARKET OPPORTUNITY • CLINICAL VALIDATION • INVESTMENT HIGHLIGHTS • APPENDIX: RISK FACTORS
Slide 8: Merger Highlights
Merger Highlights (1) 8 ▪ Transaction implies a pro forma enterprise value of $240M and pro forma equity value of $264M ▪ 100% equity rollover from legacy Profusa shareholders resulting in 58.7% ownership of the combined company at closing ▪ Management incentivized to earn back $38.7M based on achie
Slide 9: Transaction Overview
Transaction Overview 9 ▪ Transaction implies a pro forma enterprise value of $240M and pro forma equity value of $264M ▪ Profusa shareholders will retain 58.7% ownership ▪ Transaction is estimated to yield $39M in cash proceeds to fund operations ▪ $15M minimum cash anticipated to be sourced from PI
Slide 10: Profusa Progress Milestones and Updated Estimates For Major Programs
10 Profusa Progress Milestones and Updated Estimates For Major Programs Program 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Lumee TM Glucose Lumee TM Oxygen Human Validation Data Published Human Pivotal Studies US/EU/Asia CE/FDA Submission Process Glucose Commercialization and Revenues EU Commercia
Slide 11: Agenda: Profusa Advantage and Market Opportunity
11 • OVERVIEW • TRANSACTION HIGHLIGHTS • PROFUSA ADVANTAGE AND MARKET OPPORTUNITY • CLINICAL VALIDATION • INVESTMENT HIGHLIGHTS • APPENDIX: RISK FACTORS
Slide 12: Pioneering Biosensors for Continuous Monitoring of Body Chemistries
Pioneering Biosensors for Continuous Monitoring of Body Chemistries Injectable hydrogel micro - sensor Tissue integration Accurate optical signal Wearable reader for consumer & medical applications • Unique, biologically compatible hydrogel micro - sensor that overcomes the foreign body response • F
Slide 13: CE-Marked Lumee Continuous Tissue Oxygen Monitoring
13 CE - Marked Lumee TM Continuous Tissue Oxygen Monitoring Charger
Slide 14: Oxygen Platform: Potential Pharmacoeconomic Benefits
14 Oxygen Platform: Potential Pharmacoeconomic Benefits In CLI/PAD Patients During Revascularization Surgery During Wound Healing Sources for Cost http://www.jvascsurg.org/article/S0741 - 5214(12)00484 - 3/pdf Value of Quantifying Perfusion ~$10,000 per patient in benefit to healthcare system Improv
Slide 15: Glucose Platform: Best-in-Class Solution
15 Sensor Description 10 days Insertion apparatus 7 days Insertion apparatus 14 days Insertion apparatus 180 days Surgical insertion and removal > 270 days Simple injection – hypodermic needle Sensor Functional Lifetime Deployment Method Glucose Platform: Profusa Seeking To Become Best - in - Class
Slide 16: Accessible Continuous Glucose Monitoring (CGM) For All
Accessible Continuous Glucose Monitoring (CGM) For All Profusa Cloud Reader Current CGM Pain Points Profusa’s CGM Solution New sensor required every 10 – 14 days x Overcomes foreign body response: > 270 days functionality 180 - day solution requires surgical implant x Simple hypodermic needle inject
Slide 17: Redefining >500M TAM
>1.5M CGM users >71M Diagnosed 107M At - risk patient monitoring (5) ≈27M Diagnosed (US/EU5) prediabetes patients (5) Population T1D (1) T2D (1) >500M At - risk Chronic Patients (6) 3M 82M Redefining >500M TAM From “Can You Afford It” To “Do You Need It?” 17 • Established benefit of CGM for all on d
Slide 18: Profusa's Data: Healthcare :: Google : Advertising
x Real - time clinical - based biochemical data x Link activity and choices to clinical outcomes x Large - scale applications across multiple population groups x Low barriers of adoption x Potential sale of data for pharmaceutical development 18 Profusa’s Data : Healthcare :: Google : Advertising Pr
Slide 19: Commercialization Strategy – Lumee Glucose & Oxygen (EU/US)
Commercialization Strategy – Lumee TM Glucose & Oxygen (EU/US) 19 Profusa Local Commercial Team ▪ Technical sales professionals ▪ Training of distribution partners ▪ Manage distributor performance ▪ First technical contact with users ▪ Initial training and adoption at user sites Distributor(s) Regio
Slide 20: Agenda: Clinical Validation
20 • OVERVIEW • TRANSACTION HIGHLIGHTS • PROFUSA ADVANTAGE AND MARKET OPPORTUNITY • CLINICAL VALIDATION • INVESTMENT HIGHLIGHTS • APPENDIX: RISK FACTORS
Slide 21: Lumee Oxygen Provides Real-Time Insights During Surgery
Therapeutic Interventions Lumee Oxygen Index [ - ] Remove Sheath Baseline Lumee ΠOxygen Platform reports local tissue oxygen levels during PAD surgical intervention as well as post - operatively for 28 days , and posed a low risk to patients during the study (1) x Actual case data x Intra - operati
Slide 22: Glucose Clinical Trial Demonstrated Safety & Functionality
Glucose Clinical Trial Demonstrated Safety & Functionality ▪ The clinical trial evaluated the safety and functionality of the glucose platform; sensor, reader and AI platform ▪ 4 Clinical sites ▪ Two European clinical sites ▪ Two Asian clinical sites ▪ 54 Subjects enrolled ▪ 108 Sensors injected; 39
Slide 23: Glucose Study Subject Demographics
Glucose Study Subject Demographics 23 Site 1 2 3 4 Location Germany Austria Vietnam Vietnam Subjects 12 12 16 7 7 Data Sets 121 60 124 63 68 Diabetes Type 1 12 9 15 0 1 Type 2 0 3 1 7 6 Gender Male 10 8 9 2 6 Female 2 4 7 5 1 Age (years) Mean 60 55 43 57 55 Min 44 29 20 45 40 Max 69 82 72 66 62 BMI
Slide 24: Glucose Performance Summary
Glucose Performance Summary 24 After 2 - point calibration, glucose predictions from held - out clinical sessions are modeled Mean MARD across paired glucose reference measurements is 11.7% ▪ 2406 paired blood glucose reference points ▪ Points are colored by patient ID ▪ Data from 7 - 90 days post i
Slide 25: Studies Demonstrated Consistent Long-Term Performance >270 Days
25 Studies Demonstrated Consistent Long - Term Performance >270 Days Days 3 - 90 Days 91 - 150 Days 151 - 275 Note: unpublished data
Slide 26: Agenda: Investment Highlights
26 • OVERVIEW • TRANSACTION HIGHLIGHTS • PROFUSA ADVANTAGE AND MARKET OPPORTUNITY • CLINICAL VALIDATION • INVESTMENT HIGHLIGHTS • APPENDIX: RISK FACTORS
Slide 27: Investment Highlights
▪ 10 years of development and over $70M invested ▪ Validated by clinical studies ▪ Third - party commercial validation by DARPA and NIH (>$30M non - dilutive grants) ▪ Potential to change industry standard functionality from 14 to 90 days and eventually >270 days ▪ Large internally developed global
Slide 28: Profusa Deal Summary
28 Profusa Deal Summary ▪ ~$70M invested to date ▪ $155M Profusa valuation ▪ Core technology validated ▪ Large accessible global market ▪ Near - term revenue ▪ Minimum cash of only $15M required ▪ Anticipate being cash flow positive by mid - 2025
Slide 29: Thank You
THANK YOU 29
Slide 30: Agenda: Appendix
30 • OVERVIEW • TRANSACTION HIGHLIGHTS • PROFUSA OVERVIEW • PROFUSA ADVANTAGE AND MARKET OPPORTUNITY • CLINICAL VALIDATION • INVESTMENT HIGHLIGHTS • APPENDIX: RISK FACTORS
Slide 31: Appendix: Risk Factors
APPENDIX: RISK FACTORS 31
Slide 32: Risk Factors
Risk Factors Carefully consider the following risk factors, among others that will be contained in (or coordinated by reference into) the proxy statement / prospectus, related to Profusa’s business, reputation, financial condition, results of operations, revenue and the future prospects if the busin
Slide 33: Risk Factors: Risks Related to Profusa and Its Industry
Risk Factors RISKS RELATED TO PROFUSA AND ITS INDUSTRY (Cont’d) Profusa faces substantial competition, which may result in others discovering, developing or commercializing products more quickly or marketing them more successfully than Profusa . If Profusa fails to develop additional product candida
Slide 34: Risk Factors: Risks Related to NorthView and the Business Combination
Risk Factors RISKS RELATED TO NORTHVIEW AND THE BUSINESS COMBINATION (Cont’d) If a stockholder fails to receive notice of our offer to redeem our public shares in connection with our business combination, or fails to comply with the procedures for tendering its shares, such shares may not be redeeme
Slide 35: Risk Factors: Risks Related to NorthView and the Business Combination
Risk Factors RISKS RELATED TO NORTHVIEW AND THE BUSINESS COMBINATION (Cont’d) Our executive officers and directors allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs . This conflict of interest could have
Slide 36: Risk Factors: Risks Related to NorthView and the Business Combination
Risk Factors RISKS RELATED TO NORTHVIEW AND THE BUSINESS COMBINATION (Cont’d) • If, after we distribute the proceeds in the trust account to our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, a bankruptcy court may
Slide 37: Risk Factors: Risks Related to NorthView and the Business Combination
Risk Factors RISKS RELATED TO NORTHVIEW AND THE BUSINESS COMBINATION (Cont’d) We may amend the terms of the warrants in a manner that may be adverse to holders of public warrants with the approval by the holders of at least 65 % of the then outstanding public warrants . We may redeem your unexpired