Fisher Wallace Laboratories

Medical Devices for Mood and Sleep

Fisher Wallace Laboratories

Medical Devices for Mood and Sleep

New York, NY
Health Tech
Fisher Wallace manufactures and markets wearable medical devices for the treatment of depression, anxiety and insomnia.

$640,385

raised
834
Investors
47
Days Left
$2.50
Price per Share
$15M
Valuation
Equity
Offering Type
$250.00
Min. Investment

$640,385

raised
834
Investors
47
Days Left
$2.50
Price per Share
$15M
Valuation
Equity
Offering Type
$250.00
Min. Investment

Bonus Rewards

Get rewarded for investing more into Fisher Wallace Laboratories

$250+
Investment
StartEngine Owner’s Bonus
This offering is eligible for the StartEngine Owner’s 10% Bonus program. For details on this program, please see the Offering Summary section below.
$1,500+
Investment
First Tier
$1500+ | 42% discount on the purchase of a Fisher Wallace device
$5,000+
Investment
Second Tier
$5,000+ | Above + 2% bonus shares
$10,000+
Investment
Third Tier
$10,000+ | Above + 3% bonus shares
$20,000+
Investment
Fourth Tier
$20,000+ | Above + 5% bonus shares

Reasons to Invest

An FDA-Cleared, clinically validated solution for depression, anxiety and insomnia with over 50,000 patients and 10,000 prescribers in the United States
$4.7 Million net revenue in 2018 with total lifetime revenue of $23.3 Million
Named an INC 5000 fastest growing company with OTC approval in Europe, Canada, Mexico and Brazil, and recently obtained Medicaid approval in Maine (MaineCare)

Drug therapy provides low to modest efficacy with high side effect rate and high cost

Antidepressants, anti-anxiety and sleep medications all have a high rate of side effects, and even in generic form can be very expensive - and the many doctor visits needed to manage medication are also costly. Behavioral therapy (psychotherapy or CBT) does not cause serious side effects but is expensive to administer and requires a very high level of patient engagement.

FDA-Cleared wearable treatment - just 20 minutes per day

The Fisher Wallace Stimulator® comfortably stimulates the brain to produce neurochemicals such as serotonin, while modulating the brain’s default mode network and reducing cortisol, as demonstrated in published studies. The device has a 75% effectiveness rate and 1% side effect rate in clinical trials and practice - compared to the 38% side effect rate of SSRI medication. 

$23.3 Million lifetime revenue and profitable!

Named as an INC 5000 fastest growing company,  Fisher Wallace has demonstrated product-market fit by selling over 50,000 medical devices - prescribed by over 10,000 licensed healthcare providers in the United States.

Symptom reduction in the first week of use

Patients use the device at home for 20 minutes a day and typically experience symptom reduction within the first week of use. A clinical trial performed at Mount Sinai Beth Israel Hospital (published in 2015) demonstrated a large effect size between patients who used the Fisher Wallace Stimulator® and patients who used a placebo device to treat bipolar II depression.

The US Mental Health market is expected to exceed $200 Billion in 2020

  • Mental Health is the #1 healthcare cost in the US, greater than cancer, diabetes or heart disease - half of all costs are spent treating depression and anxiety (source)

  • 1 in 4 Americans also develop insomnia each year

  • Spending is expected to continue growing, especially with the Affordable Care Act and medicaid expansions

A consumer electronics approach to mental health

Our solution offers significant clinical and economic advantages over medication and behavioral therapy while also working well in conjunction with them (many providers prescribe our device in combination with medication and behavioral therapy). We have obtained international regulatory approvals and established a long safety track record and high effectiveness rate with an easy-to-use product that is affordable out-of-pocket. Plus, treatment is rapid and validated by published data and tens of thousands of satisfied end users. 

Vertically integrated, direct-to-patient e-commerce

We use Google advertising, Facebook and e-mail marketing to guide customers to our e-commerce website, and then drop-ship devices on the same or next business day. As we develop new versions of our product, we will grow sales through increased advertising, offer bundled, recurring digital health services, invest in new research, increase insurance coverage, and offer corporate wellness and mental health solutions for employers.

A global, full-stack medical and wellness solutions company

Evolving from a hardware-only medical device company into a software and data-driven solution will position the company to exceed $50M in revenue* and become a candidate for strategic acquisition or a public offering within five years. The company is currently developing a Version 2 device that will feature improved industrial design, a mobile app with digital health services, and patent-pending microchip technology that will lower the cost of manufacturing and also allow the technology to be embedded in other hardware platforms.


*The combined costs of marketing and manufacturing are anticipated to be 60% of net revenues of $50M or more.

Leaders in their field

Co-Founder and CEO Kelly Roman has pioneered the field of wearable neuromodulation and is an expert in product development, regulatory affairs, healthcare marketing and clinical trial strategy. Co-Founder Charles “Chip” Fisher grew up in the electronics business and began his career at IBM before acquiring the original patents to the Fisher Wallace Stimulator. The company’s medical advisory board is also comprised of leaders in the fields of psychiatry, opioid addiction treatment and sleep medicine. Now, they’ve teamed up to disrupt the mental health industry with cutting-edge electronics. 

Kelly Roman (left) and Chip Fisher (right) flank Medal of Honor recipient SFC Petry

Massive opportunity to improve mental health treatment

With the funds raised from StartEngine we’ll continue Version 2 product development while growing sales of our successful Version 1. By doing so, we will continue positively impacting the lives of military veterans, first responders, opioid and alcohol addiction patients, nursing mothers, and many other patient populations in need of better, more affordable treatment.

Offering Summary


Company

:

Fisher Wallace Laboratories, Inc.

Corporate Address

:

515 Madison Avenue, New York, NY 10022

Offering Minimum

:

$10,000.00

Offering Maximum

:

$1,070,000.00

Minimum Investment Amount

(per investor)

:

$250.00











Terms


Offering Type

:

Equity

Security Name

:

Class B Non-Voting Stock

Minimum Number of Shares Offered

:

4,000

Maximum Number of Shares Offered

:

428,000

Price per Share

:

$2.50

Pre-Money Valuation

:

$15,000,000.00











*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below

Perks* and Invesmtent Bonuses

Early Bird

First 7 days - 5% bonus shares

Volume

$1500+ | 42% discount on the purchase of a Fisher Wallace device

$5,000+ | Above + 2% bonus shares

$10,000+ | Above + 3% bonus shares

$20,000+ | Above + 5% bonus shares

*All perks occur after the offering is completed.

The 10% Bonus for StartEngine Shareholders

Fisher Wallace Laboratories, Inc. will offer 10% additional bonus shares for all investments that are committed by StartEngine Crowdfunding Inc. shareholders who invested over $1,000 or made at least two investments in StartEngine's own offerings.

This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Class B Non-Voting Stock at $2.50 / share, you will receive 110 Class B Non-Voting Stock, meaning you'll own 110 shares for $250. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.

This 10% Bonus is only valid for one year from the time StartEngine Crowdfunding Inc. investors receive their countersigned StartEngine Crowdfunding Inc. subscription agreement, unless their eligibility period has been extended through additional subsequent investments in StartEngine's own offerings.  

Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company that surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are cancelled or fail.

Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.

The Company will not incur any irregular use of proceeds.


Show More
Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$186,410.00 USD
$341,987.00 USD
Cash And Cash Equivalents
$159,577.00 USD
$333,608.00 USD
Accounts Receivable
$6,658.00 USD
$0.00 USD
Short Term Debt
$328,510.00 USD
$556,805.00 USD
Long Term Debt
$0.00 USD
$126,525.00 USD
Revenues And Sales
$4,717,684.00 USD
$4,653,739.00 USD
Costs Of Goods Sold
$1,082,135.00 USD
$1,209,467.00 USD
Taxes Paid
$0.00 USD
$0.00 USD
Net Income
$200,325.00 USD
$414,419.00 USD

Risks

A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.


Updates

⚫ Investigation of the Generic Drug Industry

1 day ago

Dear Investors,


To learn more about the dynamics of our industry, I invite you to listen to our new podcast episode: our 18-minute interview with award-winning investigative journalist and New York Times bestselling author Katherine Eban.

Ms. Eban discusses her investigation of the generic drug industry and explains what patients need to know about the generic medications they take - including sleeping medications and antidepressants. Ms. Eban is a Fortune magazine contributor and Andrew Carnegie fellow. Her book Bottle of Lies: The Inside Story of the Generic Drug Boom (Ecco/HarperCollins, May 2019) is a New York Times bestseller and on the New York Times’ list of 100 Notable Books of 2019. 


Listen to the Podcast


Thanks for your consideration,

Kelly Roman

CEO, Fisher Wallace

🔴 IMPORTANT UPDATE from Fisher Wallace

6 days ago

Dear Investors,


As a result of us recently extending our StartEngine campaign by 60 days, StartEngine was required by the SEC to have previous investors reconfirm their investment within seven days. Any investments that were not reconfirmed in that time were cancelled. Unfortunately, 49 investors did not respond to messages from StartEngine alerting them of the need to reconfirm, and so their investments were cancelled. If you are one of those 49 investors, you must now invest anew in order to have a stake in the company. Please email StartEngine if you have any questions or need investor services:  contact@startengine.com.


Thanks for your consideration - some exciting news re: our business is coming soon!


Best, Kelly

CEO, Fisher Wallace

Notice of Funds Disbursement

7 days ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, Fisher Wallace Laboratories has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Fisher Wallace Laboratories be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

Announcing our partnership with Klarna

13 days ago

Dear Investors,

I'm pleased to announce that Fisher Wallace has partnered with Klarna, the global e-commerce financing company. This allows our customers - in both the US and Europe - to finance the purchase of their Fisher Wallace device, with no payment due for weeks after purchase, and no interest if paid off within six months.  The retail price of our device is $699 - a difficult price point for many consumers in the absence of financing.  With Klarna, the $699 price is broken into six payments of $117 for the customer, while still providing Fisher Wallace with the entire purchase price up front - so a win win for both the customer and Fisher Wallace.  We offer a 30-day refund policy, so customers can now trial the device with no money down. We anticipate  this will improve adoption / conversion rate for our products.

We just passed the $650K mark in our fundraising - thanks for your consideration!

Best regards,

Kelly Roman

CEO, Fisher Wallace

Notice of Material Change in Offering

19 days ago

[The following is an automated notice from the StartEngine team].

Hello! Recently, a change was made to the Fisher Wallace Laboratories offering. Here's an excerpt describing the specifics of the change:


Extended length of campaign.


When live offerings undergo changes like these on StartEngine, the SEC requires that certain investments be reconfirmed. If your investment requires reconfirmation, you will be contacted by StartEngine via email with further instructions.

Fisher Wallace in 2020

20 days ago

Mental health is the new black.

Thanks to our investors, 2020 will be a transformational year for Fisher Wallace.

We invite you to check our progress today.

Best regards,

Kelly Roman

CEO, Fisher Wallace



Notice of Funds Disbursement

26 days ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, Fisher Wallace Laboratories has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Fisher Wallace Laboratories be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

Notice of Funds Disbursement

about 1 month ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, Fisher Wallace Laboratories has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Fisher Wallace Laboratories be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

A smartwatch that treats, not just tracks

about 1 month ago

Dear Investors, 

Fisher Wallace has laid the groundwork for product development by filing two provisional patents this year (the most recent was filed last week). After building a Version 2 device with a companion app, we will then integrate our technology into a wrist-based wearable, such as a smartwatch or fitness tracker, that will connect to a portable electrode headset. This will allow, for the first time, a wearable to both track AND physically treat.

Our equity crowdfunding campaign is helping us get there - we've nearly passed the $500K threshold. Thank you for your support!

Best, 

Kelly Roman

CEO, Fisher Wallace

Notice of Funds Disbursement

about 1 month ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, Fisher Wallace Laboratories has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Fisher Wallace Laboratories be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

Our Employee Wellness Program

about 1 month ago

Dear Investors, Fisher Wallace recently launched an employee wellness program - learn more below!


The Employee Wellness Challenge

Very few clinical-grade technologies, dispensed without a prescription, consistently manage sleep and stress - impacting the mood, performance and long-term healthcare needs of employees.



Our new employee wellness product CIRCADIA® clones the technology of the Fisher Wallace Stimulator®, providing a prescription-strength solution for sleep and stress management in a low-cost, easy-to-use wellness device that is ideal for employee wellness programs.

Target benefits for employees: improved sleep, mood and stress response; focus and concentration; creativity.

Target benefits for employers: increased performance; reduced sick days; reduced healthcare costs.



Fisher Wallace is offering a limited number of companies up to 25 Circadia® devices to pilot test for free for one month.

You may download the brochure here.


To apply for a free trial, please email us about your company and we will be in touch:

info@fisherwallace.com

Sincerely,

Kelly Roman

CEO, Fisher Wallace Laboratories

Notice of Funds Disbursement

about 2 months ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, Fisher Wallace Laboratories has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Fisher Wallace Laboratories be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

Product Reviews and Kortex

2 months ago

Dear Investors,


I wanted to share a few product reviews of note, as well as a link about our development of Kortex that started two years ago and is now paying off - Kortex is currently being used in a clinical trial at a major hospital in Texas, with data expected by Q1 2020.



Thanks again for your consideration and please feel free to post any questions in the comments section of the StartEngine Campaign Page.


Best regards,


Kelly Roman

CEO, Fisher Wallace



Notice of Funds Disbursement

2 months ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, Fisher Wallace Laboratories has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Fisher Wallace Laboratories be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

Fisher Wallace - Investor Update

2 months ago


Dear Investors,


First, a big thanks to everyone who has invested thus far - we have maintained extraordinary momentum with over $280K raised from over 340 investors.


Please make sure that if you have not already confirmed your StartEngine account, you do so in order to finalize your investment (look for a StartEngine email in the inbox you used to invest). If you have any questions about the status of your investment, don't hesitate to reach out to contact@startengine.com.


Some big relevant news in our sector: Google acquiring Fitbit for over $2 billion. This relates to Fisher Wallace developing our patent-pending system-on-a-chip technology to embed brain stimulation capability into smartwatches (consider this "version 3.0") - allowing these devices to not only track sleep, but to TREAT sleep. A new electrode headset accessory will ultimately plug into a brain-stimulation enabled smartwatch via a micro USB.  


The Google/Fitbit deal also continues to validate consumer health hardware as a critical part of the digital health / patient data ecosystem - and underscores our strategy to build a version 2.0 device with digital health capabilities while work towards a version 3.0 with a smartwatch partner. More on the acquisition here: https://www.theverge.com/2019/11/1/20943318/google-fitbit-acquisition-fitness-tracker-announcement


All best,


Kelly Roman

CEO, Fisher Wallace

Notice of Funds Disbursement

2 months ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, Fisher Wallace Laboratories has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Fisher Wallace Laboratories be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

Onwards and upwards

3 months ago

Dear Investors,


As I'm writing this, we are a few hundred dollars away from surpassing $200K in fundraising - a terrific achievement in only 3 weeks. As mentioned in the last update, we just launched our UK website, and this week released a few images of our Version 2 concept design, shown below.  The final design will likely change, but as you can see, the industrial design versus our current model is significantly improved. 



On the clinical research side of things, we have a pilot study currently underway at Baylor, Scott & White - the largest hospital system in  Texas - testing a therapeutic combination of VR Therapy and Fisher Wallace stimulation to improve sleep quality. We hope to have data completed by early next year, and be able to use that data to accelerate adoption by providers and corporate wellness programs interested in improving patients' sleep.


Thanks again for your consideration!


Best, 


Kelly Roman, CEO

Notice of Funds Disbursement

3 months ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, Fisher Wallace Laboratories has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Fisher Wallace Laboratories be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

We just launched our first online store in Europe

3 months ago

Dear Investors,


I'm excited to announce we just launched our European online store, https://fisherwallace.co.uk


Fisher Wallace has obtained over-the-counter approval in Europe for the treatment of depression, anxiety and insomnia - the only drug or medical device category with OTC approval for these indications. Patients with depression, for instance, may now purchase our device in the UK and throughout Europe without a prescription, and trial it for 30 days under our return/refund policy (with free FedEx shipping).


Over the next few weeks we will be ramping up our digital marketing to support the growth of this store, and loo forward to providing updates on its performance.


Best regards,


Kelly Roman

CEO, Fisher Wallace



Thanks to you

3 months ago

Dear Investors, 

Thanks to you, we are off to a great start on StartEngine, bringing in over $80K in the first 3 days! 

As I hope our campaign communicates well, everyone at Fisher Wallace is dedicated to the idea of "doing good while doing well" - in other words, significantly improving mental health globally while running a responsibly profitable, highly innovative business. Your own dedication to this cause is making a big difference.

Please keep an eye out for StartEngine's reconfirmation email - will be in your inbox later today. StartEngine needs you to reconfirm via email that 3.5% of our funds raised go to StartEngine to keep its platform running - we appreciate all the hard work they put in to help companies raise capital under strict SEC regulation. They have done a terrific job and certainly deserve their 3.5% fee.

Looking forward to the next few days of the campaign - will be back in touch soon with another update.

Best regards,

Kelly Roman

Co-Founder and CEO

Fisher Wallace Laboratories


Notice of Material Change in Offering

3 months ago

[The following is an automated notice from the StartEngine team].

Hello! Recently, a change was made to the Fisher Wallace Laboratories offering. Here's an excerpt describing the specifics of the change:


Fisher Wallace, Inc. has updated the use of proceeds.


When live offerings undergo changes like these on StartEngine, the SEC requires that certain investments be reconfirmed. If your investment requires reconfirmation, you will be contacted by StartEngine via email with further instructions.

Show More Updates End of Updates

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