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GET A PIECE OF KONING
A Better Approach to Breast Imaging
At Koning Health, we designed a breast-only CT scanner for highly accurate early detection of breast cancer without the uncomfortable compression of mammograms. Our highly detailed 3D imaging aims to detect cancer at its earliest stages, preventing the need for tedious recovery processes and potentially saving the lives of millions.
$575,447.14 Raised
Reasons to Invest
- Lifesaving technology: Our technology detects tumors as small as 2 millimeters and calcifications as small as 200 microns, allowing for the diagnosis of Stage 0 and 1 cancers before they can spread while they still have a 99%+ five-year survival rate.
- Regulatory approval: The US market for breast imaging is preparing for rapid expansion, with 6 dedicated CT CPT codes that went into effect in 2021 providing reimbursements to private and public payers (AMA, CMS).
- Seasoned management team with significant fundraising experience:
We have raised $55 million to date through venture funding, and $2.5 million on Republic.com, demonstrating a proven track record for raising funds. We have signed agreements with several new hospitals and clinics for installations in the upcoming year.
Overview
Bringing Breast Imaging into the 21st Century
Koning Health manufactures an FDA-approved diagnostic breast CT device already being used in clinics around the world. Our 3D imaging requires no painful compression and provides highly accurate detection of Stage 0 and 1 cancers, especially in patients with small or dense breasts or implants where mammograms often cannot detect small tumors.
The Koning Breast CT (KBCT) is the first of its kind to be in-market. We believe we have the potential to save millions of lives as the comfort of our procedure encourages more frequent imaging and the accuracy of our technology detects cancer before it spreads.
The Problem
Mammograms are Uncomfortable and Provide Limited Detection
There are over 83 million women in the U.S. who are 40 years and older (Source). However, according to the MQSA (Mammography Quality Standards Act Program), only 40 million women were reported to get their annual mammogram last year (Source). This makes for over 50% non-compliance rate in regards to women who receive their annual breast exam.
Breast cancer is the most diagnosed cancer in women in the U.S. and the second leading cause of cancer death in American women. With breast detection Stages 0 or 1, there is a 99% 5-year survival rate. However, with Stage 4 detection, that number drops to 22%.
Mammograms are a lifesaving procedure, however, the limitations of 2D imaging cause mammograms to fail to detect up to 30% of early stage breast cancers, a number that rises to 70% for women with dense breasts.
The Solution
Improved Breast Imaging for Better Diagnostics
*The above is a rendering of the company's product. Images are computer generates demo versions. Product is currently in use globally. g
The KBCT delivers high contrast 3D breast imaging without the need for painful compression. In a rapid 7-second exposure with the patient in a comfortable prone position, the KBCT takes a 360-degree scan, allowing for the evaluation of breast tissue from all angles. Our technology is able to detect Stage 0 and 1 tumors as small as 2 millimeters and calcifications as small as 2 microns, making early detection easier than ever.
Dr. Richard Ha, a prominent Breast MRI specialist familiar with Breast CT has stated: Mammography detects on average 3 to 4 breast cancers per thousand while DBT is said to detect 4 to 5 per thousand. Multiple publications have shown Breast MRI sensitivity and specificity increases the detection rate up to 20 to 24 per thousand. Dr. Ha predicts Breast CT with contrast will be on par with Breast MRI detection rates. Breast CT introduces compression free, low dose and true 3-dimensional breast imaging and unlike Breast MRI, Breast CT can visualize calcifications, often an early indicator of disease (Dr. Richard Ha - Columbia University Irving Medical Center).
Currently, we sell our devices to clinics and hospitals around the world, and we also provide a fee-for-scan option to clinics that cannot afford the whole price upfront. As we grow, we plan to build our own “Koning Clinics” managed by partner doctors so our technology can be made available to patients on as great a scale as possible.
The Market
Koning Accelerates Commercialization with New Go-to-Market Plan
Koning is ushering in a new business model that caters to retail healthcare with Koning Clinics in major metropolitan areas. Once the pilot program is complete, we plan to expand through the use of retail partners like CVS, Walgreens, etc.
The US market for breast imaging is preparing for rapid expansion, with 6 dedicated CT CPT codes approved as of May 2020 providing reimbursements to private and public payers. These dedicated breast CT CPT codes demonstrate a growing demand in the industry for breast CT.
Our Traction
Enthusiastic Support for Our Patented, Approved Technology
Since our launch, we have hit a number of major milestones:
- 120 patents, with 6 additional patents filed and pending.
- FDA and EMA approval for the device.
- Regulatory approval in North America, Australia, and across countries in Asia.
- 20 installations around the world, illustrating rapid growth.
- Over 25,000 patients scanned using our technology.
- Previous crowdfunding raise on republic.com of $2.5 million.
- Version 2 of the Koning Breast CT, rebranded as Vera by Koning.
- Signed agreements with several new hospitals and clinics in the US with installations upcoming this year, starting with Arkansas Heart Hospital in Little Rock, AR.
Partnerships
Collaborating to Expand Access to
Our Technology
Remote Readers
As Koning grows and expands not only into more hospitals, but also into family clinics around the country, we will be partnering with DocPanel, the world’s first on-demand, pay-as-you-go, contract-free service offering radiological reads, second opinions, educational consults, and diagnoses from high-caliber subspecialty radiologists at prestigious academic hospitals. This partnership is key to Koning’s expansion and will alleviate any issues that might have arisen.
Distributors
Koning is partnering with Alpha Medical Equipment Company, an exclusive distributor and service provider of medical diagnostic imaging equipment throughout the New York, New Jersey, and Northeastern Pennsylvania areas.
Why Invest
Building a Better Future for Breast Cancer Treatment
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Koning is the only independent and dedicated breast CT company, with compelling advantages over existing modalities. Our competition is focused on making
incremental improvements in CT, MRI, X-ray tomosynthesis and ultrasound, whereas we use novel technology to get a clearer picture of each patient. Given the historical precedent set by DBT, we believe that KBCT will soon dominate the medical landscape for breast imaging.
Koning Breast CT is raising the standards for breast cancer diagnosis and treatment across the globe. Our mission is to save millions of lives through early detection and increased compliance due with our painless imaging.
In an industry experiencing rapid expansion, we have a product that dramatically improves imaging and diagnostic capabilities protected by 120 patents and already
in-market. Join us as we provide our lifesaving technology to patients everywhere.
ABOUT
HEADQUARTERS
5555 Oakbrook Parkway
Norcross, GA 30093
WEBSITE
View Site
At Koning Health, we designed a breast-only CT scanner for highly accurate early detection of breast cancer without the uncomfortable compression of mammograms. Our highly detailed 3D imaging aims to detect cancer at its earliest stages, preventing the need for tedious recovery processes and potentially saving the lives of millions.
TEAM
Lutao Ning
Chief Executive Officer & Director
Lutao has worked as an advisor to Koning in business strategies since its inception. His contributions formed the basis of the operations plan and financial forecast. He is now the CEO of Koning US and COO of Koning Global, where he is in charge of business operations, financing, human resources, government relations and regulatory approval.
Ruola Ning
Founder and Global Chairman of the Board
As a true visionary in his field, Dr. Ning has positioned Koning Corporation to become the commercial leader in Cone Beam CT Technology while continuing to lead his world renowned scientific team in Cone Beam CT research. Dr. Ning was the recipient of the Inventor of Year 2015 grant prize by The Rochester Intellectual Property Law Association (RIPLA). He holds an American Board of Radiology (ABR) Certificate in Diagnostic Radiologic Physics.
Matthew Stack
Chief Financial Officer
Matt holds a B.S.E. in electrical engineering from Princeton University. He is a benefactor and sponsor of the TEDx conference series, and has sponsored research at the Santa Fe Institute in New Mexico, the Strategy Institute in New York, MIT’s Broad Institute, the Highlands Forum, the University of Oxford, and the Department of Defense.
David Georges
US President
Since joining Koning, David has led the effort to move the company from a Research and Development group to one that is prepared for commercializing Koning’s KBCT. David’s industry relationships have introduced opportunities to establish critically important luminary partners. With a knowledge of global distribution, David has expanded the Koning installation base to Thailand, Qatar, and Netherlands.
Naomi Cosman
VP of Marketing
After graduating from the University of Wisconsin-Madison early with a double major (Communications and French), Naomi received a Certificate of Integrated Marketing from NYU and a Certificate of Business from Harvard Business School. Naomi spent five years in a Fortune 500 company focusing on branding, brand alignment across teams, and campaign launches. She spent another five years working with various startups across multiple sectors, which ultimately led her to Koning Health.
Naomi works with the rest of Koning’s leadership to build on previous marketing work. She brings a unique perspective to the company with the goal of increasing Koning’s overall brand awareness, public outreach and communications - all in a way worthy of a revolutionary women’s healthcare company.
Ty Cowart
Senior Director of Global Regulatory Affairs and QA
Shawn Liu
Director of R&D
He joined Koning in 2008 and has been spearheading the work for the system design and control, image acquisition and processing, system integration and other R&D works of Koning Breast CT and its successors. He also participated in the leadership of the quality management, clinical trials and regulatory approvals in various regions over the world. He has a wealth of knowledge and experience for product development and team leadership
Dr. Roger Zhang
Director of Clinical Affairs
As the Imaging Scientist and Director of Clinical Affairs of Koning Corporation, Dr. Zhang took part in the design and evaluation of Koning’s products and hardware/software features. Throughout his time at Koning, Dr. Zhang has led many projects on Koning Breast CT clinical evaluation and has worked closely with clinical experts in clinical studies to evaluate the safety and efficacy of Koning products in a clinical application environment.
Kathy Byrnes
Clinical Specialist
Dr. Rajesh Garg
Director
Dr. Changhua Qiu
Director
Dr. Baozhong Wang
Director
Lianghai Bing
Director
He has 17 years of work experience in financial investment and organizational management. With his rich experiences in the field of scientific and technological innovation and venture capital investment, he has provided investment and management services for hundreds of institutions.
Lee Fan
Director
TERMS
Koning
Overview
PRICE PER SHARE
$5.69
DEADLINE
Dec. 31, 2022 at 7:59 AM UTC
VALUATION
$230.18M
FUNDING GOAL
$10k - $2.9M
Breakdown
MIN INVESTMENT
$489.34
MAX INVESTMENT
$2,898,855.85
MIN NUMBER OF SHARES OFFERED
1,757
MAX NUMBER OF SHARES OFFERED
509,465
OFFERING TYPE
Equity
ASSET TYPE
Common Stock
SHARES OFFERED
Common Stock
Maximum Number of Shares Offered subject to adjustment for bonus shares
Voting Rights of Securities Sold in this Offering
Voting Proxy. Each Subscriber shall appoint the Chief Executive Officer of the Company (the “CEO”), or his or her successor, as the Subscriber’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Subscriber, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Subscriber pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Subscriber is an individual, will survive the death, incompetency and disability of the Subscriber and, so long as the Subscriber is an entity, will survive the merger or reorganization of the Subscriber or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock.
*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.
Investment Incentives and Bonuses*
Time-Based:
Platinum Early Bird
Invest within the first 24 hours and receive 15% bonus shares.
Gold Early Bird
Invest within the first week and receive 10% bonus shares
Silver Early Bird
Invest within the first two weeks and receive 5% bonus shares
Amount Based:
$1k+
Mention on website, newsletter access
$5k+
Free exam at Koning Headquarter Clinic.
$25k+
2 free exams + Zoom call with founders
Previous Backer Bonus
All previous investors will receive an additional 5% bonus shares when they invest in this raise.
*All perks occur when the offering is completed.
The 10% StartEngine Owners' Bonus
Metric Medical will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
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 Common Stock at $5.69 / share, you will receive 110 shares of Common Stock, meaning you'll own 110 shares for $569. 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 during the investors' eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.
Investors will receive the highest single bonus they are eligible for among the bonuses based on the amount invested and time of offering elapsed (if any). Eligible investors will also receive the Owner’s Bonus and the Previous Backer Bonus in addition to the aforementioned bonus.
Irregular Use of Proceeds
The Company will not incur any irregular use of proceeds.
ALL UPDATES
REWARDS
10%
Stack Owner's Bonus & Rewards!
Members get an extra 10% shares in addition to rewards below!
Owner’s Bonus
Owner’s Bonus Members earn 10% bonus shares on top of this and all eligible investments for an entire year. Not a member? Sign up at checkout ($275/year).
JOIN THE DISCUSSION
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Richard Koch
a year ago
It's good to see that your units are made in the USA. I'm curious, how much exposure do you have to foreign sources of supply? Is your supply chain sound?
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Michael Nadler
a year ago
Is the goal to be acquired or go the IPO route in the future?
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Arturo Munguia
a year ago
How many patients have been reached as of now? Are things moving at a faster pace now? Is the slowdown still due to parts or chips for the machine? How many more machines do you plan to have out there by end of quarter 1 2023? Or Total? Thank you.
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Jason Kaunas
a year ago
In 2021, the global mammogram market is estimated at 2B, with $659M in the U.S. Most estimates have the global breast imaging market to be around 4B or 5B in 2021. In your past responses you have indicated that you believe the TAM for Konig is approximately $40B. Given the market data and your desire to compete with/replace/disrupt the current mammogram/breast imaging market, how are you coming up with the $40B figure for TAM?
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BENJAMIN MOORE
a year ago
How many machines have you sold to date. How much does a machine and installation cost. Would it require a forklift to install. If a hospital orders one today. How long does it take for it to get the machine. Where are they made? Any supply chain problems? How much does one machine cost? When do you expect your company to be profitable? When do you expect to go public? Will you need to raise more money after this raise?
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Vicki Vitkun
a year ago
Will Medicare or traditional health insurance require a questionable standard mammogram diagnosis prior to paying for the KBCT exam? Your recent partnerships with 11Ten and DocPanel are amazing!! We will invest in this round.
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Francis Erdman
a year ago
What is the total addressable market for this type of medical scanning technology over say the next 10 years and what percentage of that TAM do you think you can get over 10 years? (Maybe how big is medical scanning technology market in general, and breast scanning technology in particular? If say you target to get say 50% of the breast scanning market, or whatever your target is, would you then branch out into other types of medical scanning technology (say, brain scans)?) Just trying to get idea of potential future growth here, thanks.
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Larry Gardner
a year ago
I invested with y’all when you with republics investment can you tell me what happened with my investment when y’all moved to start engine please
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Larry Gardner
a year ago
I invested with y’all when you with republics investment can you tell me what happened with my investment when y’all moved to start engine please
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Michael Celaya
2 months ago
Hello Lutao, I invested in a previous round. Do you know how soon Koning plans to start building and installing the smaller/lower cost units in the Pharmacy stores/chains? What are your thoughts on the possibility of Koning growing faster by starting the build & installation plan of the smaller/lower cost units starting in 2024?
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