Greetings investors, supporters and followers!
I’ve just returned from a whirlwind work trip for MedAnswers. I met with potential investors, geneticists and collaborators. During that time, I finalized an option agreement for a pharmacogenomic and nutrigenomic product integration. This is our greatest competitive differentiator to date. In fact, no other digital health tool has a genomics angle so far. We are developing the most comprehensive, precision medicine tool for the fertility field! The difference we will make for patients trying to get pregnant and those going through an IVF cycle is very exciting! We will keep our investors closing informed of our progress and expect to go to market with this product, integrated into the MedAnswers platform, sometime next year.
As you probably noticed, we raised our offering to the maximum allowed by the SEC. We had too many potential investors disappointed they did not make it in the first round, we wanted to give them an opportunity to join us. We also extended the offering for four months so it crosses two different tax years. Also of note: Startengine recently rolled out a new product that would allow investors who have shares for at least one year to sell those shares. While we hope all investors hold their shares until the company exits, this could be a good option for some. We do not know much about this new product yet or how it relates to us specifically, but we will learn as much as we can to keep you informed.
We have many exciting product developments underway so we hope if you are considering an investment, you will do so soon!
The product is constantly improving! We do have an Android version ready for release, however, I am holding off to deploy because maintenance on two native products is expensive. With the latest iOS release, I learned each platform release creates bugs for all our apps. We have to work very quickly to solve the bugs so our users and experts do not get upset. With that in mind, we are pushing forward on a fully-functioning WEB APPLICATION! It will work on both mobile and desktop views; and does not come with bug issues like native apps. Our experts are thrilled with this option. All users will be able to use it! It will be ready in 30 - 45 days. In the meantime, our users can search for questions already asked on the app using our web search tool. They must register before reading the answers. We are committed to the free version of the product, but also need to protect the content our patients and experts created together. We have other ways to SEO our company than publicly sharing all content too readily.
Our digital marketing team is doing an amazing job! Our cost per download is at an all-time low of $2.80/download. We are very pleased with this and expected to continue to get lower as we deploy other social media channels with rich content and inspiration. As you will recall in our proforma, we know if we can spend $150,000 on acquiring users, we will have enough of a user base (more than 41,000) to begin monetizing the product - the faster we self-sustain, the better for all of us! We hope with the new investors joining us through the startegine campaign, we can acquire these users in November and December.
We have 86 registered experts and are meeting with many of them at the annual ASRM (American Society for Reproductive Medicine) conference in San Antonio at the end of October to ensure we implement their important feedback.
A few weeks ago, the New York Magazine posted a misleading article on PGS. They misquoted my co-founder, Dr. Santiago Munne, mixed up terms and used an old technology as “proof” of the author’s position, that could not detect the very thing the author was trying to report on. Confused yet? So were our patients. The MedAnswers community responded with a lead response from Dr. Munne, along with comments and upvotes by our expert community. It was so long, it launched our blog. This is exactly why we exist - now our patients can read a post knowing our trusted expert community has weighed in. I am very grateful to all of them and relieved we were able to clear up some of the confusion so quickly. Read the full piece here: blog.medanswers.com
It’s a goal of mine to post more updates as we continue to march forward so expect to hear a bit more frequently from me.
With immense gratitude,