Theromics’ Mission: make soft tissue ablation more effective

Begun as exploratory research between co-founders Dr. Damian Dupuy (Theromics Chief Medical Officer) and Dr. William KC Park (Theromics Chief Science Officer), Theromics was born out of the Department of Diagnostic Imaging at Rhode Island Hospital.  While serving as Director of Tumor Ablation within the department, Dr. Dupuy initiated a research collaboration with Dr. Park, who joined Rhode Island Hospital as Director of Molecular Imaging.  In just 2 years, their research led to the development of a revolutionary, novel substance–a nanogel thermal acceleration technology that could be used in a multitude of applications. The team immediately formed a business to develop the first commercial product: Theromics HeatSYNC™ gel. 

Theromics HeatSYNC™ gel is a simple, cost-effective tool to address the unmet medical need to create more effective ablation zones during Image-Guided Thermal Ablation of soft tissue.  Made from a naturally occurring protein and delivered via a syringe, laparoscope, or bronchoscope, Theromics HeatSYNC™ gel works by amplifying the movement of heat energy in soft tissue and bone during an ablation. This augmentation creates larger ablation volumes in a shorter treatment time.

So, what does this mean for patients?  A more controllable and customizable ablation means multiple liver, lung, orthopedic pain, and uterine fibroid treatment applications.  And this is important, because today’s current treatment practices pose a troubling dilemma.  While ablations remain a necessary and undeniably effective standard of care offering, they have up to a 30% recurrence of localized lesions. This recurrence rate is driven by three key factors:

• Incomplete ablation caused by technological limitations

• Insufficient thermal energy penetration

• Inaccuracy in tissue targeting

Theromics addresses all three of these key factors; and this means improved–and, in some cases, life-saving–outcomes for patients.

To physicians, Theromics HeatSYNC™ gel offers a separate, more indirect solution: a decrease in strain on an already beleaguered healthcare system. With a 50% faster procedure time, improved recovery, increased accuracy, and decreased recurrence rate, Theromics means doctors can practice better care for their patients. Due to its properties, HeatSYNC™ can be used in all standard microwave, RF, and irreversible electroporation (IRE) devices, which offers new treatment approaches across a breadth of conditions.

How NEMIC Became a Pivotal Partner for Theromics

Theromics approached NEMIC in early 2024 to seek guidance on how to better maneuver the complicated (and crowded) medical device market. After a lifetime in the space, CEO Ron Murphy is no stranger to the health technology world. A 14-year veteran as vice president of Merrill Lynch, and multiple med device CEO roles, Ron sought insight on how to optimize the commercialization pathway and market positioning of this novel technology.  With NEMICs' deep ties at Lifespan and Rhode Island Hospital, Theromics seemed a perfect fit within our wheelhouse.  

Using our proprietary gap analysis approach–which identifies where a company is in space and time to establish a baseline–NEMIC was able to analyze all of the homerun components and potential opportunities that Theromics possessed.  Through several direct working sessions, NEMIC and Theromics developed a tactical plan to rework the pitch through the lens of investors. After engaging local Providence-based design company Polyframe, Theromics was able to deploy the new approach to new investor groups.

Directly following the NEMIC working sessions, Theromics was offered a due diligence package from the UNH Rines Angel Fund. This achievement will allow Theromics to continue on to its next milestone, with the ultimate triumph of getting HeatSYNC™ gel to reach the patients who need it most. The company has raised more than $1.3M to date of its current round and projects more than $45M in revenue by 2028. Theromics is on track for its next FDA submission later in 2024, as well as to enter the market in Q1 2025.

Stay tuned for updates on this and many more life-changing innovations through the NEMIC Startup Spotlight Series.