Currently Lyme disease tests miss up to 70% of the cases in the early-stage when treatment is optimal, otherwise it can turn into a life-long chronic illness. The Center for Disease Control (CDC) estimates more than
476,000 cases per year in the US, which is almost double the 250,520 cases of breast cancer to put the problem into perspective. Lyme disease is one of the fastest growing infectious disease in the US.
The founder, Whitney Richards, like a majority of patients took more than two years to be diagnosed with Lyme disease. He had taken multiple Lyme disease tests that came back negative and went to 16 doctors looking for a diagnosis. After years of treatment costing him $500k he became a chronic Lyme disease suffer. In 2012, Mr. Richards founded Veramarx with a mission to solve the Lyme disease diagnostic problem. He's personally invested more than $1 million into Veramarx Inc.
Veramarx has conducted a 176 cases study with encouraging results for a new blood test. The Veramarx test measures 10 inflammatory markers and uses a proprietary algorithm. Veramarx has three patents issued. In the early-stage when the current CDC recommended tests miss up to 70% of the cases the Veramarx test misses none. This would allow people to be treated during this crucial early period when three weeks of doxycycline an antibiotic has proven effective according to scientific studies. The test currently has reimbursement of $200 per test. An independent survey showed that 93% of doctors would order the test.
The current market for Lyme disease testing is $1.5 billion with 6 million tests conducted per year. Health economic studies show that an accurate early stage test could save the health care system up to $2.5 billion dollars per year.
Veramarx is raising capital to conduct a study with more than 500 cases and will utilize two different methods to measure inflammatory markers. Furthermore the company will compare results directly with the current CDC recommended tests which are considered the gold standard. Following these studies the company will set up a lab and start commercialization of its test.
Please visit: www.veramarx.com