MagnnPro produces conjugated iron oxide magnetic nanoparticles for the development of highly efficient conjugation kits, which are largest type used by commercial suppliers. The cost of current kits is high since they use amino end-groups on the nanoparticle surface for conjugation, which needs specific chemical linkers to link the target molecules, and requires the need for a professional chemist and multiple complicated steps. The distinctive process that MagnnPro developed, in one step, removes the need for chemical linkers. The objective was to assess the potential of these highly efficient nanoparticle conjugation kits in commercial laboratory conditions, leading to a more affordable and simpler kit for routine use. The market potential of these kits is considerable: the global market for nanoparticles is estimated to be $21.6 B in 2013 and expected to rise to $53.5 B in 2017, with a compound annual growth rate of 20%. This market is driven by the large amount of drug discovery that enters the market every 3-5 years. The wealth of the market will demand a new type of magnetic nanomaterial kit that is more efficient, simpler to synthesize, cheaper, and more stable. This new type of kit will potentially improve the development of new drugs and delivery systems, and meet the current needs of customers. Lessons learned in MagnnPro's business model will be discussed.

Lessons learned in customer development for the introduction of a novel drug delivery agent

247th National Meeting (2014)

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