5 Q&A With Magnasense (former AegirBio) CEO Marco Witteveen

Marco, you took over as CEO at Magnasense in June 2023, what interested you in the roll?

Beginning as a business consultant at Magnasense, I was tasked with evaluating the company’s strategy and assets. Leveraging my extensive experience in Point of Need testing, I later assumed the role of CEO, guiding the company’s strategic direction. As we embarked on the development of our new platform, it became clear that integrating IoT would be essential for merging clinical insights, patient history, and test results, potentially leveraging AI. This aligns with my dedication to proactive health management. Enthusiastic about the prospect of transforming preventative care, I eagerly embraced the opportunity to enhance Magnasense’s mission of promoting user well-being and reshaping the healthcare landscape.

 

Can you elaborate on what the Magnasense platform will offer?

The profound link between oral health and systemic diseases often goes unnoticed in traditional clinic-based screenings, exacerbating conditions such as cardiovascular diseases, osteoporosis, neurologic diseases, cancer, and diabetes. Our solution addresses this gap with simple, user-friendly professional and at-home testing kits for proactive oral health monitoring.

Moreover, it’s essential to acknowledge the broader impact of oral health on systemic diseases. Correlations between periodontitis/gingivitis and these conditions have been well-documented. By providing accessible tools for monitoring oral health, we aim to detect oral health issues early and potentially reduce the risk of developing systemic illnesses.

Expanding our focus to therapeutic drug monitoring is crucial, especially in diseases like Multiple Sclerosis (MS) where treatment efficacy is paramount. Natalizumab, a commonly prescribed MS drug, requires close monitoring to prevent relapses. Our platform and Veritope technology offer convenient professional and at-home monitoring solutions for patients on such therapies, ensuring timely adjustments and improved treatment outcomes.

 

Magnasense’s focus has shifted over the past.
What is your focus now?

I have worked diligently to assemble a strong management team and scientific advisory board to drive our company  forward. Now, with the right team and strategy in place, our focus is on executing our plans to develop at-home saliva testing kits and a secure cloud-based platform. The RADx project, in collaboration with the National Institutes of Health, is a game-changer for us, and our team has excelled in hitting project milestones ahead of schedule. RADx is crucial for our IoT diagnostics platform. Additionally, I’m actively seeking new business development opportunities to ensure Magnasense thrives. We’ve recently welcomed new board members, adding fresh perspectives to our journey. While we’re making great progress, we’re committed to transparency as we continue on our path.

 

Magnasense recently announced an agreement withAtlas Special Opportunities for a loan facility of SEK45 million. What does this funding mean for the company’s plans?

This funding enables us to complete the development of our prototype platform and pursue business opportunities and potential partnerships. It’s a vital step in securing the completion of Workplan 1 under RADx NIH and serves as a bridge to potential funding for Workplan 2. With this support, we can confidently advance, addressing significant market opportunities and critical medical needs.

 

What can stakeholders expect for the rest of 2024?

We’re not slowing down anytime soon. With Jens Umehag, Bill Ferenczy, and Michael Schwartz joining as new board members, we’re bolstering our expertise. Plus, with our recent financing, we’re speeding up platform development. Continuing our momentum with the RADx project with NIH, we’re well-positioned to pursue new business opportunities. Additionally, we’ll apply for additional grants and seek out business development partners to further invest in our solution.

 

Attached Document:

5 Q&A With Magnasense (former Aegirbio) CEO Marco Witteveen (pdf)

"Magnasense envisions a future
where innovative diagnostics
are not only technologically
advanced but also accessible
and beneficial to all individuals.
As CEO, I’m excited to lead
our legacy of bringing
healthcare closer to you."

Marco Witteveen, CEO of Magnasense AB