Investors
Last reviewed 18 August 2026 · Trust Center / change history
Financing tied to measurable value-creation milestones.
Medical Cooling is preparing a staged development programme for AIRCHILL. Every figure on this page is a planning assumption from the 2026 investor material and the 2027–2031 financial model — not a commitment, forecast or guarantee.
Round sizes are trial budgets plus an organisational run-rate. The trial budgets use the formula and per-patient assumptions published in our own study calculator; the run-rate is built from a headcount plan on 2026 German employer contribution rates and published salary surveys, and reproduces the current round to within 3.6 %. No quotations from a CRO, an investigational site or a notified body have been obtained — management planning, not a cost commitment.
Use of funds
What the € 7.5 million would buy.
Roughly € 6.75 million goes directly into the five technical and regulatory risks; € 0.75 million is contingency. The engineering budget is not based on re-developing mature monitoring, suction, ECG/defibrillation or telemedicine hardware from scratch: those functions are intended primarily as purchased/OEM subsystems where their regulatory impact is proportionate. Proprietary engineering spend is concentrated on controlled respiratory cooling, the gas path, control, interfaces and verification of the integrated system. The sixth risk — reimbursement — is deliberately not in the plan, because the base case has to carry without an additional payment. None of this is raised yet.
Round size and allocation from management planning, Medical Cooling investor deck 2026. Assigning one budget category to one risk is a presentation convention; the category shares themselves are unchanged. Amounts are rounded and are planning values, not quotations. The detailed AIRCHILL standards, regulatory, cost & time matrix shows the OEM-integration versus own-development planning ranges by subsystem.
Milestones
The gates that create measurable value.
Capital is released against evidence, and each gate has a positive target together with a pre-defined decision threshold.
Bench and airway safety
Temperature, flow, FiO₂, humidity, condensation, pressure, oxygen safety, transport and vibration, ISO 18562. To be funded from the current round.
First-in-patient feasibility, randomised
40–80 patients, randomised 1:1 against standard care and deliberately not powered for clinical benefit. Technical performance, process integration, airway safety and temperature-related endpoints. Randomising this early yields our own control event rate and our own time-to-target distribution instead of borrowing both from other trials. Target of the current round and the transition into the follow-on.
Confirmatory study, adaptive and enriched
Start at 400, blinded interim, sample size re-estimated against the control rate observed by then, upper bound fixed in advance. Enrolled where device start within 20 minutes of EMS arrival is demonstrably achievable — that condition is part of the sample size, not a footnote to it, because 600 patients resolve an odds ratio of about 1.6, and that is defensible in the early-cooled population rather than an unselected one. Patient-relevant endpoints. To be funded from the follow-on.
Where these numbers come from. The 45 % control rate and the 1,022-participant comparison are the design assumptions of PRINCESS2. The case for enriching on time to device start is the PRINCESS time-to-cooling subanalysis — cooling started under 20 minutes, shockable rhythm, CPC 1–2, OR 3.25, 95 % CI 1.06–9.97 — which sits inside the PRINCESS trial that missed its own primary endpoint; that limit travels with the figure. The sample-size arithmetic is our own, two-sided α 0.05 at 80 % power, and it reproduces the PRINCESS2 plan to within 3 %. Trial budgets use the formula and per-patient assumptions published in our own study calculator, cross-checked against a Qserve benchmark for a pivotal MDR study and the disclosed ICECAP funding per patient. The run-rate behind the round sizes is built from a headcount plan on 2026 German employer contribution rates and published salary surveys; it reproduces the current round to within 3.6 %. No quotations from a CRO, an investigational site or a notified body have been obtained. All of this is management planning, not a cost commitment.
The programme
Three gates, three questions, three answers.
Gate A is bench work. Gate B is first in patient and is randomised, so it returns a control event rate of our own. Gate C confirms, adaptively and in an enriched population. Each is a package with a scope, a date and an endpoint set — and each needs funding, none of it is raised.
Swipe the timeline sideways →
Market conditions
Nearly two thirds of the manufacturers in our field have already pulled products off the market.
This is the environment the round is raised into, and it is measured rather than asserted: 393 manufacturers under the MDR, surveyed by the German Chambers of Commerce together with MedicalMountains and SPECTARIS. In pneumology, sleep medicine, anaesthesia and intensive care, 63 % of the companies working in the field had taken at least individual products off the EU market — and the examples the study names for that field include emergency ventilators.
Swipe sideways to see the full chart →
A gap that the regulators themselves have a name for.
For just under a fifth of the discontinued products, the surveyed companies report no equivalent alternative available on the EU market; a further 45 % are not fully compensable. That is the precise condition both accelerated regulatory routes are written around — the FDA’s Breakthrough criterion “no approved or cleared alternatives exist”, and the unmet-need limb of the EU BtX criteria under MDCG 2025-9. The market argument and the regulatory argument are the same argument, reached from two directions.
We are exactly the company size the survey shows getting hit hardest.
The same respondents report the cost of technical documentation up 111 %, notified-body certification up 124 % and procedures running 150 % longer. Product stops are reported by 67 % of companies with fewer than ten employees, against 48 % of those above 250. A quarter of firms intend to move R&D out of the EU. None of that spares a new entrant, and we are on the small side of every one of those splits.
What we do about it is written down rather than hoped for: an open-loop design that keeps the device out of MDR class III, one engineering evidence core reused across MDR, FDA and NMPA, the two breakthrough filings placed early because they are answered in sixty days, and notified-body cost and duration carried in the plan at the levels above — not at pre-MDR levels.
The survey measures incumbents withdrawing existing products. It is evidence that the field is thinning; it is not evidence that we can fill the space, and we do not present it as such. It is a self-reported industry survey rather than a random sample, so affected companies are likelier to have answered than unaffected ones. It was fielded in mid-2023, and relief measures after that point are not captured. And the 63 % covers the combined field of pneumology, sleep medicine, anaesthesia and intensive care — it is not a figure for emergency ventilators on their own, which is why we quote the study’s own examples rather than a narrower claim.
Source: DIHK, MedicalMountains and SPECTARIS, Befragung zur EU-Medizinprodukteverordnung, December 2023 — 514 questionnaires returned, of which 393 qualified as manufacturers under the MDR; fielded June to August 2023. Field-level figures p. 10 with footnote 8; alternatives p. 11; costs and durations pp. 8–9. Checked at the source document on 17 August 2026.
Market
Built bottom-up, because the top-down number does not exist.
There is no official count of ambulances in Germany — not at the Federal Statistical Office, not at the Federal Highway Research Institute, not at the Motor Transport Authority, and not at the relief organisations. What is documented is deployment density per 100,000 population. We publish the derivation instead of buying a market-research figure.
Just under 300 districts
Independent emergency-service districts in Germany, about 240 dispatch centres, roughly 85,000 staff. A fragmented market, not key-account business.
13.1m missions a year
Of which 8.09 million emergency missions, 61.7 %. Ambulances account for 55.8 % of response trips.
4.6–7.3 per 100,000
Daytime ambulance provision, cities versus rural districts. This is the only defensible basis for a fleet estimate; any absolute number is our own extrapolation and is labelled as such.
€ 8.4bn transport costs
Statutory health insurance expenditure on transport costs, 2022. Devices are financed through user charges, not from a separate investment budget.
Federal Highway Research Institute report M 345 (2024, survey 2020/21) · Government Commission, 9th statement, 7 September 2023 · Wolff, Breuer, Dahmen et al., Notfall + Rettungsmedizin 2024 (50 emergency-service districts, 21.5 million population) · Statutory health insurance statistics via the Government Commission, based on the Federal Audit Office report 2018.
The scale
How many people this is about.
Germany alone, from the registry’s own projection down to the people who reach hospital with a circulation.
Swipe sideways →
Business model
Device, service and consumables — stated as assumptions.
One finding shapes the model more than any other: a single-use ventilation circuit and a reusable one cost almost the same, so the single-use item pays for itself against reprocessing after one cycle. That supports a razor-and-blade structure. Pricing, gross margin, procurement route and adoption still have to be validated with customers and health systems.
Transport ventilator platform
Capital equipment assumption, subject to product configuration and procurement rules.
Training and maintenance
A service layer for uptime, competency and lifecycle support.
Procedure-linked recurring revenue
Dependent on the final design, the clinical workflow and reimbursement economics.
Single-use ventilation circuit € 87.89 gross versus reusable circuit € 91.90 gross, dealer prices August 2026. For comparison, the RhinoChill consumable was priced at £ 1,440 per treatment in the 2014 NICE briefing — roughly nineteen times higher. Peer-set gross margin in medical technology runs 37–50 % (Dräger, Getinge, ICU Medical, financial year 2025); for a start-up with a single device the lower half is realistic.
Intellectual property
Granted in Europe and the United States — with clear, concentrated founder ownership.
Both granted patents are held solely by inventor and founder Fabian Temme. The university is no longer part of the patent ownership structure. For investors, that means a concentrated chain of title with no institutional co-owner and a direct, structurally simple path to assign or exclusively license the IP to the operating company as part of the financing.
Transportable device and system for lowering the body temperature of a mammal over the airways, in particular of a human, by means of a cooled, oxygen-containing gas flow
Transportable device, system and method for providing a cooled, oxygen-containing gas flow
The patents are currently held solely by founder and inventor Fabian Temme; there is no university co-owner in the patent ownership structure. For the financing, the IP can therefore be assigned or exclusively, worldwide and sublicensably licensed to the operating company directly by the sole owner. This is a defined transaction step rather than a multi-party institutional ownership issue, and the € 0.375 million IP and legal line of the current round includes the documentation and legal work required for that structure.
Checked against the public patent registers on 8 August 2026. Inventor and sole patent holder: Fabian Temme. The ownership position is concentrated with the founder; the university is not part of the patent ownership structure. The corporate IP transfer or exclusive-licence step can therefore be documented directly between the sole owner and the operating company. Records: EP3509683B1 · US11395900B2 · WO2018046128A1. Term runs to 9 September 2037 subject to fees and legal validity. Validation states, annuity payments, opposition status and the scope of the granted claims against the planned product have not been assessed.
Protection
One family. Granted in Europe and the United States.
From the priority filing in 2016 to the expected term end in 2037 — including the part a buyer will find in the register anyway.
Swipe the timeline sideways →
Rights at closing
The licence is not a negotiation after the round. It is signed the same day.
The patents are held by the founder personally and were never assigned to an operating company. That is deliberate, and the practical consequence for an investor is speed: there is one signature between this company and an exclusive, worldwide, sublicensable licence — and it is executed simultaneously with the closing, in the same document set as the financing.
No consent to collect.
The registers name the inventor as sole proprietor of the family. There is no co-applicant, no institutional co-owner and no third party whose consent is needed before rights can move. A licence negotiation that would normally run across several parties runs across one.
Owned outright, on the owner’s statement.
The rights passed from the university to the inventor and carry, on the owner’s statement, no further obligation to a university or a funding body — no march-in right, no revenue share, no reserved licence. We state that as what it is: an owner’s statement. The assignment deed and the final grant notice belong in the data room, and they are on the list below.
The rights can move without anything else having to move.
Granting the licence does not depend on a prior reorganisation, on a holding company being formed, on a transfer between entities, or on where the founder is resident. The family sits with one natural person and can be licensed from there directly. That is the reason “secure the rights” is not a workstream inside this financing — it is a signature inside it.
Read into it that the rights question is short: one owner, no consents, a licence that can be drafted alongside the term sheet and signed at the same table. Do not read into it that the company owns the patents today — it does not, and nothing on this site says otherwise. Until the licence is executed, the correct description is that the company has access to the family through its founder. The scope of the granted claims against the planned product, the validation states, the annuity status and any opposition history are separately not yet examined; they sit on the diligence list below, where they belong.
Diligence
What the next financing is designed to resolve.
Institutional capital can underwrite specific, documentable value-creation milestones rather than an undifferentiated science bet.
Differentiate AIRCHILL from prior cooling strategies
PRINCESS was neutral overall, while its later shockable-rhythm signal helped motivate the prospectively enriched PRINCESS2 programme. TTM2 tested a much later systemic strategy. AIRCHILL’s 2017 endotracheal work defined a separate engineering target: stronger lower-airway heat transfer. Together these results specify the next value-creation study — demonstrate a materially earlier and reproducible thermal exposure, verify airway/ventilation safety, prospectively define the phenotype and then test and size the patient effect.
Founder capacity
Fabian Temme holds a full-time job alongside Medical Cooling. Weekly hours, compensation, a transition date and the secondary-employment and IP terms of that contract are not yet documented. Until they are, neither unpaid full-time availability nor a founder salary is modelled.
Class IIb, and notified-body capacity
Classification is preliminary. Planning horizon 18–24 months from application. MDR cost is roughly 90 % internal personnel and only 7 % notified-body fees — a plan built mainly on fees understates it by about an order of magnitude.
Granted patents with concentrated founder ownership
EP3509683B1 and US11395900B2 are granted from a 2016 priority and are held solely by founder and inventor Fabian Temme. The university is no longer part of the patent ownership structure, avoiding institutional co-ownership. The remaining corporate step is to document an assignment or exclusive licence to the operating company. Validation states, annuities, opposition status and claim scope against the planned product remain separate diligence workstreams.
What is set to zero, and why
Opening liquidity, debt and non-committed grants are all set to € 0 until a bank statement, contract or decision letter exists. Development spending is not capitalised. The model is explicitly screen-grade and internal.
MedTech Europe Survey 2024 (n = 211): notified-body fees averaging € 136,981 for the quality management system and € 176,202 for technical documentation, ongoing MDR maintenance € 99,648 a year, cost structure 90 % personnel / 7 % fees / 3 % maintenance · Team-NB Survey 2025 · Investor materials are shared directly because the current deck is confidential.
Closing readiness
What must be true before institutional capital closes.
This is a diligence checklist, not a representation that the items are already complete. It separates the current state from the documentary or operating condition that should close the risk.
Start a diligence conversation.
The business plan exists in bank-standard, development-bank and venture versions, alongside the 2027–2031 financial model with low, base and high cases. We share them on request.