At MatchPlay, we invest in companies solving important problems where the underlying medicine may already exist, but the system around it has failed to adapt to how patients actually live.
Adrenal crisis is one of those problems.
It is a life-threatening emergency that requires immediate treatment with injectable hydrocortisone. Yet the current standard of care can require patients, caregivers, or bystanders to complete a complex, multi-step injection process while the patient may be experiencing vomiting, weakness, confusion, low blood pressure, or shock.
The problem is not that the medicine is unknown.
The problem is that the delivery model is poorly designed for the moment in which the medicine is needed.
SOLUtion Medical is building to close that gap.
The company is developing drug-device combinations that simplify the preparation and administration of medicines requiring point-of-use reconstitution. Its first application is emergency hydrocortisone for adrenal crisis, delivered through its TwistJECT prefilled syringe and autoinjector formats.
We believe SOLUtion combines an urgent clinical need, strong founder-market fit, a differentiated product approach, a pragmatic development strategy, and the potential to build a broader pharmaceutical platform.
That is what made the company compelling to us.
A delivery problem, not a patient problem
Patients at risk of adrenal crisis are often advised to carry an emergency hydrocortisone injection kit. But these kits can require users to combine drug and diluent, prepare a syringe, manage a needle, confirm the dose, and administer the injection correctly.
Training helps, but it does not eliminate the difficulty of performing a precise medical procedure during an emergency.
Published research has shown that many patients struggle to self-administer rescue injections during adrenal crises. A 2025 mixed-methods study involving 688 patients and caregivers found that fewer than 20 percent of patients who needed parenteral hydrocortisone were able to self-inject, while 81 percent identified the complexity of the injection process as a barrier.
We see this as a design failure, not a patient failure.
A treatment is not fully accessible if the intended user cannot reliably prepare and administer it under the conditions in which it is most urgently required.
What SOLUtion is building
SOLUtion’s TwistJECT platform is designed to simplify medicines that must remain separated during storage and be mixed immediately before injection.
The company is developing a dual-chamber prefilled syringe intended to reduce the preparation process to three steps, as well as an autoinjector format intended to reduce it to two.
This is not simply a more convenient injector.
The company is integrating the drug, device, reconstitution process, usability, and manufacturing approach into a single delivery system designed for real-world use.
That integration is important because simplifying a reconstituted medicine is not only a design challenge. The product must remain stable during storage, mix reliably when activated, deliver the correct dose, and function consistently under pressure.
SOLUtion has built intellectual property across device design, formulation, and manufacturing. We believe this integrated approach can create a more meaningful moat than device design alone.
That is not to say everything has been sorted out. The products remain in development and have not yet received FDA approval. Technical, regulatory, manufacturing, and commercial risks remain.
Our conviction is based not on those risks being absent, but on the company having identified them early and built its strategy around addressing them together.
Evidence behind the opportunity
Julia Anthony’s personal experience with adrenal insufficiency is central to SOLUtion’s origin. But lived experience alone is not sufficient to support an investment.
What reinforced our conviction was the depth of validation around the problem.
As part of our evaluation, we reviewed:
- Input from more than 2,100 patients and caregivers
- Relationships with 22 patient and advocacy organizations
- Peer-reviewed research on barriers to emergency hydrocortisone administration
- Human-factors work focused on emergency-use behavior
- Intellectual property spanning the device, formulation, and manufacturing approach
- Engagement across clinical, advocacy, pharmaceutical, and manufacturing communities
These forms of validation serve different purposes.
Patient and caregiver research establishes that the problem is real and widespread. Human-factors work helps determine whether the product can be used safely and intuitively. Technical and regulatory development will establish whether it can perform consistently and meet approval requirements. Commercial execution will ultimately determine prescribing, reimbursement, adoption, and manufacturing economics.
We do not view patient enthusiasm as a substitute for regulatory or commercial validation.
We do believe that building with patients from the beginning materially improves the likelihood of solving the right problem.
A team with lived insight and operating discipline
SOLUtion is led by Todd Wallach, with Julia Anthony serving as Founder and Chief Strategy Officer.
Julia founded the company from direct experience with congenital adrenal hyperplasia and the practical limitations of existing emergency treatment. That gives the team unusually authentic insight into patient behavior, portability, training limitations, emergency-use conditions, and advocacy engagement.
Todd brings complementary experience across pharmaceuticals, fundraising, finance, and company building.
That operating discipline matters because SOLUtion must coordinate product development, intellectual property, manufacturing, regulatory strategy, reimbursement, and commercialization.
What stood out to us was the combination of Julia’s understanding of what needs to change and Todd’s ability to build the company required to change it.
This founder-market fit is central to our investment thesis.
From focused product to broader platform
Adrenal crisis is SOLUtion’s initial clinical and commercial wedge.
The need is urgent, the current process is visibly inadequate, and the intended user is clearly defined. This gives the company a focused first program around which to build its development, manufacturing, and commercialization capabilities.
But we did not underwrite the opportunity on adrenal crisis alone.
The broader potential lies in applying the same underlying capabilities to other drugs that must be mixed, prepared, or reconstituted immediately before administration.
We see two potential paths for value creation:
- Developing and commercializing proprietary drug-device products
- Partnering with pharmaceutical companies through licensing or co-development programs
The company will still need to prove that its technology and manufacturing approach can transfer efficiently across additional medicines and indications.
But if the platform can be reused without rebuilding the full development stack for every product, SOLUtion could create value well beyond its initial program.
The adrenal crisis product establishes the wedge.
The reusable drug-delivery capability creates the venture-scale opportunity.
A focused development path
SOLUtion’s lead program is expected to pursue the FDA’s 505(b)(2) pathway.
This may allow the company to build on existing evidence relating to hydrocortisone while focusing its development work on the formulation, device, usability, manufacturing, and other elements specific to TwistJECT.
It does not remove development or approval risk.
We view it as a potentially more focused and capital-efficient strategy than developing an entirely new active pharmaceutical ingredient, while still requiring disciplined execution across product development, manufacturing, and regulatory review.
Why now
We believe the timing is compelling for three reasons.
First, patient-centric drug delivery is becoming a core product requirement rather than a secondary design consideration.
Second, more treatment is moving beyond the hospital and into homes and community settings. As responsibility shifts toward patients and caregivers, products must be designed for real-world variability and stress.
Third, pharmaceutical companies increasingly need differentiated delivery strategies for both existing and future medicines.
A platform combining drug development, reconstitution, device engineering, usability, and manufacturing could therefore create value through both proprietary products and pharmaceutical partnerships.
Our conviction
At MatchPlay, we are particularly interested in companies where usability is not merely an interface consideration, but a determinant of whether the product achieves its intended outcome.
SOLUtion Medical fits that thesis.
The company is addressing a clear clinical need. It is led by a team combining lived patient understanding with pharmaceutical operating experience. It has built intellectual property across multiple layers of the drug-device system. It is pursuing a focused development strategy. And it has the potential to expand from an adrenal crisis product into a broader platform for reconstituted medicines.
Most importantly, the company is built around a principle we strongly believe:
A medicine is only as effective as the system that enables a patient to receive it.
So is SOLUtion making injection more convenient? Yes. But more importantly. it is redesigning life-saving drug delivery for the conditions in which it must actually work.
