March’s Medical Devices event was a record setting, high energy meet up where investors and entrepreneurs gathered to shake things up in the Medical Devices industry. While both keynote speaker and company presentations were solid, networking was of high priority for the 100+ individuals who attended. Pre- and post-event conversations were a buzz and the cafeteria of host venue Medtronic & Covidien Group did not clear out until well after 8:00pm.
Three strong Rising Entrepreneurs presented at this months CVG event in front of a panel of experienced and knowledgeable investors. After each presentation investors had the opportunity to ask questions and provide feedback while audience members jotted comments on Pitch Feedback Cards. Feedback cards were distributed to the presenters during the post-program networking hour.
- Avitus Orthopaedics – Presented by Neil Shah, Co-Founder & CEO, is on a mission to develop new orthopaedic technologies that will improve clinical outcomes while decreasing healthcare costs compared to current procedures and devices. Currently, the company is developing a novel surgical device that will enable surgeons to use gold standard autologous bone graft material. According to Shah the large market problem is simple; spinal fusion procedures cost $550,000 a year and bone grafts rack up an astounding $2.8 billion in expenditures with no bone grafting solutions meeting all then needs of surgeons, hospitals and patients. The Avitus Harvester is the proposed solution – a bone graft harvesting devices that will improve the patients outcome while deliver gold standards to surgeons and increasing margins in the hospitals. This technology is minimally invasive and cost effective. The Avitus Harvester is still patent pending. Watch Neil’s Presentation here.
- GestVision, Inc. – Presented by Wendy Davis, Founder & CEO, is commercializing a point of care diagnostic test for preeclampsia. According to Davis every 10 minutes a mom-to-be almost dies from preeclampsia premature infants are being delivered three times as often due to the condition. According to Davis 40% of pregnant women may show preeclampsia symptoms which will lead to 15% of them delivering a premature child. GestVision’s solution to this is the GestAssured test which is a simply urine test that can be taken at the doctors office where results can be dawn in no more than one minute. This test has proven to be 85% accurate. Currently there is no definitive way to diagnose preeclampsia, GestVision hopes to end the dangerous cycle of diagnosing women who may show symptoms but who do not actually have the condition. Watch Wendy’s Presentation here.
- Woven Orthopedic Technologies – Presented by Ilana Odess, Founder & CEO, leverages a unique biotextile to enhance performance in fixation procedures. According to Odess the current means of fracture treatment is either by brace and cast or by surgery. In the case of surgical screw engagement it is not uncommon for screws to become loose or dislodged. Woven replaces traditional screw hardware with bone-like interlacing fibers that graft into the bone over time and create a stronger, load sharing solution. Watch Ilana’s Presentation here.
Presenting Companies presented in front of a panel of the following experienced investors:
- Konstantine Drakonakis, Director, LaunchCapital
- Kristen Kosofsky, Managing Director, Horizon Technology Finance
- Craig Mullett, Angel Investor Forum, President, Branison Group
- David Wurzer, Executive VP & Chief Investment Officer, Connecticut Innovations
Immediately following the entrepreneur presentations, keynote speaker David. D Wang, Group Vice President of Business Development, Strategy, and portfolio management at Covidien & Medtronic, talked about the “Past, Present and Future of Investment in Medtech.” According to Wang the healthcare sector is becoming more and more specialized, therefore what pays off for investors as well as entrepreneurs is understanding the diseases which are in the spotlight. He noted that paying attention to what the pharmaceutical sector is doing is crucial to making waves in the medical devices space as well as looking at potential partners as people who want to make a big difference in the industry.
“Health tech is not equal to devices and molecules… innovation is both local and global.”
We hope you will join us next month at the ACG Connecticut Northeast Consumer Products Conference at Two Roads Brewery.