Last night, January 7, 2015 at Mintz Levin in Boston, the Massachusetts Medical Device Development Center (M2D2) brought together five Boston angel investors and five startup companies for a “Shark Tank” Pitch Event. The five angel investors or “Sharks” were Michael Henry, member of Launch Venture Group; Robert Manning, Chairman of Cherrystone Angel Group; Jeffrey Arnold, member of Boston Harbor Angels; Patrick West, Partner at Mirus Capital Advisors; Richard Anders, Founder of Mass Medical Angels. The five medical device companies competing for funding at the pitch event were Admetsys, Carepoint Solutions, Sunsprite, MedSentry and Vivonics.
Admetsys
Product: an artificial pancreas for the hospital
Current Financing: Founders
Status: product not on market, granted priority review by FDA, data from three clinical trials
Use of Future Investments: production engineering, clinical trials
Market: 6.5B annually
Funding Seeking: Series A
CarePoint Solutions
Product: “Turbo Tax” for hospitals, diagnostic testing to comply with and implement the CLIA-compliant individualized quality control plans (IQCP’s)
Current Financing: $1.2MM from friends, family and industry colleagues
Status: product is on market, in discussion with major IVD companies regarding co-marketing collaborations
Use of Future Investments: product line extension, marketing campaign, infrastructure build-up, customer support, sales channel development
Funding Seeking: 1.5MM
SunSprite
Product: wearabe to allow patients to self-manage depression by tracking time spent using bright light therapy
Current Financing: $900K in convertible debt
Status: product is on the market, 1,000 units sold in twelve weeks for a price of $99
Use of Future Investments: ACO pilots, software integration, scaling manufacturing
Market: $6.7B (people who are depressed and belong to ACO’s) (The market for Depression in the United States is $100B)
Funding Seeking: 1.5MM
MedSentry
Product: outpatient medication adherence solution for complex regiments
Current Financing: Angel funding
Status: product is not on the market, has completed clinical trials
Use of Future Investments: build out the support and working capital required for clinical launch in 2015
Vivonics
Product: Intracranial Pressure Assessment and Screening System (I.PASS)
Current financing: SBIR & DOD rapid innovation fund awards
Status: not on the market
Use of Future Investments: to obtain FDA clearance, to set up manufacturing, sales, distribution and marketing for US launch
Market: over $200MM
Funding Seeking: 2MM
Massachusetts Medical Device Development Center along with Boston Scientific, Mintz Levin, Omni Components, Smith & Nephew and Massachusetts Life Science Center is sponsoring a Venture Competition with a prize of 100k for medical device startups
Event sponsored by Mintz Levin, which has completed over 150 venture capital transactions since 2012 with an aggregate deal value of over $1.9B
