Archive | September, 2018

Robot Wins Innovation Challenge! What’s Next?

27 Sep

Dwight Meglan

 An interview with Dwight Meglan, Founder/CTO, HeartLander Surgical, Inc.

– By Greg Mannix, VP of International Business Development, LSN

Greg Mannix

Dwight has a fascinating background in robotics. In fact, there are probably not many people out there who can rival his experience applying robotics to medical applications, which he has been doing since the 1990’s in companies ranging in size from start-ups to Medtronic, where Dwight still collaborates. So it shouldn’t come as a surprise that Dwight has started a company, HeartLander, that was the talk of the Exhibit Hall at our past RESI conference because of it’s surprising technology. Imagine a tiny robot that can move along the surface of a beating heart—simulating the movement of an inchworm—to deliver therapy to places not accessible until now. That’s what HeartLander does, and Dwight got so much interest in his little robot that he was the winner of the Innovation Challenge.

Greg Mannix (GM): Congratulations Dwight on winning the IC. Did you make some good connections at the RESI conference?

Dwight Meglan (DM):  Yes, we did. I think we caught the eye of quite a few walk-bys because we had a prototype of the robot with us and were doing a demo. We met a lot of people right there at our poster. We also had some good partnering meetings.

GM: How did you juggle the partnering meetings and time at the poster? You seem to have done very well.

DM: Actually, we were very selective about who to meet with. We are very early stage. But the meetings we did schedule, we met the investors at the assigned table and said “Hey, would you like to come see our poster?”. And we ended up having our meetings right there.

GM: Did you get any traction with the investors you spoke to?

DM: Yes, I think we did. We are following up with several of them, and some others want to stay in touch and reconnect when we have more preclinical data. My focus was to try to get across two things to the investors: one, how this technology will help make the world a better place; and two, how this technology will make economic sense. If they understood those two points, I think we were successful.

GM: Why do you think you won the IC?

DM: I just asked everybody to invest their RESI cash in us. If you don’t ask, you don’t receive!

GM: Sound words of advice. Thanks, Dwight.

HeartLander Surgical, Inc.

The HeartLander System’s new approach to debilitating ventricular (heart) conditions comprises low cost disposables and an inexpensive, reusable controller: 1. Disposable sensor array placed on the outside of the torso 2. Disposable, tethered, percutaneously delivered, epicardial walker with multimodal sensing (e.g., Doppler ultrasound for avoiding coronaries) and insertable needle for saline-enhanced radiofrequency ablation (creates small, precise lesions) or for delivering therapy into the myocardium 3. Control System that integrates sensor data, maps the heart defect, actuates the walker, plans actions, and provides a visualization display screen and control interface for the physician. Our first clinical focus (NIH-funded through animal PoC) is ventricular tachycardia, but the technology platform can be used for myocardial regeneration therapies, ventricular reshaping, and biventricular pacing.

First Coast Innovation Challenge Brings Top Tech Assets to Global Investors at RESI Boston

27 Sep

By Bryanna Allison, Business Development Manager, LSN

RESI wrapped up its 19th conference this month in Boston, with a record turnout and plenty of great connections made to move the needle in the life sciences. For some time now, the investors and strategic partners who regularly attend RESI have asked us to help them gain exposure to the earliest stage technologies being developed. Our idea was to create a new addition to the traditional RESI content and call it the First Coast Innovator’s Gathering, an event to showcase technology hubs from the “First Coast” – DC to Boston – and the early-stage companies being developed within their programs.

The feedback we got was extremely positive as the data below attests to:

  • 21 Tech Hubs had a table at the Gathering
  • 75 entrepreneurs from these Hubs attended
  • 36 projects presented a poster in the First Coast Exhibit area
  • 25 companies applied to the Pitching Competition
  • 8 finalists pitched to a panel of 6 investors
  • All the finalists were offered the chance to follow up with the panelists

RESI has become the conference of reference for connecting key players in the early-stage life science space. The turnout and level of engagement of investors, strategic partners, fundraising CEOs and specialized service providers is completely unique, and the Innovator’s Gathering in Boston has added a new dimension to the conference.

All of the positive feedback has encouraged us to adopt this format at future RESI conferences, so we are busy getting the word out to tech hubs in the Greater New York area for our upcoming New York conference to be held in Midtown Manhattan on November 5th.

Seed Funds – Investing Early

27 Sep

By Karen Deyo, Investor Research Analyst, LSN

The last Redefining Early Stage Investments (RESI) conference on Sept. 6th in Boston launched the inaugural First Coast Innovator’s Gathering featuring the earliest stage companies and technologies from incubators, accelerators, universities, hospitals and research organizations. These companies, when seeking seed funding, often look for more than just the funds that investors can provide – they may also rely on the investors’ expertise and experience to help them grow. The Seed Funds panel featured five investors from funds focused on seed-stage investing, willing to take the larger risk to support companies at an earlier stage.

In their discussion, the panelists brought to light the differences that exist between various seed funds. Some provide funds, guidance and contacts with experts, but otherwise use a light hand. Others work closely with the founders, often scientists with no entrepreneurial background, guiding the business and the founders until they have the knowledge needed to direct the company. Also discussed was the complex issue of valuation at such an early stage and how many seed investors use convertible notes as a way to postpone the firm valuation until more milestones are reached and a bigger round is raised.

One thing the panelists agreed on – investing early is part of their mission, even though the risk is bigger. As Sunil Shah from o2h Ventures said, by focusing on building great companies, a great exit will follow. Below are some highlights from the panel, featuring discussions prompted by the questions listed.

The panel was moderated by Sunil Shah, CEO of o2h Ventures and featured:

  • Atul Varadhachary, Managing Partner at Fannin Innovation Studio
  • Chris Hanson, Partner at Grant Park Ventures
  • Mackenzie Lowry, Entrepreneur In Residence at Rock Health
  • Mike Wiley, Vice President at Foundation Venture Capital Group

What support do investors provide portfolio companies, apart from funds?

What do investors look for in these companies and how do they get a ROI? 

How do investors approach valuation? 

Given the additional risk, why invest so early?

What information do investors want when companies approach them?

What level of involvement do investors have after investing?

This panel will be featured again in our upcoming RESI conference on November 5th in NYC.

Please be sure to join us if you are interested in hearing more!

Hot Investor Mandate: Chinese Investment Group Invests in Devices and Diagnostics Technologies in Cardiology, Neuromodulation Indications

27 Sep

An investment group founded by Chinese medical device experts with headquarters in China seeks to allocate 5-20 Million RMB ($0.7 – 3 Million USD) in various early stage life science opportunities. The firm seeks to make several investments in the upcoming year and focusing on opportunities raising angel, pre-A, Series A, and B rounds. The firm seeks to make use of their founders’ expertise and successes in the medical device industry to help guide their investments towards growth and success.

The firm is primarily interested in medical devices and in vitro diagnostic (IVD) technologies and/or companies. More specifically, they’re interested in opportunities in areas related to cardiology, neuromodulation, in vitro diagnostics, and imaging as that is where they have the most expertise. However, they are willing to look at other areas as well so long as the opportunity is interesting and has the potential to be developed. The firm is also interested in investing in R&D services as well. The firm’s most recent investment was in a company that utilized AI to process images for better and faster diagnoses.

The firm heavily prefers that the company has a China angle to work with. They believe that they can contribute more to companies who wish to work in China through connections they have already made such as through helping acquire non-dilutive funds from the government of China and utilizing various connections in industrial parks across China. The firm also wishes to work with companies that are willing to work with the partners at the firm so that they can utilize their prior experiences to help the companies grow.

If you are interested in more information about this investor and other investors tracked by LSN, please email mandates@lifesciencenation.com.

Hot Investor Mandate: Venture Fund of USA Health System Strategically Invests in Digital Health Technologies and Care Delivery Models

27 Sep

A venture fund established by a large USA health insurer is seeking to develop a portfolio of investments that, as a whole, focus on improving the national health care market, enhance the core business of the company and generate revenue.

These strategic investments are expected to be integrated into the company as part of its overall long-term strategy. The firm prefers to syndicate with a strong lead investor in a financing round and expects to make 5 – 7 new investments of $0.5-2 million in the coming year. The firm considers opportunities across the US and around the world with preference given to companies in the middle of the country.

The firm is interested in digital health technologies and care delivery models that can improve healthcare. The firm prefers products with prototype and customer traction.

The firm would like to be a strategic partner, as a payer, for startups. The firm prefers early stage teams backed by experienced management, supported by reputable early stage VC and/or angel groups that have a history of follow-on investments in Series A and B.

If you are interested in more information about this investor and other investors tracked by LSN, please email mandates@lifesciencenation.com.

Hot Investor Mandate: USA-Based VC Firm with China Resources Invests Broadly Across Therapeutics, Devices, Diagnostics, Digital Health with Greatest Interest in Devices

27 Sep

A venture capital firm based in the Bay area has a partner in China that can provide support to companies interested in China market entry, but companies do not need to have a China angle. The firm has great experience with working with regulatory agencies to gain product approval for both FDA and CFDA. The firm continues to actively seek life science investments, aiming to invest in 8-10 companies per year. The firm usually participates in Seed to Series B financing rounds with check sizes between $500K – 2M and will consider companies based in USA and China.

The firm is opportunistic and will consider all early-stage opportunities in therapeutics, medical devices, diagnostics, and digital health, as long as the technology is considered highly disruptive. The firm’s greatest focus lies in the medical device sector in which the firm has the strongest expertise. In therapeutics, the firm will consider pre-clinical and phase I assets. In medical devices and diagnostics, the firm is open to all classes of medical devices including 510k and PMA that are in development or clinical trials. The firm has reviewed companies of various stages in the past: those that have just developed a valid prototype, and those that were already profitable prior to investment.

The firm seeks to work with companies with an experienced management team, ideally led by a serial entrepreneur with a successful track record. The firm can both lead and co-invest but prefers to lead financing rounds for medical device companies and will most likely take a board seat.

If you are interested in more information about this investor and other investors tracked by LSN, please email mandates@lifesciencenation.com.

Hot Investor Mandate: East Coast Venture Capital Firm Invests in USA-Based Companies in Digital Health and Technology-Enabled Service Businesses

27 Sep

A venture capital fund based in the East Coast leads investments in high growth, mostly US-based digital health, SaaS, PaaS and technology-enabled service businesses. The firm has a flexible model to right-size equity investments with initial investments typically in the range of $1M to $10M. The firm is active in governance and seeks to remain involved through multiple financing rounds. The fund targets a 5-year investment window.

The fund’s investments are focused on a few key themes in businesses that improve the human condition and deliver value-based care. It seeks investments in B2B or B2B2C companies with proven business models and experienced teams pursuing end-market opportunities large enough to support creation of companies with $1B in enterprise value. Thematic areas of focus include personalized medicine, patient navigation, referral management, and enablement of payer-provider risk sharing.

The firm is open to working with management teams with various levels of experience. The fund does seek a board seat along with investment and prefers to be fairly involved with the management team and strategy of the company. The fund does not purchase secondary shares of a company.

If you are interested in more information about this investor and other investors tracked by LSN, please email mandates@lifesciencenation.com.

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