Tiger's List of Hot Startups – OrthoStreams
Recently, a bunch of OrthoStreams readers have been asking me, “What are the hot startups in Orthopedics right now?” Let me try to answer your questions with the 6 examples below.
I have watched Orthopedic startups come and go for decades. I have a pretty good eye for seeing the ones that positioned for big disruption plays and potential success. This skill served me well in joining Ellipse Technologies at just the right time in 2012.
Disclaimer 1: The list is 100% my opinion. No endorsements. It’s just my opinion.
Disclaimer 2: The word “Hot” means that these startups early stage, thinking BIG and taking chances. “Hot” does not necessarily mean that these startups will be successful. Startups are inherently risky and not all management teams can navigate successfully through all the risks (technology, regulatory, funding, adoption, business model, distribution model, etc).
#1 Trice Medical (King of Prussia, PA) – Category: Joint Diagnostics
Trice has a greatly disruptive product, an instant MRI in the doctors office for $450. Patients get an instant diagnosis. A clinical trial will study the diagnostic arthroscopy in the physicians office using a needle with a camera and light source. They are just getting started. Their second generation Mi-Eye is fast and simple as a needle biopsy and the image is great. Raised $18M in Series B and held the first-ever National Sales meeting in 2017. They have a CPT Codes for Diagnostic Arthroscopy. Watch Trice!
#2 ActiveProtective (Allentown, PA) – Category: Trauma
AP is trying to solve the coming epidemic of fragility hip fractures as the baby boomers move into their 8th decade. AP has developed a wearable belt that deploys an airbag when a fall is detected to help prevent hip fractures in older adults. They are focusing on a consumer play in the personal safety category (translation – no FDA). Huuuuuge market, a small team, a recently closed $2.6M seed round, and plans to pilot their belt later this year.
These guys are ones to watch.
#3 The NextStep Companies (Akron, OH) – Category: Total Joints
Randy Theken, known as the founder of Theken Spine, is a young serial entrepreneur that you just have to take seriously. He has just gone “all in” on additive manufacturing. He has created three complementary companies – NextStep Arthropedix, NextStep Ideas, and Slice Manufacturing Studios – that will deliver disruptive 3D printed technology in total joints. Randy claims, “Within five years, I intend to be able to make the claim: NextStep is the largest medical device manufacturer producing implant devices, using 3D printing technology.” Still pretty stealthy. Stay tuned. For more insight read – A peek into serial entrepreneur Randy Theken’s new venture, NextStep
#4 CyMedica Orthopedics (Phoenix, AZ) – Category: Sports Medicine
CyMedica is converging two technologies in sports medicine. Think brace + muscle stimulation in a convenient, app-controlled muscle activation. These guys just closed $6M and have a fresh 510(k) clearance.
The e-vive system provides wireless, app-controlled muscle stimulation therapy individualized for each patient’s comfort and convenience, E-vive helps keep patients engaged with their rehab by tracking their progress and allowing data sharing with clinicians.
#5 OrthoSpace (Israel) – Category: Sports Medicine
There are not many good options for patients with massive rotator cuff tears. Enter OrthoSpace.They have created a biodegradable balloon that acts as a spacer or bursa between the acromion and the humeral head. The InSpace balloon creates a physical barrier between tissues in the subacromial space. This low invasive procedure just takes a few minutes. OrthoSpace raised $7M at Christmas. OrthoSpace is selling in Europe and enrolling in a US clinical study.
#6 Treace Medical (Ponte Vedra Beach, FL) – Category: Extremities
Bunion deformity surgery has a bad rap. Given the vast majority of surgical treatments are “metatarsal osteotomies” with published recurrence rates as high as 78%, it isn’t hard to see why! While osteotomies by nature address only the “symptom” of the bunion, Treace Medical has developed a game-changing surgical treatment, called the “Lapiplasty procedure”, designed to reproducibly correct the multi-plane bunion deformity at its root cause. The company believes Lapiplasty will change the negative stigma of bunion surgery by dramatically reducing recurrence rates and improving the mechanics and function of the affected toe. Over the past year the Lapiplasty procedure has gained rapid clinical adoption and was recently awarded a broad method patent. A large neglected market, a disruptive therapy, plus an “A-list” board of directors with a track record for home runs, puts this one on my radar. https://vimeo.com/199272477