PHOTO/MATT VOLPINI
Matthew D. Phaneuf, NuVascular Technologies, Ashland
November 24, 2014
Shop Talk
Q&A with Matthew D. Phaneuf, Cofounder, NuVascular Technologies
Matthew D. Phaneuf, Cofounder, NuVascular Technologies, Ashland
By Rick Saia
NuVascular Technologies is sitting at the intersection of health care and textiles. It's a startup that's developing such products as artificial blood vessels, using patented technology developed over the last decade by BioSurfaces Inc., which occupies the office space in Ashland. Matt Phaneuf, who has worked in medical research for 25 years, co-founded BioSurfaces as well as NuVascular.
You've been involved in the founding of three companies. Is there a secret or common thread from them that you can impart as a lesson for would-be entrepreneurs?
The three companies that I founded are really based upon a platform technology. And what we try to do with the companies is actually extend the specific platforms into those technologies. For example, Biosurfaces is the research-and-development company that's going to drive the technologies. From that, we're going to spin those technologies out into the new companies. So, for NuVascular, we're focused specifically on artificial blood vessels, heart products, as well as end-stage renal disease products.
The medical device field just seems to keep on growing with new companies and new products. How does a person who's not in the industry try to decipher everything?
I've been fortunate to (have been) in the field for over 25 years. I originally started in vascular surgery research. So I've seen, from the patient level, where problems arise. That has taken me to develop products into the artificial artery business, or vascular surgery business. There are a lot of companies that are basically out there, but a lot of new technologies have not really made it to the forefront. For example, for vascular surgery research, the same types of technologies have been used for over 60 years. And they really haven't had major improvements in those areas. So, companies such as ours will bring the next generation of technology into those areas.
What about the health care consumer? Is there a way he or she can keep up with all that's going on?
It's very challenging because companies tend to be a little more quiet about what's going on. (Yet) we actually had patients after our announcement of NuVascular Technologies specifically reaching out to us. (And) people will reach out (after) media announcements.
Where does NuVascular fit in in all of this?
NuVascular was spun out in August of this year, and we had developed at BioSurfaces over the past 11 years some great platform technology, and it was predominantly funded through NIH grants and contracts as well as National Science Foundation grants and contracts. From that, we were able to do testing, and we said it was time to commercialize this technology.
Where do you hope this company will be in five years?
We're hoping that within the next one to two years, we'll be in clinical trials, and with our first product on the market within the next three to five years.
What drew you to the field of scientific research?
I've always had a passion for it. In seventh grade, for some reason, I had a teacher who really hit me in liking science. From that point, I wanted to be in the science field. I wasn't sure what I wanted to do but I always felt like my calling was there.
If there's one or two things that you think would help accelerate more innovation in the medical device industry, what would it be?
Number one: the FDA process. I think they're doing a better job at looking at the inventors (to determine) what's going on in the field. (But) the communication needs to get better. Also, grant funding is a big aspect to this. There's been a big reduction the way Congress has been going with continuing resolutions. That actually hurts research and you end up losing research jobs because of that. So Congress, (in) continuing to fund programs, is very important.
Video
WBJ Web Partners
Most Recent
Most Recent
0 Comments