Governor Mitt Romney Addresses Medical Device Industry Executives at Annual Conference
BOSTON--(BUSINESS WIRE)--Nov. 14, 2003-- Medical device companies showcasing cutting edge medical devices to help save lives and improve quality of life--from an implantable computer-brain interface device to a nanoparticle time-release insulin injection system--presented their best cases for investor funding today during the fifth annual MassMEDIC MedTech Investors Conference. Twenty-five companies from around the New England region presented at the event, showcasing new medical device technologies before an audience of venture capital funders eager to invest in the next wave of medical technologies. Companies presented a range of devices including:
Brontes Technologies, Inc.'s digital, three-dimensional dental impression system Haemonetics Corporation's innovative blood processing technology system SmartCells Inc.'s SmartInsulin stimuli-response self-regulated drug delivery system for diabetes Meanwhile, a study unveiled at the Conference showed that companies specializing in minimally invasive surgical technologies within the cardiovascular and surgical equipment segments sustained their share of venture funding in 2003. Other attractive areas for investment include certain segments of orthopedics and treatments in which drugs and devices are combined.
"Given the many benefits associated with minimally invasive surgeries (MIS) such as fewer complications, a quicker recovery for patients, and a lower procedural cost, companies developing these technologies are receiving the attention of investors," said John Westwood of L.E.K. Consulting. "In the past year, several Massachusetts companies with MIS products saw substantial investment activity and it is expected that this trend will continue."
Kicking off the conference was an address by Governor Romney on his administration's economic development strategies. "The medical device industry in Massachusetts has not only been a constant contributor to the state economy, but a clear leader in stimulating the future growth of this region. This industry is attracting investment in our state at a significant rate," said Governor Romney. "As we consider ways to further boost our economy, it is clear that we must ensure that there are programs in place to both attract companies to locate in Massachusetts as well as retain companies of value in all industries."
Also cited in the study was the fact that investors are more selective with their funding which is leading to larger investments in more mature companies. "Companies that have a solid business plan that address a clear market need and demonstrates tangible milestones in product development, are more likely to see attention from investors," added Westwood.
"The companies present today represent the bright future of the medical device industry here in the New England region," said Tom Sommer, president of MassMEDIC. "Given the unique setting that this region provides by way of its academic institutions, renowned health care and research facilities and well-educated work force, there is a solid foundation for the medical device industry to continue its development of innovative and life-saving medical technologies and retain its role as an intellectual and economic leader in the region."
About MassMEDIC:
The Massachusetts Medical Device Industry Council, an organization of 307 manufacturers, suppliers, research institutions and academic health centers, promotes the unique interests of the Bay State's growing and vibrant medical device sector. Through a variety of programs, informational seminars, advocacy campaigns and other projects, MassMEDIC provides medical device manufacturers and suppliers with information on industry trends and regulatory policies, and creates forums that allow members to exchange ideas and information on issues affecting the industry. For more information on MassMEDIC, please contact us at (617) 414-1340, or visit our web site - www.massmedic.com.
Contact:
Rasky/Baerlein Group Melissa Monahan, 617-443-9933, ext. 352 mmonahan@rasky.com
Source: MassMEDIC
