Startup Receives $350K Grand Prize for Non-Invasive Neurostimulation Device to Treat Patients with Severe Chronic Pain
LOS ANGELES, September 26, 2018 – MedTech Innovator, the premier nonprofit startup accelerator in the medical technology industry, today announced Sana Health as the winner of its 2018 global competition. The company was selected in a live audience vote on Sept. 25 at The MedTech Conference, powered by AdvaMed, in Philadelphia.
Sana Health, a medical technology startup based in Boulder, Colo., is developing a non-invasive neuromodulation device that integrates a heart rate variability sensor for personalized chronic pain management.
“It is a true honor to be recognized by the medtech community in this way, particularly given the other incredible finalists in the competition. The funding from this will support us in our goal to provide an alternative to opioids for managing pain,” said Richard Hanbury, founding CEO of Sana Health. “We’re grateful to be a part of MedTech Innovator, which has provided invaluable mentorship and support.”
Selected by an audience vote from this year’s record-breaking pool of more than 700 early-stage medtech companies, Sana Health was awarded the $350,000 grand prize to advance its business goals and mission to improve future health outcomes. AblaCare, a company developing a minimally invasive approach for the treatment of polycystic ovary syndrome (PCOS) related infertility, was the second-place winner of the audience vote. CroiValve, FineHeart, and Spect were runners-up. Each company received a prize of $25,000 as finalists in the MedTech Innovator Accelerator program.
“This has been a groundbreaking year for MedTech Innovator, featuring strong leadership teams with cutting-edge innovations, as well as a vast network of industry partners to support and guide these emerging disruptors,” said Paul Grand, CEO of MedTech Innovator. “We are proud to see Sana Health chosen as the 2018 winner, and one step closer to bringing the company’s innovative technology to pain patients.”
Sana participated in the MedTech Innovator 2018 Accelerator program, which provides emerging-growth companies with in-depth, customized mentorship from senior leaders in the medtech industry, exclusive networking opportunities, virtual and in-person workshops, and pitching with investors, manufacturers, providers, and customers.
Currently in its sixth year, the MedTech Innovator competition awarded over $500K in cash prizes and in-kind awards. Participating companies gained increasing amounts of exposure to industry leaders through online application reviews, in-person pitch sessions, and audience competitions at two conferences.
Judges of the 2018 final competition included Jennifer Kozak, Vice President, New Business Development, Johnson & Johnson; Anne E. Sissel, Vice President and Head / Baxter Ventures, Baxter Healthcare Corporation; Christos Monovoukas, Vice President, Business Development and Strategy, Olympus; Linda Elkins, Chief Technical Officer, Gore Innovation Center.
“As an industry partner of MedTech Innovator, we are consistently impressed by the shared commitment of these companies to improving and transforming the healthcare industry for patients worldwide,” said Susan Morano, Vice President, Business Development for the Johnson & Johnson Medical Devices Companies. “We are excited to see Sana Health recognized for its innovation and mission to bring value-based care to people who need it.”
During the plenary session, MedTech Innovator also announced winners of the incubator space awards. Ictero Medical and Spect each received the JLABS Award, valued at $25,000. Strados Labs received the Gore Innovation Center Award, which provides usage of the Gore Innovation Center Space and Lab for three months. DynamX received the Magnify award, which provides space in the LA-based incubator for three months.
MedTech Innovator is supported by founding sponsors Johnson & Johnson and RCT Ventures, and annual program partners Amgen, Baxter, BD, BTG, EdgeOne Medical, Fujikura Ltd., Grant Thornton, Health + Commerce, HOYA Corp., MedTech Strategist, NIPRO Medical Corp., Nordson Medical, Olympus Medical Systems Group, W.L. Gore & Associates, Inc., and Ximedica. In addition, MedTech Innovator is honored to hold its three stage competitions in conjunction with leading industry events run by the Advanced Medical Technology Association (AdvaMed), Wilson Sonsini Goodrich & Rosati, and the MedTech Strategist.
About MedTech Innovator
Based in Los Angeles, Calif., MedTech Innovator is the premier nonprofit startup accelerator in the medical technology industry. Our mission is to improve the lives of patients by accelerating the growth of companies that are transforming the healthcare system. MedTech Innovator matches healthcare industry leaders with innovative early-stage and emerging growth medtech companies for mentorship and support. For more information about MedTech Innovator, visit https://medtechinnovator.org/ and follow @MedTechAwards on Twitter. To receive industry insights and highlights about MedTech Innovator’s current and alumni participant companies, subscribe to our monthly monthly newsletter.