Prostate Treatment Developer HistoSonics Gets $11M, U-M Tech Transfer Beams With Pride
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engineer in 2010, but then probably will not add any more people until 2011 when the company prepares for clinical studies, Gibbons says.
“We are looking to get through all those processes and hurdles and be able to prepare ourselves for commercial launch probably within three to four years,” Gibbons says.
Under the leadership of CEO Tom Davison, who has a history in the medical device industry, Gibbons says the company can expect a Series B investment well before commercial launch.
That 3-to-4-year time frame is ambitious for a medical device company. But even if it takes longer, Gibbons seems to have a great deal of patience. She spent a little over a year in due diligence before the $11 million investment came through-partly because the local economic downturn made everybody very cautious about new venture deals. That year-long delay might have been frustrating for the technical team, she said, but it was very productive when it came to advancing development of HistoSonics’ business plan.
And over at the Tech Transfer Office, Nesbit agrees that the company is off to a strong start because of the way U-M-launched it-a true collaboration between state, university and private-sector programs.