A proven exec pivots to the next startup after acquisition successes
Affiliation: Outset Medical
After Leslie Trigg helped usher Lutonix into what turned out to be a $325 million acquisition by C.R. Bard ($BCR) in late 2011 as its EVP, she was looking for a new challenge. She found it with an executive-in-residence spot at private equity group Warburg Pincus--an unsurprising reward for a med tech executive who had already twice previously had companies acquired: AccessClosure by Cardinal Health ($CAH) and FoxHollow Technologies by ev3, which was, in turn, bought by Covidien.
At Warburg, Trigg initially worked with three different portfolio companies, one of which was Outset Medical. She ultimately joined Outset as CEO and led the company to one of the largest med tech private financings this year--$91 million, of which $51 million was equity financing with the remaining $40 million structured as debt.
In addition to being quite sizable, the financing attracted a who's who list of life science investors that invest in both public and private companies including Fidelity, Warburg Pincus, The Vertical Group Partner Fund Management, Perceptive Advisors and CRG.
Crossover investors typically look for an investment that doesn't have very long time horizons. Rather than thinking like an early stage VC in terms of 5 or 10 years, they usually look for investments they expect to offer liquidity within a few years.
But Trigg said her Outset investors are not only deep-pocketed, they are also patient. "This is a longer term, bigger play. We have a couple of public market investors, and they are committed to the process--to building the foundation in the right way to be able to create sustainable, high growth," she said in an interview with FierceMedicalDevices.
"I do not spend a lot of time thinking about the public markets. We'll take the steps we need to in the next year. Then we'll think about it," added Trigg.
2016 will be a big year for Outset Medical. The company expects the commercial debut of its dialysis device, the Tablo, that's intended for patient self-use either in a dialysis clinic or at home. The launch next year will be for Tablo's use in the clinic setting, which is FDA cleared. The company will also be in the midst of conducting a trial for at-home use that's slated to start this year.
The expectation is that partnerships with dialysis centers are in the offing that will enable Outset to get paid for by the dialysis providers for the use of Tablo in the clinic as well as, eventually, by a patient in their home.
If Trigg can pull off a successful, large-scale commercialization of Tablo in partnership with U.S. national and regional dialysis providers for both the clinic and at-home use, this serial entrepreneur will be able to command even more money, power and innovative tech at her next gig.
-- Stacy Lawrence (email | Twitter)
Special Report: Outset Medical - FierceMedicalDevices 2015 Fierce 15
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