BackTable / Innovation / Podcast / Episode #25

Next Level Stuff, the Exit: Part III of the Neuwave Story

with Laura King and Dr. Fred Lee

To close our BackTable Innovation series on NeuWave, we invited Laura King and Dr. Fred Lee to speak about growing their medical device company through various stages, from Series A funding to acquisition by Johnson & Johnson.

Next Level Stuff, the Exit: Part III of the Neuwave Story with Laura King and Dr. Fred Lee on the BackTable Innovation Podcast)
Ep 25 Next Level Stuff, the Exit: Part III of the Neuwave Story with Laura King and Dr. Fred Lee
00:00 / 01:04

BackTable, LLC (Producer). (2022, April 29). Ep. 25 – Next Level Stuff, the Exit: Part III of the Neuwave Story [Audio podcast]. Retrieved from https://www.backtable.com

Earn CME

Reflect on how this Podcast applies to your day-to-day and earn AMA PRA Category 1 CMEs.
Follow the button below to get started with CMEfy.

BackTable CMEfy button

Stay Up To Date

Follow:

Subscribe:

Sign Up:

Podcast Contributors

Laura King discusses Next Level Stuff, the Exit: Part III of the Neuwave Story on the BackTable 25 Podcast

Laura King

Laura King is the founder and CEO of Elucent Medical, and the former president and CEO of NeuWave Medical.

Dr. Fred Lee discusses Next Level Stuff, the Exit: Part III of the Neuwave Story on the BackTable 25 Podcast

Dr. Fred Lee

Fred T. Lee Jr, MD is a professor of Radiology, Biomedical Engineering, and Urology, The Robert A. Turrell Professor of Imaging Science, and the Chief of Abdominal Intervention at the University of Wisconsin.

Dr. Bryan Hartley discusses Next Level Stuff, the Exit: Part III of the Neuwave Story on the BackTable 25 Podcast

Dr. Bryan Hartley

Dr. Bryan Hartley is a practicing radiologist, host of the BackTable Innovation series, and co-founder of Pulmera in Palo Alto, CA.

Show Notes

In this episode, our host Dr. Bryan Hartley interviews business leader Laura King and interventional radiologist Dr. Fred Lee about growing their medical device company, NeuWave through various stages, from Series A funding to acquisition by Johnson & Johnson. This is the final installment of a three-part series about the origin, rise, and acquisition of NeuWave.

Ms. King recounts her story of joining NeuWave. While she was originally tasked with performing due diligence on behalf of investors, she found that her values and passions aligned with the company and eventually became NeuWave’s CEO. For her, the key pull factor was the company’s identity as a “platform opportunity,” since the microwave ablation device was initially used in the liver, but could also branch out and be applied to other organs and clinical scenarios. Ms. King speaks about the difference between incremental innovation and disruptive innovation. The former is more common in large established companies, while the latter is characteristic of the startup world. She credits her business knowledge to her history of working with large companies and incremental innovation in her past, which helped her in scaling up NeuWave’s disruptive innovation efforts.

Dr. Lee brings up the importance of values alignment between clinical and business leadership in a startup. He shares conversations that the leaders had regarding patient safety in the first physician uses of the device. Ms. King highlights the need to listen to early adopters and integrate their feedback into improving the product; it is this effective response that will build trust and encourage clinicians to repurchase the device in the future.

Finally, we discuss the acquisition process. Dr. Lee describes how venture capital investors brought not only funds, but more connections to the company. He compares the role of bankers in an acquisition to realtors in a property sale. They are both necessary to the sale of the asset and have experience fielding multiple offers from interested parties.

Throughout the episode, the guests highlight their continued partnership in forming Elucent, a surgical navigation company, using the lessons learned from NeuWave.

Resources

Disclaimer: The Materials available on BackTable.com are for informational and educational purposes only and are not a substitute for the professional judgment of a healthcare professional in diagnosing and treating patients. The opinions expressed by participants of the BackTable Podcast belong solely to the participants, and do not necessarily reflect the views of BackTable.

Earn CME When You Listen to BackTable CMEfy

Up Next

The TheraSphere Story with Dr. Riad Salem and Peter Pattison on the BackTable Innovation Podcast)
High Fidelity Augmented Reality Surgical Simulation: Training to Perform with Dr. Elliot Street on the BackTable Innovation Podcast)
From Device Idea to Market: PrecisionPoint for Transperineal Prostate Biopsies with Dr. Matthew Allaway on the BackTable Innovation Podcast)
Practical AI: Learning the Basics with Dr. Amit Gupta on the BackTable Innovation Podcast)
Innovating on Post Training Education with MRI Online with Dan Arnold on the BackTable Innovation Podcast)
Intelligent Ignorance: Turning Ideas into Innovation with Dr. Matthew Bromwich on the BackTable Innovation Podcast)

Articles

Topics

Learn about Innovation on BackTable Innovation
Learn about Venture Capital on BackTable Innovation

Get in touch!

We want to hear from you. Let us know if you’re interested in partnering with BackTable as a Podcast guest, a sponsor, or as a member of the BackTable Team.

Select which show(s) you would like to subscribe to:

Thanks! Message sent.