Program ID: Innovation Anthology #471
Program Date: 05/03/2012
Program Category: Awards and Competitions, Health and Medicine, Technology
TEC VenturePrize: Innovative Trauma Care Wins Fast Growth Prize
PROGRAM #471 INTERVIEW WITH PHIL FARIS
MP3: 2.3 MB
Time: 2.34 Minutes
Phil Farris is Executive Chair of the Board of Directors for Innovative Trauma Care Inc. The startup company has invented a novel clamp for use in emergency situations to stop bleeding and is the winner of the 2012 TEC VenturePrize Business Plan Competition in the Fast Growth category.
CC: YOU’VE JUST WON THE FAST GROWTH VENTUREPRIZE AWARD. WHAT DOES IT MEAN TO YOU AND YOUR COMPANY WINNING THIS AWARD?
PF: I think this award is particularly meaningful to the founders who are natives of Edmonton. They’ve done a tremendous job of putting together a nucleus for a very rapidly growing medical device company.
It is the second major award that the company has won in a very similar category in the last month. So it helps validate the company’s business plans and also helps validate the company with potential investors.
CC: WHAT EXACTLY IS THE MEDICAL DEVICE?
PF: The medical device is a product called the IT Clamp that is able to stop bleeding for most lacerations, we believe somewhere between 80 and 90 percent, and other kinds of injuries where bleeding is involved in a very short period of time.
CC: WHAT DOES IT LOOK LIKE?
PF: it looks like a clamp with needles sticking out of it. The needles are to grasp the skin and pull it together and up into the device so that the surface of the skin is pulled together and is able to form a tight seal to shut off bleeding.
CC: AND WHERE DID THE IDEA FOR THIS COME FROM?
PF: It came from the mind of Dr. Dennis Filips and some of his colleagues who were trying to deal with this problem, trying to train army medics to go back in the field and deal with very traumatic injuries. And realized it was such a difficult problem with today’s technology that something new needed to be done. And this popped in as a solution.
CC: NOW WHEREABOUTS ARE YOU IN TERMS OF DEVELOPMENT AND GETTING THIS TO MARKET?
PF: The company is manufacturing product right now on commercial manufacturing equipment and is going through the final testing program which takes about three to four months to complete for regulatory purposes. And is planning to go to market in the fourth quarter of the year.
CC: AND HOW BIG A MARKET IS THERE POTENTIALLY?
PF: Our estimates are a recurring market of about $865 million per year for treating injuries. And a market for our customers to equip themselves to use it where they buy it and put it into their ambulances or emergency rooms of about $175 million in the US and Europe and Canada.
CC; NOW THE AWARD THAT YOU GOT, THE TEC VENTUREPRIZE, WHAT’S THE AMOUNT AND WHAT WILL IT DO FOR YOU?
PF: Well this is a young company and any amount of money is very valuable. Cash is king, as they say. So the award is for $90,000 as I understand it. Most of it is in services provided by various entities. And the company already has a plan on how it’s going to utilize those funds to help propel it to the next level.
CC: THANK YOU VERY MUCH.
PF: You’re welcome.
Phil Faris is the Executive Chair of the Board of Directors of Innovative Trauma Care Inc in Edmonton, Alberta.