It’s the milestones and steps along the way that stand out on the road to success. Thursday, September 27th was one of those days for IntuitiveX, the life sciences, medical innovation-focused incubator that calls ATLAS Workbase its corporate home.
Generally speaking for its portfolio companies IntuitiveX delivers hands-on consulting and guidance for the entire startup lifecycle. From concept development and prototyping to patent applications, valuation, funding, and exit, IntuitiveX brings deep bench expertise. It leverages its extensive network and expertise to drive streamlined fundraising and FDA product approval efforts.
IntuitiveX is a lean and mean operation that invests in innovation and collaborates deeply with the bootstrapped startups it incubates. Andy Choi, CEO for IntuitiveX, wanted a coworking space that would reflect those things, and was immediately drawn to ATLAS Workbase.
Offers Choi, “The pods, the different settings and multiple seating arrangements, coupled with such high-end attention to detail, the amenities, and outstanding service staff, creates the perfect work environment.”
Continues Choi, “ATLAS Workbase seamlessly facilitates small and large meetings, or private work. It is conveniently located which makes it easy to get clients in and out, and the parking is easy. Many of the people we collaborate with here are world travelers, and many have said this is the best coworking facility they’ve seen.”
Getting back to that day September 27th, one such FDA approval happened, for a startup called Innovasive, and the process took 119 days to complete, which was 31 days ahead of schedule.
A little context: spinal surgery is one of the most common procedures in the US with 935,000 annual fusion cases, expected to grow to 1.2M cases by 2020. Fusion is still considered the Gold Standard for treating spinal instabilities and degenerative conditions. However, the lack of enabling technologies has kept the procedure more invasive than other commonly performed surgeries, leading to higher blood loss, pain, complications and a longer recovery period.
Innovasive is bringing to market the only complete procedural solution for outpatient spinal fusion, addressing all critical steps in the surgery with endoscopic and other minimally invasive technologies. At the start, Innovasive will commercialize the industry’s first multi‐expanding spinal implant that allows for a true minimal access with maximal clinical impact.
Next up for IntuitiveX is to help Innovasive complete its Series A fundraising. “We are now tracking $5.5M, above the original $5M goal and on track to hit our newly set goal of $6M. With the FDA approval coming in earlier than expected, our new hard hard closing date is October 31st,” says Choi.
Choi also hinted at potential suitors for Innovasive, noting that formal discussions were already at the serious stage with three potential acquirers
Innovasive is lead by CEO Andy Choi and Jeffrey Roh, MD, MBA, CMO, who are both board members, and Charles Zahl, CFO, and Mark Han, Esq, CLO.