Early Commercialization of Medical Devices in the Specialty Veterinary Market-Michael J. Sterns, DVM-04/26/2011 - 8:30am

Event Information
Event Topic: 
Early Commercialization of Medical Devices in the Specialty Veterinary Market
Event Date: 
04/26/2011 - 8:30am
Event Location: 
Sunnyvale City Council Chambers, 456 West Olive Avenue, Sunnyvale, CA
Speaker Information
Event Speaker: 
Michael J. Sterns, DVM
Event Speaker Title: 
Consulting VP, Corporate Development
Event Speaker Company: 
Matrix Sensors, Inc.
Event Speaker Bio: 

Michael J. Sterns, DVM is an experienced business development, marketing, and sales executive that has licensed in and out licensed both early and late stage therapeutics, tools and devices, created corporate and product branding strategies, and spearheaded multiple product launch campaigns. Dr. Sterns has developed new international commercialization channels for capital equipment, consumables and services taking company revenue to the $50 million stage. He has been instrumental in raising approximately $200 million in both private and public equity, and has also served the business representative on the working group for three IPOs and the integration committee for one acquisition.

Trained originally as an Equine Veterinarian at UC Davis, Dr. Sterns practiced large animal medicine and surgery for five years before returning to business school to obtain his MBA from the Haas School of Business in 1990. Lately, he has returned to his veterinary roots to evaluate, develop and commercialize late development stage medical devices and diagnostics into the specialty veterinary market. Early commercialization of these products fulfills unmet needs in a highly skilled, early adopter market, and can also provide small venture backed companies with early revenue in a non-conflicting commercial channel.

Event Details
Event Details: 

The veterinary services market is approximately $5 to $6 billion dollars, and growing at 5% annually. Within the overall market there is a sub segment of specialty practices staffed by board certified veterinary specialists. These specialists also serve as a referral network for general practice Veterinarians.

The largest segment of veterinary specialists is surgeons, comprising both orthopedic and soft tissue surgeons. These Veterinarians are concentrated in easy to find locations, need little training in new techniques, and tend to be early adopters of new technologies. Small venture-backed companies and their boards consider this market to be a distraction, and yet they are cash starved in the final stages of development awaiting regulatory approval or pivotal clinical trial results.

The specialty veterinary market represents a non-conflicting channel for early commercialization and revenue for these companies. The veterinary market is primarily cash pay, requires minimal regulatory approval, and no reimbursement codes are needed. In conclusion the specialty veterinary market represents an attractive outlet for early revenue generation for small device and diagnostic companies.