Followers | 15 |
Posts | 2088 |
Boards Moderated | 0 |
Alias Born | 04/07/2010 |
Friday, March 22, 2013 6:39:37 AM
Golden Triangle's MedPassage brings e-commerce to medical device space
FRIDAY, MARCH 01, 2013
"Think Amazon.com built from the ground floor specifically for the medical device market," says MedPassage Co-Founder and Chief Marketing Officer Mike Biselli, who started the company with CEO Gavin Fabian.
After Biselli and Fabian met at San Diego-based NuVasive, they realized there was an opportunity to "flatten the space," as commissions for medical devices sometimes top 50 percent, explains Biselli. They launched MedPassage with $350,000 in seed funding in late 2012.
MedPassage charges just 10 percent commission. "Whenever you have commission rates of 35 percent or more, it's ripe for innovation," he says, citing a lack of transparency as a major problem. "Everybody knows it's a broken system and we've got to fix it."
Price transparency " is what we need to correct the market and that's what we're doing," adds Biselli.
The plan calls for MedPassage to move into "different ports"of the medical device market, such as surgical tools and orthopedics, and develop specific platforms for each niche.
A MedPassage beta is currently underway with a full-scale launch slated for Q2 or Q3. Biselli says the Galvanize-based company, now comprised of the co-founders, an intern and offshore developers, will grow when the company closes on a Series A funding round between $3 million and $5 million.
"That's very fluid," says Biselli. "We're in talks." He says funding will allow them to bring development team in-house and hire six to 10 employees "overnight."
FEATURED Integrated Ventures Files Q3/2024 With Mining Revenues Of $1,983,250 And Positive Earnings Of $0.05 Cents Per Share • May 15, 2024 10:30 AM
Swifty Global Announces Impressive Financial Results for Q1 2024 • DRCR • May 15, 2024 10:25 AM
Branded Legacy Inc. Invites Shareholders to Celebrate Milestones at Open House: Announces Share Buyback and Commitment to Authorized Share Count • BLEG • May 15, 2024 8:30 AM
Alliance Creative Group (ACGX) Releases Q1 2024 Financial and Disclosure Report with an 88% increase in Net Income from Q1 2023 to Q1 2024 • ACGX • May 15, 2024 8:30 AM
Category V Biotech, Inc. Announces Letter of Intent to Acquire Genetic Networks, Expanding into Biotechnology Sector • CATV • May 15, 2024 8:00 AM
POET Announces Design Win and Collaboration with Foxconn Interconnect Technology for High-speed AI Systems • POET • May 14, 2024 10:09 AM