Medsider Radio: Learn from Medtech and Healthcare Experts

They Sold Their Company to Boston Scientific and Then Reacquired the Technology Years Later – The Unique Story of NuCryo Vascular

February 26, 2016 Scott Nelson
Medsider Radio: Learn from Medtech and Healthcare Experts
They Sold Their Company to Boston Scientific and Then Reacquired the Technology Years Later – The Unique Story of NuCryo Vascular
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Medsider Radio: Learn from Medtech and Healthcare Experts
They Sold Their Company to Boston Scientific and Then Reacquired the Technology Years Later – The Unique Story of NuCryo Vascular
Feb 26, 2016
Scott Nelson

Because of diminishing margins, a lot of major medical device companies continue to add products to their sales bag in hopes of meeting top-line revenue goals. But selling the entire bag is challenging. When the bag gets too big, a typical sales force will usually focus only on products that generate the most revenue. So what...[read more]

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Show Notes Transcript

Because of diminishing margins, a lot of major medical device companies continue to add products to their sales bag in hopes of meeting top-line revenue goals. But selling the entire bag is challenging. When the bag gets too big, a typical sales force will usually focus only on products that generate the most revenue. So what...[read more]

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Scott Nelson:   0:08
Welcome to Med Cider, where you can learn from experienced medical device and med tech experts through uncut and unedited interviews. Now here's your host, Scott Nelson. Hello, everyone. It's Scott Nelson and welcome to another edition of Met Cider, the place where I interview Med Tech and medical device stopped leaders and stakeholders in an effort Thio learn more about the business about their careers, about their experiences. Eso everyone. Everyone can benefit. So on today's program, we've got Kevin beaten. He's the general manager and vice president of new Cryo Vascular Ah subsidiary of Gemini Interventional Technologies. Prior to his role at New Cryo and Jim and I, Kevin has had sales and marking leadership positions for companies like Spectra Medics, Boston Scientific and Pfizer. Kevin received his MBA in finance from Central Michigan University and a B s and tickle Engineering from Michigan State. He's Michigan guy s. So without further ado, welcome to the program. Kevin. Really appreciate you coming up.

Kevin Beedon:   1:14
Ah, thank you. My pleasure. Happy to be here.

Scott Nelson:   1:16
Uh, well, let's start. Let's start with what you're doing it and new crile because it's certainly on interesting. An interesting story on congrats by the way on your on your recent 55 10 K clearance. I want to discuss that more because it seems like you guys did incredible job with that, you know, turning, turning around that clearance in short fashion. So I definitely wouldn't want to spend time on that. But, you know, like like I just said the the cryo catheter device that, uh, that you're commercializing hat has really a kind of a story history with the likes of Dr James Joy, the start of the initial start up under under cryo vascular systems, you know, and then the history with Boston Scientific, etcetera. So maybe maybe just, uh, if you can provide ah, high level overview of the history and then we'll maybe dig into into the details along the way.

Kevin Beedon:   2:07
Yeah, absolutely. For my pleasure. I do think it's a great story. I think it's a pretty unique opportunity because of the history of cryo plast e in the previous proven customer base that we've had, um, the back in the day Boston scientific issue, as it leave, you know, acquired the polar Cath line from cardiovascular system, which was a startup, um, formed and created by Dr joy. During that time period, Um at its heyday, there was over $40 million in revenue over 350 accounts in most likely 900 to over 1000 positions that had been trained on the product. But as the medical device industry changes in 2012 Boston Scientific basis, you went through a reorg, and it was their decision, I believe at the time to eliminate some products that they perceived to be costly to make, UM, that worked in their main geographic area and also had a small revenue stream compared to the larger coronary in Sierra in product lines of the offer. So at that time, they decided to stop manufacturing. But they allowed their inventory they had on hand to continue be sold, although it was de emphasized from their sales force perspective. So at that point in 2014 trial, plastic polar caps still had about $55.3 million in revenue and over 100 accounts using it, but the sales were dwindling as the inventory dwindled. Um, Dr Joy in a few of the early investors in Crile plastic decided to create a company called German or a new trial to buy back the rights from Boston Scientific with the intent to do some engineering modifications, Um, and bring it back to market in natural. We are in present day. In the meantime, as you're wearing, as you mentioned that we didn't have an exclusive distribution deal last year with Vascular Solutions. Um, that was terminated 12 31 of 12 2015. And that's where we are today, with a direct sales force model for general new trial.

Scott Nelson:   4:06
It's certainly an interesting story, and, uh, I mean, just t kind of further further, elaborate a little bit. I want to set the stage, I guess, for for those for those that are listening, this was a really successful product. You mentioned that the device reached peak sales of over $40 million. And then I get from my perspective because I think it's a little bit unique, is I? You know, when I when I was in the field selling peripheral vascular devices, I competed against this thing. Particular product. In fact, one of my one of my good buddies was it was a rep for Boston Scientific at the time, and it was really successful device and then almost kind of disappeared, so to speak is so to speak. But there wasn't a major recall, at least my knowledge, it wasn't major recall. There wasn't really any any any data that that came out that suggested it didn't work. It just sort of, like I said, I kind of disappeared. And so, um, you know, to your point, is that what's your take on on on the reason for Boston Scientific? Sort of de emphasizing it cause you wonder how often times this really happens with with large strategic CE like like Boston Scientific or a Medtronic or a striker. Yeah,

Kevin Beedon:   5:12
I think that's a great question. And obviously I'm not gonna speak on behalf of Boston Scientific, but I think back to the 2012 timeframe when they were being made, it was guided acquisition with Boston in there was a lot of change taking place in the industry. And so I believe it just made a decision that it was a smaller product, Lyman within a purple space, and they decided to divest, stop manufacturing this product. But there was no recall. Um, in fact, in 2011 at t c. T,

Scott Nelson:   5:43
there was

Kevin Beedon:   5:43
very positive data to support trial plasticky. And then it was published in 2012. It was called up over study, and it talked about. It was a randomized perspective multicenter study comparing Crile plasticky verse P T. A. In the post violation of Knight in all stance in the diabetic patient population. So it's very, very positive data, um, that a lot of positions aren't familiar with, and a lot of positions you mentioned were also disappointed that the product went away. And so when we started reviving trial plastic last year, so this were surprised, excited, but also very happy that they'd have the opportunity to put polar shaft or cry or plastic back in their treatment algorithm for peripheral vascular disease.

Scott Nelson:   6:28
Yeah, very cool. Very interesting. And I When I was during my time at At Comedian in Medtronic, there was a sort of a similar situation with with with one of our throne, vector me devices, where it was almost like it was too expensive. Thio Thio well is relatively expensive to manufacture, and sales were, um, we're you know, we're relatively low compares another product franchises, and so the decision was made almost almost stopped not just continue it per se, but really stop selling it. And I know the reaction amongst physician that wasn't wasn't very, uh they weren't very enthused about that decision. So I think you just wonder how often this really takes place with other companies, but certainly a great opportunity for what you guys were doing with with new trial. Well, I I

Kevin Beedon:   7:15
agree. I understand it was a great example, and I think what it comes down to is larger companies at such a breath of product line or a large sales bag that sometimes the smaller products of the smaller generating revenue generating products are dismissed. Or often, you know, you said they're not. They could be discontinued. I believe that's what happened with cryo plasticky. But for our company, which is jumping on new cryo, it's a great opportunity because we've, you know, in the run up to the short period, time re engineered the product twice from inflation perspective, and we've eliminated Tunnel Kloss

Scott Nelson:   7:50
way,

Kevin Beedon:   7:50
have a very efficient operation now, just by I really diving into with serious engineering team in making some changes that have lower the cost.

Scott Nelson:   7:59
It's amazing how how much can get done. When you when you put together a solid team and that's willing to move fast and integrate fast, it's it's pretty cool. I want to talk to you more about that here in a second. So kind to finish up on this story. You mentioned that. I think maybe was it back in 2014? Dr. Joy had interest in our at that point. He sort of re acquired the I. P or the assets from Boston Scientific. Is there is there? Do you know the rationale there was? It was it was that based on the fact that he sort of he was involved initially with this with this product with cryo vascular or what was that? Is there a story there that would be a first?

Kevin Beedon:   8:42
I think the story is he was a founder of cryo classy back in 1999 that was initially incorporated, But he's always bleeding. The technology has, well, a lot of physicians. And so when the opportunity to buy back the access um into came to him, he absolutely jumped on it. And the team that we have today are individuals from cryo plastic, originally in from Boston, scientific to the team of those forms were people that had experience with trial plastic. And they ask Dr Joy, we're excited to work on it, make engineering changes and bring it back to market because I believe it is a proven technology, Um, with demonstrate historical sales as well as data and now with the Cobra data. And 2012 is a great opportunity to launch the product with a relatively new data. And there's not a lot of randomized perspective clinical studies out there in the purple space like the proper study. So it was an opportunity to buy back the assets re engineer it, um, make it more cost effective in the markets we compete head to head with with other technologies as well as having this data set to go along with it. So I think what he realized and I think we all appreciate now it was a great situation to buy it. A distress technology. We will because off the market and bring it back tomorrow.

Scott Nelson:   10:03
Yeah, I mean, when you put all those pieces together, it really does. It really does make for ah, not only an interesting opportunity, but it seems like a really a really good one on a lot of different fronts. So I want I want to get into you know, how you guys were able to move so fast from an R and d perspective. But but just lastly, I know you worked on a, um you have a distribution agreement in place with vascular solutions, and and, uh and now you're going direct, But I don't want to necessarily ask you too much about why that was discontinued with with vascular solutions. I really want to get Thio. Um, you know the decision to go direct versus a distributor and what we can learn from that because, you know, there's probably pros and cons with, you know, with with both with both avenues. And so maybe take us through. You know that the rationale to go direct versus, you know, continuing in sort of a distribution, a fashion?

Kevin Beedon:   10:56
Absolutely Well, first of all, fashion surgeons is a great company with a proven track record. I mean, you have a impressive product portfolio in a specific sales model that's worked very well for them. However, it was a mutual decision for us to part ways, but it was decision that new crime was very excited about right now, because it gives us the opportunity to go direct and be in complete control off our future from a sales perspective and from an engineering perspective and all of the above as its social with polar caps and Kyle plastic. So the decision to go to direct it's basically hand is once again upon the history because there are so many accounts out there, um, over mentioned over three and 50 and it's got a proven mechanism of action that's differentiated.

Scott Nelson:   11:41
We believe that

Kevin Beedon:   11:42
going direct well, Wallace to engage the physicians and kind of reconnect them. So it's a different sales model. We're not trying to sell people on the data or sell people on the device. What we're really trying to do is re engage them, let them know a prober studies out there, let them know that we're back and let them know that we have. They have an opportunity to add Crile plastic after the treatment album and because we're such a small company at this time, we have five employees. Um, we're adding and I am hiring at this time, but we're super efficient and we're Super Lian and one things we emphasize is cost control, our cost structure. But by being so lean and efficient, you know, we can capitalize on, uh, with a drug sales force in a market that's that's ready and has been waiting for a pyroclastic to come back.

Scott Nelson:   12:31
Gotta make that makes a lot of sense. And when you tear, you explain it, Um, it helps a lot as well, because it would be it may be an entirely different story if you had to go if he had approaches more from a market development standpoint where you had to really, um, educate physicians not only on the product, but also maybe on the you know, um, on a disease state or maybe even, um, the patient pathway. We're in this in this scenario, you know, the device is proven. Ah, lot of physicians are fond of it or or fun of it when was on the market. So it makes for a allows for a lot of efficiency from a sales perspective or commercial organizations perspective. That's that's cool. Um, very good. So So on that on that same topic of of, of being lean and being ableto literate quickly, uh, at a lower cost. You. Let's see here the RD work. I think you mentioned that that Doctor Joy acquired the assets from Boston Scientific in maybe the 2030 year 2014 I think is when he did that. But yet you just got, you know, your 5 10 k clearance at the end of 2015 right?

Kevin Beedon:   13:39
Ah, yes. We actually at the 25. Thank you, Clarence In 2050 and a

Scott Nelson:   13:44
place. I mean, that's that's super fast to be able to make the R and D changes and then also get regulatory clearance and maybe a year or a little over that. I mean, it's it's unheard of, you know, within large companies, for sure. So are there some key takeaways that we can learn from from how you approach that and how you were able to to move so quickly?

Kevin Beedon:   14:07
Yeah, I think there's a couple things, and I think it's a real testament to the engineering team, and the team was put together because the rights were acquired in with the office of 2014 and then a roto tilled. The short period of time we had to find a facility, set up a clean room, set up the manufacturing line that was She's back from Boston Scientific and start production. He says New crime master went to market with the distribution model in early 2015. So all that had been completed and in that period of time, the engineering team actually already did, um, injuring lot of case of the inflation, it by removing the sexual battery and putting the battery interlude. So that was 11 generation they already completed. But the 5 10 case emission on Lee took four days for approval. Um, but I think the real testament to that is being a lean team. You know, we could get together the injury and team to do their work. They could bring it to us. We can analyze it, give them feedback, Dr Joyce to provide his his input from the customer, and it would go back and do it again. So it was a total team effort of engineering modification, adapting voices of customer, going back to the drawing board and bring it all together. So it not a lot of theocracy and

Scott Nelson:   15:25
camel team

Kevin Beedon:   15:25
play, um, allowed us to really do something you know relatively quickly in today's world.

Scott Nelson:   15:33
Yeah, I mean that it's really amazing when you when you think about you know, those two feats that engineering changes a cz well, as the A CZ well, as the regulatory submission. And on that note regarding the regulatory submission taking only 40 days, does that speak to how it was initially submitted or the relationship with, you know, with with an F D. A. Particular you know, Ft Reviewer. Um, do you have any details there?

Kevin Beedon:   15:59
I know what I think it was Is this he came down to, you know, the history of Prior plastic once again and the modifications we made, they were modifications to the inflation

Scott Nelson:   16:08
unit. A lot of that allowed it to be more

Kevin Beedon:   16:10
effective, more cost effective. And they were important changes tow us. But where the FDA would allow, you know, analyzed it, took a look, take a look at it and said yes, something we could do. They asked a few questions and we responded well to the quickly. So the turnaround time from their response to ours, um, was all something we could do really fast, because the team who had set up, and then we did have, you know, assistance writing it so that it was written in the best manner. But overall, how were set up with what we do inside? We try to be very efficient at all,

Scott Nelson:   16:45
and I've got ah, friend, that's that's a regulatory consultant, And, uh, and she sort of always Scott said this notion that, uh, that that the blame is castle often on the FT on the FDA. And maybe maybe that's right. And in some scenarios, But she has mentioned several times to me that, you know, a good if the submission is tight and well done that will save a ton of back and forth, you know, from the device company side to the, you know, Uh, yeah, from both sides. The device company side as well as the the the FDA signed. So very, very cool. Cto. See how you guys did that to show that it can be done. You know, the regulatory approvals can be kidnapped. Can happen fast if done well. So congratulations again on that. And, uh, before we kind of transition to your career experiences, Kevin, let's just lastly, talk about, you know, the changes that you've made Thio Thio Polar CAF device. And why a physician that's interested there that used it. Maybe, you know, back in 2007 or 2008. Why, why they beat, maybe be interested in in using it now with the with the engineering changes that you made

Kevin Beedon:   17:57
Definitely appreciate it. No

Scott Nelson:   17:58
question. I think the basis

Kevin Beedon:   18:00
for cryo class to use its mechanisms action in, you know, a proper doses or the biological fact

Scott Nelson:   18:07
that it provides. There's not another bloom in the purple space

Kevin Beedon:   18:11
that treats with the *** 10 degrees Celsius. Truly impact of a pop tell us, is that the cryo blew her polar cap does. So I think that's critical in the bass line from why the positions They say that it's back and why we're excited to bring it back to market. But with today's, you know, talk about the economy and the importance of price in today's market, um, the next generation unit that we just got like 10 K approval on it's a non sterile, reusable device. A lot 200 inflation's so prior to that every time in a place and you know that was used it was per case. It was sterile, and it had to be discarded after that case. So there was a cost associated with that

Scott Nelson:   18:52
Russian manufacture

Kevin Beedon:   18:53
as well as for the hospital, the position. And so, by bringing out this next generation unit, it's significantly lowers the cost per procedure for polar caps. So now we can go talk to positions hospitals, office based labs, office administrators and sit down. We have an economic story that will compete in today's market along with the proven data, the Cobra study, you know, the customer base, everything that allowed us to with the notion of bringing back the market so that

Scott Nelson:   19:24
it was absolutely critical

Kevin Beedon:   19:26
for us to get the 5 10 k approval to compete in today's market.

Scott Nelson:   19:30
Gots that that's interesting. So the balloon itself is obviously disposable, but the inflation device that allows you to infuse the I'm not entirely sure that you know that the science of their capacity but the inflation device that you defused the, um, the formula, I guess, for lack of a description that that itself is reusable now.

Kevin Beedon:   19:51
Yeah, absolutely. So

Scott Nelson:   19:52
prior to

Kevin Beedon:   19:52
it, um, Thio conducted a fuller captain, a classy procedure you had to have a disposable, sterile inflation device. You have to have the nitrous oxide crutches, which are still which were sterile. And you have the poor calf catheter that it's still that actually goes inside the body to treat the lesion or the stenosis. So each one of those had a cost associated with it. Yeah, this up. And you have the total cost for procedure for trial plastic, which works great. You know, in the mid 2000 when cost wasn't as important as it is today, with all the additional competition out of the market now. But with the next generation unit, you're still gonna have, which which we're gonna bring the market here. In the very near future, you're gonna have a disposable catheter that is the same as before. But now you're gonna have a ah, a non sterile mixed oxide cartridge which is still deal one inflation per cartridge. But the main takeaway is the inflation device is going to be significantly less per case because it has a cost of social with it. But you advertised that over 100 cases, or underinflation, and the cost per case is significantly lower than it was before, and it's directly allows us to compete with other specialty balloons at the market. Um, and then he combined our cost for the similar cost. Our competition. But you add in the mechanisms of action, how we treat and the benefits of trials treating the entire political leg along with the data. I think it makes it very compelling.

Scott Nelson:   21:22
Got it very cool, I think. Thanks for the explanation. And I hope hopefully that gives everyone a good overview of kind of the changes you made and why. It makes sense in today's in today's market. Because, as you mentioned price, you talk to any any any downstream marketer or any sales person in the field will tell you the same story. Mean prices is definitely an issue in today's healthcare environment. Physicians have. I always like to say physicians have less less Aargh! They still are decision makers when it comes to purchase persisting device in the hospital setting. I hope you do agree with this. They just have less arrows in the quiver. You know, they're only fight for so much for so many devices and you know when your costs are out of line, it's It's tough. It's a tough, tough play. But

Kevin Beedon:   22:03
exactly. And we heard we heard that last year. You

Scott Nelson:   22:05
know, try

Kevin Beedon:   22:06
a loyalist that we're using trial last year, but they're also talking. Look, right now with the with the previous cost structure, it will be hard for me to get it in right now. I definitely want to get in the hospital and put it on the shelf stock music for cases. But you know, cost will be an issue. And when I started talking about the next generation that we got 5 10 K, it changed the discussion because the data the Mexicans action the interviews in the safety profile crowd plastic. Now you're tying in the economic model that we have and you can have a discussion with CFO CEO Cath, lab director, all our manager position. Whoever may be. And there's a compelling story that ties it all in, which should allow it to be used, um, in various settings to treat the patient

Scott Nelson:   22:54
very cool. I want after we talk a little bit more about your career leading up to this point, I want to circle back around and ask you what's next for new crown and Jim and I. But before we got here, Before we go to your career, I just wanna mention a short sponsors. That message interview is sponsored by Touch Surgery. Now on full disclosure. I'm employee of of Touch Surgery Betta For those interesting for those that are interested in, um, I want to know a little bit more about touches right. Encourage you to go to our go to our website touch surgery dot com. You can download our free app through the APP store or the Google Play Store, and in essence, we allow, um, were we produce very interactive mobile procedural simulations to train reps and or physicians at scale. And so what I mean by that is traditional traditional simulations that are hardware based require someone to be in person. It's an in person sort of event to use or practice on a simulator. The difference with touch your injuries that were doing that in a virtual environment because all of our simulations on our ah mobile device, whether it's an iPad and iPhone or an android based tablet anyone can practice, can learn and practice procedures anytime, anywhere on their other mobile device and So if you're interested, go to touch surgery dot com and check us out or download the APP pond. Play around with our platform. And if you're interested in talking further, don't hesitate to give me a shout or shoot me an email scout. A touch surgery dot com So let's now transition to your career. Kevin living up because you joined you joined Jim and I back in early 2015. Correct?

Kevin Beedon:   24:31
Yes.

Scott Nelson:   24:32
And so But your prior experiences, I kind of mentioned in the intro were with really sound. It looks like, you know, based on the research that I did a sales capacity with the likes of Boston Scientific and you sort of came up the ranks, I guess. And, you know, from on the sales side with Boston Scientific and Spectra Net IX. So So going back to your most recent move from Spectra antics, too, you know, T Jim and I and New Crile kind explain. Explain that. And, um and why you made that particular career transition? Yeah,

Kevin Beedon:   25:06
absolutely. First, we'll start in Paris is a great company. I really enjoyed my time there, but when the opposite with Jeff and I came to my attention, and I was approached with it. It was an option. It couldn't turn down because it was a small company. It was a start up. But it was a startup built with great people, Um, people that I admire and people that I knew I'd really enjoy working with. But it is also based on a technology that I used to sell the scientific back in 2006 and I really believe there's a market out there for it. And with the Cobra study and the changes I knew that were forthcoming, it seemed like a great opportunity to really pursue it. Um, and taking chances, start up with a great team. So that was why it was it was almost too good to turn down. And that's why I left Spectre Nets, which is a great company to go to a small one that I believe we can make great in its own life.

Scott Nelson:   25:59
I got it, and then so So I'm sure, you know, most people would analyze that move and say a really exciting opportunity, but you're taking a big risk. So how did you How did you justify taking the you know balancing the pros and cons of kind of making that move going from Spectra medics toe new cry on Jimmy.

Kevin Beedon:   26:22
Yeah, is that that's a great question. Something my wife and I talked about. I talked with my friend, my mentors, and yeah, I think he analyzed every opportunity. Or you should analyze every opportunity either if it's in your current company and move into a new position in or whatever may have or outside opportunity. So I did the analysis. I talked with Dr Joy and the team, a new trial, and Jem and I and what you get it came down to that situation where I'm pretty passionate about what we're offering right now.

Scott Nelson:   26:49
Those

Kevin Beedon:   26:50
of the proven track record of trial may be able to sell it before the next generation unit that I knew we were going to get approval on. Um, you tie all those things together and I honestly don't think there's another opportunity. The medical device based today that we have right now in new Cryo Gemini and it all comes down to once again the proven track record. The data on Extradition Unit You tile that, together with a super small super lean team and we don't have to be everywhere in the market. But we just have to be

Scott Nelson:   27:22
used and be part of the

Kevin Beedon:   27:23
algorithm for p 80 and we will be successful. And then he tied into the future of what Gemina wants to d'oh!

Scott Nelson:   27:30
And it was too good of an opportunity from a lonely perspective, but working with really good people like Dr Joyce, why I admire and I respect that. Previously, um, I'm happy that I did very cool. Thio, understand how you serving analyze that move? Because I think, uh, I think a lot of people would would relate to that. And it sounds like there's just a lot of pieces, uh, that you were able to sort of check the box, you know, in sort of, you know, as you kind of analyze that, know that potential transition, good practice for all of us to sort of learn from for sure. And as I mentioned before, I mentioned that you came up through the, you know, sort of the sales ranks, and you have very sales leadership positions at Boston Scientific's veteran addict, etcetera. But your chemical engineering in your undergrads, a chemical engineering gonna Indian finance some curious as to why, Why you stayed on the sales side through your career versus, you know, other positions that you probably could have could have taken. You know, within the medical device space that we're may be closer to your your background, I guess. You know what? It was a marketing position or whether whether it was, you know, something else. Um, I'm curious. Like, how did you why sales and that. How do you think that's helped you now, you know, with with where you're at with, uh, with new trial?

Kevin Beedon:   28:52
Yeah, that's a great question. And I think that, you know, gradually chemical engineering degree and working for Dow Corning and the engineering space for for three plus years in transition over the marketing. I think that's given me a broad foundation that applies to the medical device space. Because you think about the medical device based on the human body. It's all basically fluid flow. He transfer things along those lines. So there's a technical component that I believe I bring to the sales model. It's helped me in my career, but more importantly, one thing that I truly love and enjoy is building teams in the human element, and

Scott Nelson:   29:25
so its

Kevin Beedon:   29:26
sales allows me to engage positions. Have difficult conversations about a technology that might be misunderstood or they might not want to use that might think that there's not a need for in their treatment algorithm, and so sales is is a challenge. It's but also a lot of you and engage people to build relationships with them and provide them a product that I believe will service them in their in their patients. So that's why I've always enjoyed sales, and that's why I love my position. I'm in right now.

Scott Nelson:   29:56
I got it, and you think back to your sales experiences versus kind of what you're doing now in your rule, you know, as GM of of New Cryo. Are there other things that you wish you had more experience and really, that I guess what I'm getting at here is there's you know, there's gonna be people that listen to the dark this interview, our conversation that have opportunities to make tea sort of thio, zig and zag directing career. You don't go from sales to marketing marketing toe, you know, medical education, professional education, et cetera, are there? Did you wish you would have maybe zig zagged a little bit more or are you kind of, um uh What's your status in general? Yeah, I

Kevin Beedon:   30:38
think that. And I think first, we always have to have some good mentors that you

Scott Nelson:   30:42
just

Kevin Beedon:   30:43
for me. Unfortunate. My wife is awful in the medical device space, so she's a great sounding board. Um but I think at the end of the day, you always have to have a story. I get phone calls from a lot of people now that asked about taking, making a career move or doing a career change or whatever a B. And they always ask about the resume and a resume, a critical proponent. And that's what people look at. But I think you always have to have a story to tell. And

Scott Nelson:   31:07
so

Kevin Beedon:   31:07
you look at mine. I've been very fortunate. You know, my first medical device job was with Boston Scientific being a pro for up and have to be with trial plastic and that connect me with Dr Joy and I believe why one of the reasons why I'm here today. But then I was allowed Thio tow launch promise on the corner inside. What did that for a year. And I want to spectra medics. So as long as you make a change that makes sense to you and they're destroyed behind it, I believe you need to continue down that path and not be afraid to take risks or to make a change and just believe in that path and stay true to it because change is inevitable. But you have to just manage through it. And I believe in the path that you're on. So you know it will change, and it will always change. You just have to be ready for those those modifications. If you look, I

Scott Nelson:   31:55
got it. Very good. So So when you think about new cryo now, I know you sort of hinted at it. Uh, you know, just just a few minutes ago. What's next? I mean, you're clearly excited about about the opportunity ahead with, with with, you know, the new, uh, polar cap device. But can you can you tell us a little bit more about what's what's, uh what's ahead in the new crime story? The gym and I story? Yeah,

Kevin Beedon:   32:19
absolutely. I mean, one of the great things about Gemini and that was intriguing to me is obviously talked about private class, but a bit but Gemini. It's really a medical vice startup that was created to develop, engineer, manufacturer and distribute either directly or through a distribution channel, um, novel or new medical devices Thio that are differentiated in different to treat. PhD. So we aren't We already have prototypes in I P that we're working on in what our goal and Geminis goal is to develop work with entrepreneurs. Other physicians have already contacted us about ideas they have because we're such a small shop and were so efficient, you know, we can take an idea. Think about it, build a prototype, get the voice of the customer if you will, and then build a marketing plan around it. So that's the future. The future is to stay, stay small, have a direct sales force, grow a little bit here and there, but always be nimble enough to adapt to the technology. We want to bring the market the I P that we're working on and just continue this process of, you know, bringing out new technology year after year after year,

Scott Nelson:   33:29
got it and Uh um So is it safe to say that Jim I almost acts is a little bit like a, uh, an incubator or accelerator for, ah, specific to the the peripheral market?

Kevin Beedon:   33:43
It good? Absolutely. That's one way to look at it. Um, you know, there's various ideas and thoughts behind an incubator, but right now, you know we have a business plan that's lined up with a product. We ordered one over in the market in a few years. So the first and foremost is getting trial plastic off the ground, you know, get it back to where it wasa good a nice revenue stream and then build off of that with the products we really have that were already engineering where they have prototypes. Not

Scott Nelson:   34:07
okay, Cool. And you obviously have a lot of experience in the peripheral vascular market marketplace, and it's it's it's one. That's that's that's pretty pretty competitive. A lot of a lot of different players with quality, Salesforce's and quality products. So is that when you when you look at how competitive this this particular market is, uh, what are your what thoughts come to mind?

Kevin Beedon:   34:29
Yeah, I mean, the purple space is highly competitive, and there's new competitors from the market almost every day, it seems like. But the one thing that I really appreciate and when I talk to other sales reps and other companies, is the focus that we're gonna have in our bag. A lot of reps out. There are a lot of larger companies. They have to add products because their margins airdropping because there's so much competition. But for us, you know, we're focused. We have one product right now, and we have a draft sales team that's going to go after the once again proven customer base. It's already been out there, so I think it gives us a competitive advantage. Um, and hopefully that'll be proven this year in the years to come. But I know a lot of reps even highly respected rap, you know, are are looking to carry a small bag and they don't want to talk about 2015 you know, 30 products and get a different politicians throughout the hospital. They would also like to be focused. So I think the business model that we're developing is intriguing, you know, and, uh and hopefully will prove very

Scott Nelson:   35:28
Yeah, it's interesting that you mention that I had a conversation fairly recently with a uh ah V P of sales that we had the same same topic. You know whether to go whether to stay really focused or combined sales forces. And he made me. He made a comment that, you know, it's certainly more expensive. Thio take a more focused approach, but it's really the only wayto you know, just to see a lot of thought. The growth that you know, I think you want just because the more the more spread out your your sales forces in terms of, you know, call points air, you know, you know products, the less likelihood for ideal growth. So and I also think

Kevin Beedon:   36:10
that's why we have such a unique opportunity, because we are different and we have the mechanism of action. You know, that applies a apoptosis and this complete differentiated

Scott Nelson:   36:20
that

Kevin Beedon:   36:20
hopefully it'll allow us to go super Lee make. We are but also grow the market that we have because of the physicians that have used in the past,

Scott Nelson:   36:29
so

Kevin Beedon:   36:30
that one unique situation we talked about before I can't think of another opportunity where if you combine all the pieces and put it in this in this basket that we have, it's pretty unique. And that's why I also think it's pretty exciting with, hopefully what We're going to see the future

Scott Nelson:   36:46
Very good. So I'm gonna transition to these kind of these kind of more and more my favorite part of the parts of these interviews, which is the last three more personal questions. But, um, first and foremost, what's your what's your favorite nonfiction business book?

Kevin Beedon:   37:03
That that's That's a crazy question, I guess. Just, uh, think about what? My head. It's, uh into thin air about the mo Never. Story was written in 1997.

Scott Nelson:   37:14
Okay,

Kevin Beedon:   37:15
bye, Jon Krakauer. But it's a great story about survival, and it's really engaging story about modern rivers conquering it.

Scott Nelson:   37:26
That's interesting. I might wait for our family night. It's just last night. We actually, uh, actually watch that the movie Everest would really good movie. Have you? Have you seen it? I have. And that's

Kevin Beedon:   37:37
one of the great things about reading some of these books. The nonfiction books is you read the book and then you watch the movie or you're watching movie. Then you read the book and the similarities. And but now it's It's a really intense film, and that's why I love the book because it was an intense book to read,

Scott Nelson:   37:53
and

Kevin Beedon:   37:53
you feel like you're kind of with those individuals,

Scott Nelson:   37:56
right?

Kevin Beedon:   37:57
Go through their adventure,

Scott Nelson:   37:59
go off off to look into that because I honestly didn't even read really in a much into this end of the story other than other than what? Watch the movie. So I have to look into that into thin air in that school. All right, so second question, Is there a business leader you know, whether it's a CEO or anyone else, for that matter, that you're sort of following right now are one that inspires you.

Kevin Beedon:   38:21
Yeah, that's that's a really good question. I think there's a lot of business leaders out, especially right now with the presidential, you know, elections and all those things going on. There's so many leaders out there, Um, is it ever changing economy?

Scott Nelson:   38:33
I

Kevin Beedon:   38:33
think if I would answer that question with kind of a sports analogy, but I guess if you will on the mission stay grad. I'm a big time is a fan, and I was basketball season, and I really respect what time it was done. I think business leaders and sports coaches, it could be a parallel times and what he's done by building a program, and that's really critical. Today's medical device world is you have to build a program

Scott Nelson:   38:57
now hover

Kevin Beedon:   38:57
cases or get your equipment used in the case, but build a program so that you're part of the treatment algorithm. That's what really defines success. But in time it was done that at Michigan State I mean, he's a motivator on mentor, a teacher

Scott Nelson:   39:11
and absolute disciplinarian. But all in

Kevin Beedon:   39:13
all, he still has built a program that has a great culture where his players have fun and I'm a big fan of working hard. But at the end of the day, if you're not having fun, you're not enjoying what you're doing. I think you really have to look in the unit for you out. Is this the right experience and right opportunity for me? Because it's never gonna be easy, but you have to enjoy a T end what you're doing, and I think that's what time is it as a leader has done at Michigan State, and he's built a nationwide powerhouse. Um, that was number one earlier this year. They lost a few games recently, but, um, absolutely someone I respected in my hair.

Scott Nelson:   39:51
You're Michigan State bias coming through. I love it now. I think I think I think a lot of people would agree with you, even if you're not a Michigan State fan. What it would be with your comments about about what Thomas has done there.

Kevin Beedon:   40:05
My wife, the Wolverines. So every now and then I got, you know,

Scott Nelson:   40:07
defend my

Kevin Beedon:   40:08
part as much as I can.

Scott Nelson:   40:09
That's true. It's true. It's true rivalry. That's great. Um, it is. All right. Last last question. Um, when kind of thinking about your career spanning back to even your days at a Dow Corning. Is there something that you would tell your? You know, your 25 of your three year old self looking back?

Kevin Beedon:   40:31
Ah, yeah, yes. I've probably told myself a lot

Scott Nelson:   40:33
with

Kevin Beedon:   40:34
think of this interview. Um, I think what it comes down to it It's not easy. Trust me. Start a swell, but don't be afraid to take risks. But more importantly, they think you need to surround yourself with good people that have your intentions, not their intentions, but your best intentions in mind.

Scott Nelson:   40:51
That's

Kevin Beedon:   40:51
not easy. But I think I think that's critical because and that's both in the inside of the industry as well as the outside of ministry, because you have to get perspective from both

Scott Nelson:   41:00
legs. When

Kevin Beedon:   41:01
I decided to make the move to Gemini, I talked to my peers inside the industry as well as friends, family, and people just know me and said, What do you think? I think you have to have a sounding board of people that have your back. It will be a straight shooter. Um, honestly hurt sometimes, but I think it's important to hear it. You don't have to listen to it, I guess. But I think it's important to have that perspective. Um, because when I look back and when I left Spectra Net ICS or when I left Boston Scientific respectability, I mean, I was a large company going to Baghdad. Aspect in Essex was, you know, a smaller company that is still trying to figure out their footprint. Um, but change is important. It helps you grow, so take risks. But make sure that you, uh you just take a look at the overall aspect of what? That could be

Scott Nelson:   41:44
there again. Good advice and and sort of t end our conversation here for people that want to learn more about Jim and I interventional or new cryo. Uh, where would you direct them Thio online?

Kevin Beedon:   41:58
Yeah, absolutely. I appreciate that. I direct them to the new crop of vascular dot com www and u C r Y o d a s c dot com. Um, our information there you can contact me through the website. Um, our press releases and things will be up there so more have to talk to anyone, customers, other individuals in the market space. Whatever we can do to help them better understand our story, What we're trying to do and why do we think we're relevant in today's of market?

Scott Nelson:   42:26
Got it very good and all linked Thio the Web site here in the show notes. But if But do check new cry of ask out when you get a chance on there about Paige, you guys do a good job of explaining the story, you know, from a chronological perspective, which is kind of just kind of neat It's nice to see. Especially when that, especially for those of us that were more familiar with the cardiovascular space, for sure. So Kevin will have you. Have you, uh, hold on the line here. But anything else to add before we call? Good.

Kevin Beedon:   42:56
I know. I just really appreciate time. Great freshens, great dialogue. And, uh, it was great. It was great talking to you The last note. People can also look at www polar cap dot com and cry all classy dot com that year for them to remember New Kraut bastard might not jump out, but now appreciate it. Excited about the future ahead for a new crop of aspirin, Jeffry. And look forward to having another discussion that maybe next year, if not before,

Scott Nelson:   43:21
but he's done. And in front of the future of General, it'd be It'd be fun to have a follow up discussion for sure, because you guys are doing some doing some interesting things for sure. So, um, like I said, I'll have you hold on here on the line. But again, everyone, Thanks for Thanks for your listening ears conversation, Kevin. Hopefully useful on Booth in particular