Inscope Medical Solutions, the University of Louisville Entrepreneurial MBA powerhouse, which has racked up win after win at international pitch contests over the past two years and even rang the bell at the Nasdaq, has continued to ride that winning streak even as the company has settled into a new home in Jeffersonville, Ind.
CEO Maggie Galloway told Insider that relocating from downtown Louisville to Indiana last December has helped the company “to take advantage of both worlds.”
Inscope produces disposable laryngoscopes that allow a medical professional to open and suction a patient’s airway with one hand while intubating with the other. A similar device with a video component is on the way.
In early June, Inscope took home the top prize in the Venture Club of Indiana’s Innovation Showcase Pitch Competition. Over 130 companies competed in regional qualifiers to be whittled down to just a handful of startups that competed at the statewide innovation showcase, inx3.
They won a $100,000 prize package. Winning, said Galloway, helped “catalyze our intro into the entrepreneurial community in Indiana.” She spent much of last week traveling the state and meeting with regional entrepreneurial community leaders.
Galloway says she finds Indiana has better funding for companies in life sciences than Kentucky, in part because there are a number of large life sciences companies in the state. Eli Lilly and Company has its headquarters in Indianapolis. Cook Medical is in Bloomington. There are several large orthopedic companies in the state as well, Galloway said.
She also said that there are a lot of organizations supporting health care entrepreneurs and startups, like the Indiana Health Industry Forum.
The company’s laryngoscopes are currently undergoing a clinical study in California, with plans for the first devices to be commercially available this fall and its video laryngoscopes to be available in 2018. Galloway said the devices would retail at $20 and $100, respectively. The company’s target markets are trauma centers and ambulance companies.
Last year, Inscope Medical completed the three-month Techstars Healthcare Accelerator, in partnership with Cedars-Sinai in Los Angeles. Indiana’s Elevate Ventures’ entrepreneur-in-residence, Dan Owen, came on as an investor and new board member when the team raised their first round after attending TechStars.
“Inscope’s decision to move its operations to Jeffersonville is a good first step toward creating more parity within the Kentuckiana region for startups,” Kent Lanum, president and chief executive of the Jeffersonville-based Ogle Foundation, which supports philanthropic activities within the region’s startup ecosystem told Business Facilities Magazine.
“The state boundary line is merely a line on a map and not a physical barrier. One of the many things that’s great about this region is that both states have something unique and industry-specific to offer. With Jeffersonville’s proximity to the urban Louisville core, it provides the perfect location for Inscope to quickly scale up its business.”
Inscope’s first device has made it through all its FDA hurdles, Galloway said and should be available for sale in September.
Currently, Inscope is working with “a little team” of three, Galloway said, as well as some contractors. Once the device is introduced the company will build up a sales team.
What’s next for Inscope once both the standard and video laryngoscopes enter the market? Galloway said that the obvious next step is to create a pediatric version of the device. She also said that the imaging tech that the company created for the video laryngoscope could be repurposed for other low-cost, disposable medical devices.