Patrick Anquetil is an academic turned entrepreneur who found his true calling across the Atlantic. In his words, "I think I was an American all my life. I just didn't know until I came here, and we actually subsequently became American."
His academic genius — a doctorate in bio-instrumentation from MIT, an MBA from Harvard Business School, and a master's degree from the prestigious ETH in Zurich and the University of Tokyo — was only the beginning of his impressive journey.
As a serial entrepreneur, he founded two other medtech companies before co-founding his current venture Portal Instruments — SynapDx and Aretais. From 2009 to 2012, he led SynapDx as the director of strategic planning, playing a key role in securing Series A funding. Under his guidance, SynapDx raised over $40 million in venture capital, pioneering the development of early autism detection tests. Before that, at Aretais, he focused on a non-invasive method to detect blood glucose levels using Coherent Anti-Stokes Raman Spectroscopy (CARS), with support from Pfizer. There’s no doubt that Patrick has a flair for bridging the gap between scientific research and real-world applications, something that becomes evident when you take into account Portal’s mission.
Portal is a company that started with a simple question: Could there be a better way to administer medicine for chronic diseases versus the traditional syringe? That’s what Patrick and his PhD advisor Ian Hunter are working on at Portal today: a needle-free drug delivery platform. This is the gap that Patrick recognized and aims to bridge.
The history of needle-free drug delivery, dating back to a French scientist in the mid-1800s, is riddled with attempts and setbacks. Early jet injection methods, though revolutionary, faced issues like cross-patient contamination and difficulties in controlling injection volumes.
Though the industry has repeatedly attempted to transform certain drugs, known as biologics, into pill form, Patrick understood the recurring challenges when trying to overcome this hurdle. As he points out, the pills might not work as well, and in certain cases, patients might have to take a lot of them to get the desired effect.
Due to these shortcomings, injections are still the primary way to infuse biologics into the human body. However, there is a change in the way these injections are given – which is quite significant. For example, instead of directly injecting the vein (IV), the medicine can be administered just under the skin with devices like jet injectors. This new way of injecting drugs is what Patrick’s current venture, Portal, is developing. Fortified with the knowledge of the historical challenges, Portal developed a device powered by a linear electric actuator, allowing unparalleled control and accuracy in drug delivery.
Portal’s platform can administer medication in less than half a second. It addresses the discomfort and anxiety associated with needles, offers previously unimaginable precision and control, while enabling biologics of any viscosity and concentration to be administered and tracked. Patrick explains, "During the injection, we do measurements to ensure the output matches the programmed volume over a time curve, leading to a specific injection depth." This level of control and precision, achieved through a combination of real-time control and comprehensive modeling of the device and fluid dynamics, is what sets Portal apart.
Currently, Portal’s team is working its way through the commercialization phase. The challenge is to combine innovation with the practicalities of cost-effectiveness, but the team is steadfast in its mission to develop a disposable, single-use cartridge and injector with high clinical efficacy.
Key Learnings From Patrick’s Experience
- Your business model might take time to develop. Until you find the best route, follow the incentives, seek partnerships with those who have both the resources and a tangible need, stay adaptable, ready to pivot when necessary, and network extensively.
- Focus on condensing timelines and being practical in every aspect of your startup. Adapt rapid learning and iterative development. Invest in resources that allow your team to quickly turn ideas into prototypes, fostering a culture of nimbleness and risk-taking.
- In medtech, the right collaborations are golden. They bring more than money; they offer insights, resources, and access to new markets. Mix it up with your partners — think big corporations, venture capitalists, and other relevant players. Every collaborator has their own agenda, so stay flexible and find a sweet spot where your goals align with theirs.
Patrick Anquetil, CEO of Portal Instruments, brings over 20 years of experience leading bioengineering companies from concept to commercial success. Prior to Portal, he co-founded two medtech startups, SynapDx and Aretais. Patrick holds a doctorate in Mechanical Engineering from MIT, and advanced degrees from Harvard Business School, ETH Zurich, and the University of Tokyo. His scientific achievements have been featured in top journals and media outlets such as MIT Technology Review, Wired Magazine, PBS, and CNBC.
Follow the Incentives
Portal’s business model revolves around partnering with pharmaceutical companies. Patrick explains the thought process behind it, “Who's got the money? It's not the patient. Even if they have it, they typically don't want to pay for it. On the other hand, in our case, pharma companies not only have money but also have drugs that need to be injected.”
Partnering up with pharma, although it looks obvious, wasn’t a decision Patrick made in a snap. As Steve Jobs once said, “You can only connect the dots looking backwards.” He explains, "You've got a platform technology; you could do anything. How do you actually select the right application?" The possibility of the pharma route was a realization that dawned on Patrick gradually over the course of 2 years. He shares, “It typically takes two years to figure out what the business model is. That was also the case with my previous company, SynapDX.”
Yet, this time frame doesn’t mean you passively wait for clarity. Patrick emphasizes the importance of being part of a greater whole, “Make sure you're part of an ecosystem where you contribute value as well. And if that value is significant, then you can actually capture some of it back.”
Two key realizations played a big part in the team’s decision-making process. First, they realized that the financial structure with pharma could include royalties, upfront payments, and milestone payments — similar to the financial structure for formulations. Second, they recognized the value of injections, especially expensive ones. This provided them with an opportunity to recapture some of that value, whereas with commodity injections, the chances of recapturing the upside would have been slim due to the smaller margins.
However, working with the pharmaceutical industry has its ups and downs. While pharma companies have substantial funding, their processes can be incredibly slow, as the franchise companies are extremely risk-averse. Still, despite the slow pace, Portal has several development programs with pharma companies with a product launch on the horizon.
Patrick’s advice to budding entrepreneurs is grounded in his experiences, “Talk to as many people as you can.” The process of establishing a business model is iterative. Early and frequent conversations are vital in understanding the true value proposition. "It's not obvious and it never is," he concludes.
Condense Timelines, But Be Practical
Medtech startups face a multitude of challenges: unproven technology, uncertain markets, lean resources, and well-funded competitors. "Everything is stacked against a startup," says Patrick. That’s why effectively using time through rapid learning and iterative development is crucial.
Portal has structured its development cycles to be as efficient as possible. Patrick explains, "To really know if your design works, you need to build it, test it, and then proceed to the next phase of development." This approach requires an environment where engineers can quickly turn their ideas into prototypes. By investing early in comprehensive in-house capabilities, including a full machine shop with 3D printing and laser cutting, Portal ensures that its engineers can swiftly iterate their designs and best leverage their capabilities.
Some entrepreneurs swear by a completely outsourced model. Although that approach can work, Patrick points out the hidden costs of outsourcing, even when it’s relatively fast. "If you're going to take a week to get your part back, you're going to be more conservative," he emphasizes. Having the capacity to create and test parts within hours fosters a culture of nimbleness and risk-taking within Portal.
The mindset of condensing the timelines is not only applicable to engineering but also to finance, marketing, and commercialization. Patrick advocates for a 'learn-fast' over a 'fail-fast' approach. "If you know the answers are at the end of the book, why read the whole book? We don't have time for that," he explains. Simplicity and common sense, he believes, are key in decision-making as a CEO.
Partners Can Carry You Forward
Patrick is a veteran in raising funds. However, when he first joined Portal, he admits being too optimistic about raising $20 million in two months — he soon found that it takes over a year. Securing venture capital, especially in high-stakes sectors like medtech, is an unpredictable plunge.
"Without partners, the company would not exist," Patrick puts bluntly. Portal’s beginnings were deeply intertwined with its first partner, Sanofi, whose investment in MIT research laid the foundation for the company.
Then, the decision to bring on more strategic collaborators was a critical move. Patrick views partnerships as essential, not just for practical reasons, but as a fundamental aspect of building a successful company. “Having partners forces you to recognize that you cannot do it alone. You need partners to actually go in, which I think is true for every possible thing about the human experience. No one's ever done anything alone. It’s the same thing with companies,” Patrick says. Having partners also forces you to be mindful of their priorities and see the value in interests beyond your periphery, and that, in Patrick’s words, “creates opportunity.”
Portal's array of partners and investors is diverse, ranging from large corporations like Sanofi to the venture capital firm 5AM Ventures, an industry conglomerate like 3M, and other companies like Takeda and Gerresheimer. The integration of each of these organizations was strategic to Portal’s specific needs at particular times.
Having a diverse array of collaborators is not easy. You have to understand what each of them wants, be it technology access or solving a particular problem, as well as how much they are willing to invest. It requires some room for adaptability. However, it was this diversity that allowed Portal to secure significant capital, vital for continuing its journey and achieving the company’s goals.
Patrick Anquetil is an academic turned entrepreneur who found his true calling across the Atlantic. In his words, "I think I was an American all my life. I just didn't know until I came here, and we actually subsequently became American."
His academic genius — a doctorate in bio-instrumentation from MIT, an MBA from Harvard Business School, and a master's degree from the prestigious ETH in Zurich and the University of Tokyo — was only the beginning of his impressive journey.
As a serial entrepreneur, he founded two other medtech companies before co-founding his current venture Portal Instruments — SynapDx and Aretais. From 2009 to 2012, he led SynapDx as the director of strategic planning, playing a key role in securing Series A funding. Under his guidance, SynapDx raised over $40 million in venture capital, pioneering the development of early autism detection tests. Before that, at Aretais, he focused on a non-invasive method to detect blood glucose levels using Coherent Anti-Stokes Raman Spectroscopy (CARS), with support from Pfizer. There’s no doubt that Patrick has a flair for bridging the gap between scientific research and real-world applications, something that becomes evident when you take into account Portal’s mission.
Portal is a company that started with a simple question: Could there be a better way to administer medicine for chronic diseases versus the traditional syringe? That’s what Patrick and his PhD advisor Ian Hunter are working on at Portal today: a needle-free drug delivery platform. This is the gap that Patrick recognized and aims to bridge.
The history of needle-free drug delivery, dating back to a French scientist in the mid-1800s, is riddled with attempts and setbacks. Early jet injection methods, though revolutionary, faced issues like cross-patient contamination and difficulties in controlling injection volumes.
Though the industry has repeatedly attempted to transform certain drugs, known as biologics, into pill form, Patrick understood the recurring challenges when trying to overcome this hurdle. As he points out, the pills might not work as well, and in certain cases, patients might have to take a lot of them to get the desired effect.
Due to these shortcomings, injections are still the primary way to infuse biologics into the human body. However, there is a change in the way these injections are given – which is quite significant. For example, instead of directly injecting the vein (IV), the medicine can be administered just under the skin with devices like jet injectors. This new way of injecting drugs is what Patrick’s current venture, Portal, is developing. Fortified with the knowledge of the historical challenges, Portal developed a device powered by a linear electric actuator, allowing unparalleled control and accuracy in drug delivery.
Portal’s platform can administer medication in less than half a second. It addresses the discomfort and anxiety associated with needles, offers previously unimaginable precision and control, while enabling biologics of any viscosity and concentration to be administered and tracked. Patrick explains, "During the injection, we do measurements to ensure the output matches the programmed volume over a time curve, leading to a specific injection depth." This level of control and precision, achieved through a combination of real-time control and comprehensive modeling of the device and fluid dynamics, is what sets Portal apart.
Currently, Portal’s team is working its way through the commercialization phase. The challenge is to combine innovation with the practicalities of cost-effectiveness, but the team is steadfast in its mission to develop a disposable, single-use cartridge and injector with high clinical efficacy.
Key Learnings From Patrick’s Experience
- Your business model might take time to develop. Until you find the best route, follow the incentives, seek partnerships with those who have both the resources and a tangible need, stay adaptable, ready to pivot when necessary, and network extensively.
- Focus on condensing timelines and being practical in every aspect of your startup. Adapt rapid learning and iterative development. Invest in resources that allow your team to quickly turn ideas into prototypes, fostering a culture of nimbleness and risk-taking.
- In medtech, the right collaborations are golden. They bring more than money; they offer insights, resources, and access to new markets. Mix it up with your partners — think big corporations, venture capitalists, and other relevant players. Every collaborator has their own agenda, so stay flexible and find a sweet spot where your goals align with theirs.
Patrick Anquetil, CEO of Portal Instruments, brings over 20 years of experience leading bioengineering companies from concept to commercial success. Prior to Portal, he co-founded two medtech startups, SynapDx and Aretais. Patrick holds a doctorate in Mechanical Engineering from MIT, and advanced degrees from Harvard Business School, ETH Zurich, and the University of Tokyo. His scientific achievements have been featured in top journals and media outlets such as MIT Technology Review, Wired Magazine, PBS, and CNBC.
Follow the Incentives
Portal’s business model revolves around partnering with pharmaceutical companies. Patrick explains the thought process behind it, “Who's got the money? It's not the patient. Even if they have it, they typically don't want to pay for it. On the other hand, in our case, pharma companies not only have money but also have drugs that need to be injected.”
Partnering up with pharma, although it looks obvious, wasn’t a decision Patrick made in a snap. As Steve Jobs once said, “You can only connect the dots looking backwards.” He explains, "You've got a platform technology; you could do anything. How do you actually select the right application?" The possibility of the pharma route was a realization that dawned on Patrick gradually over the course of 2 years. He shares, “It typically takes two years to figure out what the business model is. That was also the case with my previous company, SynapDX.”
Yet, this time frame doesn’t mean you passively wait for clarity. Patrick emphasizes the importance of being part of a greater whole, “Make sure you're part of an ecosystem where you contribute value as well. And if that value is significant, then you can actually capture some of it back.”
Two key realizations played a big part in the team’s decision-making process. First, they realized that the financial structure with pharma could include royalties, upfront payments, and milestone payments — similar to the financial structure for formulations. Second, they recognized the value of injections, especially expensive ones. This provided them with an opportunity to recapture some of that value, whereas with commodity injections, the chances of recapturing the upside would have been slim due to the smaller margins.
However, working with the pharmaceutical industry has its ups and downs. While pharma companies have substantial funding, their processes can be incredibly slow, as the franchise companies are extremely risk-averse. Still, despite the slow pace, Portal has several development programs with pharma companies with a product launch on the horizon.
Patrick’s advice to budding entrepreneurs is grounded in his experiences, “Talk to as many people as you can.” The process of establishing a business model is iterative. Early and frequent conversations are vital in understanding the true value proposition. "It's not obvious and it never is," he concludes.
Condense Timelines, But Be Practical
Medtech startups face a multitude of challenges: unproven technology, uncertain markets, lean resources, and well-funded competitors. "Everything is stacked against a startup," says Patrick. That’s why effectively using time through rapid learning and iterative development is crucial.
Portal has structured its development cycles to be as efficient as possible. Patrick explains, "To really know if your design works, you need to build it, test it, and then proceed to the next phase of development." This approach requires an environment where engineers can quickly turn their ideas into prototypes. By investing early in comprehensive in-house capabilities, including a full machine shop with 3D printing and laser cutting, Portal ensures that its engineers can swiftly iterate their designs and best leverage their capabilities.
Some entrepreneurs swear by a completely outsourced model. Although that approach can work, Patrick points out the hidden costs of outsourcing, even when it’s relatively fast. "If you're going to take a week to get your part back, you're going to be more conservative," he emphasizes. Having the capacity to create and test parts within hours fosters a culture of nimbleness and risk-taking within Portal.
The mindset of condensing the timelines is not only applicable to engineering but also to finance, marketing, and commercialization. Patrick advocates for a 'learn-fast' over a 'fail-fast' approach. "If you know the answers are at the end of the book, why read the whole book? We don't have time for that," he explains. Simplicity and common sense, he believes, are key in decision-making as a CEO.
Partners Can Carry You Forward
Patrick is a veteran in raising funds. However, when he first joined Portal, he admits being too optimistic about raising $20 million in two months — he soon found that it takes over a year. Securing venture capital, especially in high-stakes sectors like medtech, is an unpredictable plunge.
"Without partners, the company would not exist," Patrick puts bluntly. Portal’s beginnings were deeply intertwined with its first partner, Sanofi, whose investment in MIT research laid the foundation for the company.
Then, the decision to bring on more strategic collaborators was a critical move. Patrick views partnerships as essential, not just for practical reasons, but as a fundamental aspect of building a successful company. “Having partners forces you to recognize that you cannot do it alone. You need partners to actually go in, which I think is true for every possible thing about the human experience. No one's ever done anything alone. It’s the same thing with companies,” Patrick says. Having partners also forces you to be mindful of their priorities and see the value in interests beyond your periphery, and that, in Patrick’s words, “creates opportunity.”
Portal's array of partners and investors is diverse, ranging from large corporations like Sanofi to the venture capital firm 5AM Ventures, an industry conglomerate like 3M, and other companies like Takeda and Gerresheimer. The integration of each of these organizations was strategic to Portal’s specific needs at particular times.
Having a diverse array of collaborators is not easy. You have to understand what each of them wants, be it technology access or solving a particular problem, as well as how much they are willing to invest. It requires some room for adaptability. However, it was this diversity that allowed Portal to secure significant capital, vital for continuing its journey and achieving the company’s goals.
