Start-Up

4 Rounds of Financing, CE Mark, FDA Clearance, and a Category 1 CPT Code: How NeoTract has Grinded its Way to Success Over the Past Decade

Biz Stone, the co-founder of Twitter, has famously stated, “Timing, perseverance, and 10 years of trying will eventually make you look like an overnight success.”

In the world of medtech startups, this is almost always the case.  And it’s certainly true with UroLift, a device that came to life in the fall of 2004.

In this interview with Ted Lamson, co-founder of NeoTract and primary inventor of UroLift, we learn how they achieved U.S. and European approvals, obtained a category 1 CPT code in near-record time, and their approach to convincing CMS and commercial payers to cover their device.

Interview Highlights with Ted Lamson

  • Ted’s experience at ExploraMed and how the idea for UroLift came to fruition.
  • The process Ted follows when pursuing ideas for disruptive medical devices.
  • Why Ted and his team at NeoTract decided to pursue a CE Mark and what they learned through that process.
  • Lessons learned after raising 4 different rounds of financing for NeoTract.
  • Against the advice of consultants, why Ted and his team decided to pursue positive guidance from NICE.
  • How NeoTract was able to obtain a category 1 CPT code for UroLift less than 6 months after receiving FDA clearance.
  • The approach Ted and his team are taking to convince CMS and commercial payers to cover UroLift.
  • Ted’s favorite business book, the business leaders he admires the most, and the one piece of advice he’d give to his 30-yr. old self.

Listen to the Interview with Ted Lamson

Read the Interview with Ted Lamson

Download a copy of the interview transcript right here.

About Ted Lamson

Co-founder of NeoTract, Ted Lamson is a primary inventor of UroLift and served as President and CEO for the first 4 years of the company. He currently oversees clinical affairs, procedure development, reimbursement and medical affairs. Ted has over 25 years experience in the medical device industry in multiple fields and holds over 50 patents, many of which represent current commercial medical products. Ted has played a leadership role in successful ventures, such as Vice President R&D for TransVascular (sold to Medtronic), co-inventor for Acclarent (sold to J&J), and is a Strategic Advisor to the ExploraMed incubator, which has launched several medical device companies, including NeoTract, Inc. In addition to his deep start-up experience Ted has served as Vice President in the Vascular division of Medtronic and Section Manager within the prior-owned Schneider division of Pfizer. Ted holds a PhD and MS in Biomedical Engineering from Penn State University as well as a BS in Chemical Engineering from Rensselaer Polytechnic Institute.

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