Lloyd Diamond, the seasoned CEO at the helm of Pixium Vision, has had a high-profile career trajectory that spans both biotech and medtech. Lloyd’s experiences from New York to Europe have provided him with invaluable insight and skills that he’s now applying at Pixium.
When he moved to Europe in the early '90s, Lloyd worked as a consultant for various life science companies eager to penetrate the burgeoning European markets. This experience allowed him to rub shoulders with exciting startups and large multinationals, laying the groundwork for his future endeavors.
Upon returning to the US, Lloyd joined the ranks of strategic medtech and biotech companies like Bristol Meyer Squibb, Zimmer, and Conmed. The defining chapter of his career, however, began once he migrated to Silicon Valley, where he was involved with companies at the forefront of innovation like Kyphon and LaserScope, each of which made considerable strides in the medtech space and eventually pulled off successful exits.
In 2019, Lloyd took the reins at Pixium Vision, a French microcap public company that stands at the forefront of medical technology and is developing a groundbreaking retinal implant system for patients suffering from advanced dry age-related macular degeneration (dry AMD). In short, the company is merging neuro-stimulative devices with augmented reality to create a visual experience for the patient.
This sci-fi-like technology might sound experimental, but it’s already in use. Pixium Vision has already implanted its retinal implant in 50 patients across the US and Europe and published clinical data supporting its efficacy.
Today, the clinical-stage company has three ongoing trials and has received a breakthrough device designation from the FDA. All this promises a brighter future for patients suffering from advanced dry AMD and paves the way for even more groundbreaking developments in the medical device space.
Under Lloyd’s leadership, Pixium Vision continues to strive toward its mission of creating a viable solution for blindness, and Lloyd's journey is a testament to the powerful impact of technology-driven solutions in healthcare.
Key Learnings From Lloyd’s Experience
- In the unpredictable world of startups, an agile and lean team that can wear multiple hats is a priceless asset. Tapping into academic ecosystems is one way for cost-effective R&D and talent discovery.
- To survive the stressful process of earning regulatory approval, acknowledge its complexity, anticipate delays, and consider the reimbursement landscape early on.
- Fundraising is more than just securing capital; it’s about cultivating relationships with investors that align with your vision. Treat capital raising as a unique opportunity rather than a tedious necessity.
Lloyd Diamond, CEO of Pixium Vision, has a rich history of guiding medtech and biotech companies, with a career that spans decades, continents, and sectors. Lloyd's tenure in both European and American markets, as well as his experiences with large strategic and promising startups, have equipped him with a unique entrepreneurial viewpoint. His current company, Pixium, is developing a groundbreaking retinal implant system that brings hope to patients suffering from advanced dry age-related macular degeneration.
Strive for a Lean, Multitasking Team
The first cornerstone of Lloyd’s advice is to keep things lean. In his words: “Everybody says to do more with less, as cliché as it sounds. When you're an early-stage startup, you have to remain lean." On one level, this refers to learning how to manage your resources wisely and operate on a tight budget, but it also applies to pursuing agility within your team. As Lloyd puts it, you need people who can "wear several hats."
In a startup, employees often need to take on multiple roles simultaneously. The ability to handle diverse responsibilities — be it understanding and communicating complex scientific concepts or simply cleaning up the kitchen after a meeting — becomes a priceless asset. According to Lloyd, however, such qualities are becoming increasingly hard to find, particularly amongst the newer generations who are wired for instant gratification and specialization.
Lloyd’s tip for building a proficient, multidisciplinary, and humble team is to stay close to the universities. He notes: "[The university] is an extra resource you can leverage. It has people that are always looking to do research. So, put PhDs to work and use the university setting to really hone and scientifically prove what the tech you're trying to bring forward can do."
In summary, universities can be priceless opportunities for startups whose goal is to iterate cost-effectively. By doing so, you also help educate and train the next generation of professionals and then benefit from that pool of talent.
Lloyd’s Five-Point Strategic Approach to Earning Regulatory Approval
Regulatory approvals are often one of the most daunting challenges for medtech companies. Fortunately, Lloyd is a resourceful executive when it comes to regulation. He advocates a five-point strategic approach when trying to achieve regulatory clearance.
First of all, Lloyd bluntly states that "it always takes longer than you expect,” so anticipate delays. Even with his three-decade-long career in the field, he acknowledges that regulatory processes invariably run over schedule due to many factors outside of your control. As a CEO, your task is to incorporate a buffer time in your timelines to mitigate the impact of any unforeseen delays.
Lloyd acknowledges that the regulatory environment is rapidly changing. His second piece of advice is more of a reality check: "Regulations are getting tougher, not easier." Devices that used to take 18 months and a couple of million dollars now require 10 to 12 years and about 150 million dollars, depending on what you’re developing. This means companies need to be proactive and stay updated on current regulatory shifts and allocate their resources accordingly.
Another crucial point Lloyd makes is that regulatory compliance "always costs more than you anticipate." For that reason, you need to surround yourself with investors who truly believe in your mission. Lloyd suggests finding "one or two investors early on…friends, family, angels… who really believe in your mission and whom you can count on when things get tough."
It's not just about the financial backing; their collective wisdom and experience can prove invaluable in navigating the many obstacles that early-stage companies often encounter. Even though securing initial investment doesn't guarantee an easy ride, it equips startups with the resilience and agility they need to survive in the medtech space.
Another step of Lloyd’s strategic approach is understanding the long-term consequences. This involves weighing different regulatory routes with their results in mind. While some processes might be faster and easier, they may not offer the best long-term result you’re looking for.
Finally, Lloyd stresses the need to consider reimbursement requirements from the beginning. He notes that while most companies understand how important this is, it often falls by the wayside when balancing timelines, budgets, and data requirements. A disciplined approach, despite the high costs and extended timelines, ensures that your clinical trials will support payment at the end of the day.
Fundraising in Style: How to Identify Vision-Aligned Investors and Pitch Gracefully
Lloyd’s decades-long experience in raising capital has given him a unique perspective. He condensed it into three key principles in our discussion.
First and foremost, being selective about your potential investors is of critical importance. The initial funding is the lifeblood of your company, but unfit investors who don’t align with your company vision can undermine your progress in the long run. Lloyd suggests cultivating relationships with investors who can offer capital, valuable connections, and the potential for continuous support in subsequent funding rounds.
Next, Lloyd cautions against appearing desperate when seeking capital. While recognizing that the quest for funding can be stressful, he advises viewing your interaction with potential investors as an opportunity rather than a dire necessity. He says: "Remember, you're offering them a great and unique opportunity to make money because your technology is top and stellar."
The third principle in Lloyd’s arsenal is strategic foresight, i.e., considering not only the immediate funding round but also future capital raises, too. He argues: "When you're pitching the A round, you need to think about the C round," stressing the need for viewing fundraising as an iterative process, where each round sets the stage for the next, moving the company forward on its growth trajectory.
Adding to his primary guidance, Lloyd brings up a real-life example that underscores the vital importance of maintaining a financial buffer. When the COVID-19 pandemic hit, he observed several management teams scrambling for resources, despite knowing their cash reserves would be depleted in a matter of months. He pondered why any leadership team would let themselves reach a critical point where they are left with a single month's worth of cash. He uses this example to admonish founders to plan ahead and always maintain a reserve to avoid precarious financial positions.
Lloyd Diamond, the seasoned CEO at the helm of Pixium Vision, has had a high-profile career trajectory that spans both biotech and medtech. Lloyd’s experiences from New York to Europe have provided him with invaluable insight and skills that he’s now applying at Pixium.
When he moved to Europe in the early '90s, Lloyd worked as a consultant for various life science companies eager to penetrate the burgeoning European markets. This experience allowed him to rub shoulders with exciting startups and large multinationals, laying the groundwork for his future endeavors.
Upon returning to the US, Lloyd joined the ranks of strategic medtech and biotech companies like Bristol Meyer Squibb, Zimmer, and Conmed. The defining chapter of his career, however, began once he migrated to Silicon Valley, where he was involved with companies at the forefront of innovation like Kyphon and LaserScope, each of which made considerable strides in the medtech space and eventually pulled off successful exits.
In 2019, Lloyd took the reins at Pixium Vision, a French microcap public company that stands at the forefront of medical technology and is developing a groundbreaking retinal implant system for patients suffering from advanced dry age-related macular degeneration (dry AMD). In short, the company is merging neuro-stimulative devices with augmented reality to create a visual experience for the patient.
This sci-fi-like technology might sound experimental, but it’s already in use. Pixium Vision has already implanted its retinal implant in 50 patients across the US and Europe and published clinical data supporting its efficacy.
Today, the clinical-stage company has three ongoing trials and has received a breakthrough device designation from the FDA. All this promises a brighter future for patients suffering from advanced dry AMD and paves the way for even more groundbreaking developments in the medical device space.
Under Lloyd’s leadership, Pixium Vision continues to strive toward its mission of creating a viable solution for blindness, and Lloyd's journey is a testament to the powerful impact of technology-driven solutions in healthcare.
Key Learnings From Lloyd’s Experience
- In the unpredictable world of startups, an agile and lean team that can wear multiple hats is a priceless asset. Tapping into academic ecosystems is one way for cost-effective R&D and talent discovery.
- To survive the stressful process of earning regulatory approval, acknowledge its complexity, anticipate delays, and consider the reimbursement landscape early on.
- Fundraising is more than just securing capital; it’s about cultivating relationships with investors that align with your vision. Treat capital raising as a unique opportunity rather than a tedious necessity.
Lloyd Diamond, CEO of Pixium Vision, has a rich history of guiding medtech and biotech companies, with a career that spans decades, continents, and sectors. Lloyd's tenure in both European and American markets, as well as his experiences with large strategic and promising startups, have equipped him with a unique entrepreneurial viewpoint. His current company, Pixium, is developing a groundbreaking retinal implant system that brings hope to patients suffering from advanced dry age-related macular degeneration.
Strive for a Lean, Multitasking Team
The first cornerstone of Lloyd’s advice is to keep things lean. In his words: “Everybody says to do more with less, as cliché as it sounds. When you're an early-stage startup, you have to remain lean." On one level, this refers to learning how to manage your resources wisely and operate on a tight budget, but it also applies to pursuing agility within your team. As Lloyd puts it, you need people who can "wear several hats."
In a startup, employees often need to take on multiple roles simultaneously. The ability to handle diverse responsibilities — be it understanding and communicating complex scientific concepts or simply cleaning up the kitchen after a meeting — becomes a priceless asset. According to Lloyd, however, such qualities are becoming increasingly hard to find, particularly amongst the newer generations who are wired for instant gratification and specialization.
Lloyd’s tip for building a proficient, multidisciplinary, and humble team is to stay close to the universities. He notes: "[The university] is an extra resource you can leverage. It has people that are always looking to do research. So, put PhDs to work and use the university setting to really hone and scientifically prove what the tech you're trying to bring forward can do."
In summary, universities can be priceless opportunities for startups whose goal is to iterate cost-effectively. By doing so, you also help educate and train the next generation of professionals and then benefit from that pool of talent.
Lloyd’s Five-Point Strategic Approach to Earning Regulatory Approval
Regulatory approvals are often one of the most daunting challenges for medtech companies. Fortunately, Lloyd is a resourceful executive when it comes to regulation. He advocates a five-point strategic approach when trying to achieve regulatory clearance.
First of all, Lloyd bluntly states that "it always takes longer than you expect,” so anticipate delays. Even with his three-decade-long career in the field, he acknowledges that regulatory processes invariably run over schedule due to many factors outside of your control. As a CEO, your task is to incorporate a buffer time in your timelines to mitigate the impact of any unforeseen delays.
Lloyd acknowledges that the regulatory environment is rapidly changing. His second piece of advice is more of a reality check: "Regulations are getting tougher, not easier." Devices that used to take 18 months and a couple of million dollars now require 10 to 12 years and about 150 million dollars, depending on what you’re developing. This means companies need to be proactive and stay updated on current regulatory shifts and allocate their resources accordingly.
Another crucial point Lloyd makes is that regulatory compliance "always costs more than you anticipate." For that reason, you need to surround yourself with investors who truly believe in your mission. Lloyd suggests finding "one or two investors early on…friends, family, angels… who really believe in your mission and whom you can count on when things get tough."
It's not just about the financial backing; their collective wisdom and experience can prove invaluable in navigating the many obstacles that early-stage companies often encounter. Even though securing initial investment doesn't guarantee an easy ride, it equips startups with the resilience and agility they need to survive in the medtech space.
Another step of Lloyd’s strategic approach is understanding the long-term consequences. This involves weighing different regulatory routes with their results in mind. While some processes might be faster and easier, they may not offer the best long-term result you’re looking for.
Finally, Lloyd stresses the need to consider reimbursement requirements from the beginning. He notes that while most companies understand how important this is, it often falls by the wayside when balancing timelines, budgets, and data requirements. A disciplined approach, despite the high costs and extended timelines, ensures that your clinical trials will support payment at the end of the day.
Fundraising in Style: How to Identify Vision-Aligned Investors and Pitch Gracefully
Lloyd’s decades-long experience in raising capital has given him a unique perspective. He condensed it into three key principles in our discussion.
First and foremost, being selective about your potential investors is of critical importance. The initial funding is the lifeblood of your company, but unfit investors who don’t align with your company vision can undermine your progress in the long run. Lloyd suggests cultivating relationships with investors who can offer capital, valuable connections, and the potential for continuous support in subsequent funding rounds.
Next, Lloyd cautions against appearing desperate when seeking capital. While recognizing that the quest for funding can be stressful, he advises viewing your interaction with potential investors as an opportunity rather than a dire necessity. He says: "Remember, you're offering them a great and unique opportunity to make money because your technology is top and stellar."
The third principle in Lloyd’s arsenal is strategic foresight, i.e., considering not only the immediate funding round but also future capital raises, too. He argues: "When you're pitching the A round, you need to think about the C round," stressing the need for viewing fundraising as an iterative process, where each round sets the stage for the next, moving the company forward on its growth trajectory.
Adding to his primary guidance, Lloyd brings up a real-life example that underscores the vital importance of maintaining a financial buffer. When the COVID-19 pandemic hit, he observed several management teams scrambling for resources, despite knowing their cash reserves would be depleted in a matter of months. He pondered why any leadership team would let themselves reach a critical point where they are left with a single month's worth of cash. He uses this example to admonish founders to plan ahead and always maintain a reserve to avoid precarious financial positions.
