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October 24, 2005
Perspectives on Neurodevices from Wall Street and VC
In this wrap-up session, representatives from several key venture capital firms in the neurotechnology space will offer their feedback on the status of the industry and their impressions of the issues discussed during the day.
Alex Arrow of Lazard Capital Markets (the only sell side research firm focused on neurodevices) was the only Wall Street analyst on the panel. He suggested that the key distinction between Walls Street and VC is the following: Wall Street predictions need to good for the next year while VC's need to understand the future 3-8 years out. He put the total US available market for neurodevices at $35 Billion with current indications.
Leslie Bottorff from Onset Ventures, Roger Quy from Technology Partners and Daniel O'Connell from NeuroVentures Capital all agreed that 2005 was an exciting year for neurotech. While 2-3 years ago there was a lot of unknowns, there is now increasing commitment of venture community as the technical clinical risks and market adoption risks for neurodevices have decreased with new products receiving FDA approval.
Other comments included: Lot of synergy between drugs and devices but the combo is still a bit scary for investors. People are still trying to figure out winning business models for drug/device companies (i.e. who gets paid). Neurodevices can provide much more localized delivery of drugs. Medical devices are likely to adopt direct to consumer advertising like pharma has.
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