The company has raised funds for company launch and investment in several new companies as part of the initial cohort.
Kevin Coker, CEO of Proxima, said: “Our goal is to move these companies substantially forward in a short amount of time. Proxima is in a unique position to leverage our experienced team of regulatory, quality, and clinical experts. We won’t be working at arm’s length from these companies. We will be a big part of what they do every day.”
M1 MedTech was created to support early-stage medical device companies, offering an immersive experience that provides tangible benefits to participating companies. The program will take on a limited number of companies in each cohort and offer a hands-on approach to helping founders advance their companies and technologies. The coaching process will include a curated educational program, interactive workshops where participants can continually build out specific company deliverables, and one-on-one mentoring.
Larry Lawson, co-founder of Proxima, said: “This will be a unique experience for all parties involved, as Proxima is also a young, yet established, company that is now creating a program to assist companies at an earlier stage. Our experience in the CRO realm and ability to provide coaching in clinical, regulatory, quality, and go-to-market strategies will only strengthen M1 MedTech’s ability to support the success of emerging companies and provide more life-saving technology to the public.”
Isabella Schmitt, director of regulatory affairs at Proxima and a principal at M1, added: “M1 will be a place where start-ups can go to receive concrete resources to further their development. The participant success is our sole focus, and the ultimate goal is to have a substantial impact on the ideation-to-market process for Class II and Class III medical devices. Proxima’s specific expertise alongside our M1 partners will provide resources for all key areas of a medical device entrepreneur’s journey to market and beyond.”
For now, M1 MedTech will function as an accelerator focussed on more involved Class II and III medical devices. As the program continues to grow, the team plans to build out an even more extensive incubator focused solely on Class III devices.
Sean Bittner, director of programs at M1 MedTech, said: “We don’t view M1 as competitive to other accelerators, rather we believe it will offer a different experience. Our team will strive to create a personalised program where companies have a dedicated touch point throughout the process. We will also provide specific, tailored connections and resources vetted by our team through professional partnerships, not just a general list of industry contacts.”
M1 MedTech plans to open applications in spring 2022. To learn more about Proxima CRO and M1 MedTech visit ProximaCRO.com or m1medtech.com.