INVESTMENT
OncoNano’s CEO and co-founder.
At least four more diagnostic companies are growing in laboratory spaces of its CUSTOM MEDICINE Though Dallas-Fort Worth may be better known for technology, Discovery Centers, Cushman defense, and logistics, wellness and life science startups are quietsays. ly popping up throughout the region—often in conjunction with One of UNTHSC’s nearby universities. internal startups, Cx In Addison, MyndVR got early help from UT Dallas associate Precision Mediprofessor Ryan McMahan and his graduate students in creating cine, is developing virtual reality therapy so the elderly can experience with a headset what would be the anything from nature to live music or art. first-ever blood test Since launching in mid-2018, the company has provided to screen for Alzheisome of its 360-plus applications to 35 operators of senior mer’s disease, acliving communities in 25-plus states, according to co-founder cording to Dr. Miand CEO Chris Brickler. chael Williams, president of the Fort Worth school. “In the near future, the promise of precision mediThe company in 2018 unveiled a research coalition with six orgacine tailoring treatments to specific patients or popnizations, including UT Dallas, to study how virtual reality impacts ulations will create abundant opportunities for new the aging mind. “We are making no medical claims at this time,” diagnostics companies,” he says. Brickler says. “Early research suggests a very bright future for this Another local startup, Nano Liquid Solutions next-generation wellness modality.” tests blood with a single drop. While that could In a similar vein, UNTHSC is looking at developing medcall up comparisons to Theranos, founder and ical devices in conjunction with fledgling companies such as CEO Ali Farzbod says the notorious startup with Fort Worth’s Neuro Rehab VR, which provides a virtual reality system that physical therapy patients can use while receiving near-miraculous claims about blood testing actualtreatment. “Almost half of all Americans will see a physical ly provided inspiration. Farzbod was designing an therapist this year, and we believe there is tremendous opefficient wastewater monitoring device as his Ph.D. portunity to improve outcomes and bring new innovations to project at the University of Texas at Arlington. During the second year of his Ph.D. program, Theranos put blood testthis growing industry,” says Cameron Cushman, director of ing on his radar as a potential application for his monitoring innovation ecosystems at the school. devices. Farzbod made the pivot. “The most important advantage is that we are integrating a cloud-based data system into our devices for the patients to centralize all the blood data in their lifetime,” he says. As the region’s multiplicity successful exit or cashing in have to have an IPO,” he says. Medical diagnostics could be a strength of industries creates a wide of their chips. “It can be a license of your for North Texas, partly because of expertise range of early-stage oppor“Sometimes people become technology to other comarketin identifying areas of need that can found in tunities, investors are also too focused on unicorns,” ing or development companies. local medical schools, hospitals, and healthbacking a broader array of says Laura Baldwin, co-chair That’s what I’ve done.” care systems, according to Stella Robertson, people. of office hours for the Dallas As values of one-time inves“There’s been an uptick in chapter of Golden Seeds, tor darlings like WeWork have co-founder of Bios Partners, a Fort Worth-based investments that fund more which invests in women entrefallen this year, shareholders venture firm that invests in biotechnology and diverse teams, which will ultipreneurs. “Companies do not in private companies have bemedical devices. mately drive better business have to be unicorns to have come more selective in what Those institutions also have the people who outcomes,” says Rachel West, great exits.” they try to take public. can create kits, procedural diagnostic products, director of business develEntrepreneurs like David But high-growth companies opment at Dallas’ RevTech Meadows prove the point. are something that investors or software-enhanced systems for checking on Ventures. Since leaving an executive will always gravitate to. These health maladies, Robertson says. “EngineerVarious studies have found role at pharmaceutical giant days, the big are getting ing and software technology is available from that groups make better deNovartis in 2012, Meadows bigger. DFW businesses and universities to help with cisions when their members has started eight companies, “IPOs these days seem to the development.” have different viewpoints, as including Colleyville’s Sentibe much more focused on it forces them all to sharpen nel Diagnostics Imaging and ‘decacorns,’ worth $10 billionSimilar intellectual horsepower could their arguments. Grapevine’s Purewine. plus, than unicorns,” says also fuel growth of developers of specialty Entrepreneurs and To date, he’s had three sucBryan Chambers of Capital drugs and other therapies for particular check-writers alike are also cessful exits, with none of his Factory, the “center of gravity” diseases, according to Robertson, who has a rethinking the definition of a startups failing. “An exit doesn’t for Texas entrepreneurs.
More Than Unicorns
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