Bruce Barrett Email & Phone Number

Ann Arbor, Michigan, United States

Mitovation is developing a non-invasive, therapeutic medical device based on patented near-infrared (NIR) light technology licensed from Wayne State University (Detroit, MI) and the University of Michigan (Ann Arbor, MI). The first applications of the technology will be to protect the brain from reperfusion injury following traumatic brain injury in adults and infant cardiac arrest. More than $13 million has been invested in basic science and animal research funded by the NIH, DoD, and others where the technology has been shown to dramatically reduce adverse neurological outcomes. In small and large animal cardiac arrest models, the treatment has been shown to preserve normal neurological function. In a small animal ischemic stroke model, the treatment has been shown to reduce infarct size more than fifty percent. The technology is subject to more than $8 million in new grant awards from the NIH, DoD, and the Massey Foundation. This brings the total investment from grants to more than $21 million. These grants will be used to advance the technology towards market for use in traumatic brain injury in adults and infant cardiac arrest. Future applications of interest include traumatic brain injury in infants and children, ischemic stroke, adult cardiac arrest, and spinal cord injury.

Birmingham, Mi

Israel

Recruited by lead VC investors to turn-around an Israeli development stage business incorporated in Delaware. Company had invested 13 years and $50 million to develop and launch the first non-invasive and continuous cerebral blood flow monitor. Upon arrival, a new 24-months technology and product development roadmap with budget was developed and approved by the Board of Directors, including VC and private investors. The goal was to pursue the addition of cerebral oxygen saturation monitoring and auto regulation along with cerebral blood flow to allow the Company to participate in the existing cerebral oxygen saturation market with the advantages of cerebral blood flow and auto regulation. Capital was raised from existing investors to fund the initial stage of the project. All develop was on track and on budget and initial clinical validation work was underway with positive results when the lead VC investors found themselves unable to fund the project to completion.

Troy, Mi

Recruited to turn-around an early development stage, public Company that had developed the first continuous and non-invasive cerebral oxygen saturation monitor using near-infrared spectroscopy. The Company had executed its IPO in 1991 on the promise of launching its technology. By 1993, the U.S. FDA had rescinded the Company's 510(k) due to irregularities in the underlying data. Shareholder and employee lawsuits were filed and the Company was delisted from the Nasdaq NMS for failing to meet the $1 bid requirement forcing the Company onto the pink sheets. Upon joining, there were eight weeks of cash. - Executed an initial $5.3 million Reg S offering to European investors and reduced headcount 50% to slow cash burn.- Redefined product objectives, validated improvements to technology, and regained U.S. FDA 510(k). - Negotiated distribution partnerships with Edwards Lifesciences in Japan and Covidien (now Medtronic) in Europe and Canada. - Transitioned from independent distribution partners to a primarily direct sales team in the U.S. - Set-up European business with subsidiaries in Germany, France, Italy and Spain.- Executed next generation products, including expanding technology for use in pediatrics and developing a multi-channel monitoring system.- Grew revenue to more than $70 million with gross margins of 90% and operating margins above 30%. - Ultimately, raised $85 million in several offerings, including a $54 million secondary led by Citigroup.- Developed a balance sheet with $70 million in cash and no debt. - Reduced product manufacturing costs by more than 70 percent. - Completed numerous FDA audits with zero deficiencies.- Recruited, trained, motivated and retained a professional team of 200+ individuals.- Licensed and acquired technologies to differentiate and support the sale of the core technology. - Sold business to Covidien for $318 million in a transaction lead by Leerink in July, 2010.

Montreal, Quebec, Canada

Identified as having high potential within Abbott, this was an international assignment with P&L responsibility to broaden my exposure within the business. The hospital products business in Canada was about $100 million and included IV solutions, infusion pumps, drugs and drug delivery systems, anesthetic agents, critical care monitoring, and other products. All financial objectives were achieved during the brief time in Canada and the sales quota setting process and compensation programs were redefined.

Mountain View, Ca

Responsible for all sales and marketing activities associated with critical care monitoring products, including leading a team of 120+ professionals in the U.S. with strategic planning and training responsibilities for international markets. Core products included fiber-optic pulmonary artery catheter systems that monitored pulmonary artery mixed venous oxygen saturation and disposable pressure transducers. Approximately doubled sales to more than $100 million during tenure. Executed exclusive licensing agreement for mixed venous oxygen saturation technology with HP, Marquette, Siemens, Spacelabs and others to expand and protect the disposable pulmonary artery catheter business. Moved hardware accessories business from a "free-to-hospitals" to a "paid-by-hospitals" model to generate more than $1 million in incremental margin annually.

Mountain View, Ca

Santa Ana, Ca

Santa Ana, Ca

Detroit, Mi

Executive In Residence Program

Master Of Business Administration (M.B.A.)

Bachelor’S Degree, Marketing And Finance