Vantix® Diagnostics a privately held US company is focused on meeting the growing need for point of care diagnostics by providing physicians with a complete diagnostic solution from sample collection through medical records integration. Through a compact, patented point-of-care (POC) system, Vantix® puts real time results in the hands of physicians and patients which will promote more patient–centered approaches to healthcare. This patented revolutionary technology will provide lab quality results to physicians in real time resulting in enhanced physician/patient interactions, increased healthcare efficiencies, and improved patient outcomes. Vantix® is well-positioned to commercialize our technology for human point of care diagnostics as well as, biomarker development, environmental monitoring, food safety and veterinary diagnostics. Learn more at www.vantixdx.com.
BusinessInterviews.com: What inspired you to launch your business?
Steve Lufkin: To me there is nothing more satisfying then building something that improves the lives of others. Whether it is building a company that provides meaningful jobs and contributions to the community or building a product that will truly disrupt and improve how healthcare is delivered today. When the Vantix® technology was brought to my attention I knew we could build a great product while at the same time build a great company.
BusinessInterviews.com: Do you have any recent success stories that you’d like to share with our readers?
Steve Lufkin: Recently we secured $10 million in funding. The funds supported the development work on the Vantix® TSH test. This TSH assay showed a 0.9851 R2 correlation to the results achieved by a large research hospital lab’s testing of the same samples. We are very pleased with this success.
BusinessInterviews.com: What issue does your core product help solve and how so?
Steve Lufkin: Within the field of clinical medicine, in which 60% – 70% of all treatment decisions are guided by diagnostic information, there is a demonstrated need for high quality test data that supports crucial interactions between physicians and patients. As a result, Vantix® is developing one platform to be placed at the point of care that will provide lab quality results in real time to improve physician/patient interactions, increase healthcare efficiencies and improve patient outcomes.
By applying the “one-stop shopping” concept the Vantix® system will make getting diagnostic tests done easy, alleviate the nail-biting anxiety of getting results at a snail’s pace and reduce the inefficiencies in how we’ve always done diagnostic tests for chronic diseases.
BusinessInterviews.com: What has been your biggest challenge as a business owner and how have you met that challenge?
Steve Lufkin: The biggest challenge has been securing the funding necessary to get the product to market. Many drivers outside of my control have influenced funding such as geopolitical issues and economic downturns. Additionally, I would say there is a gap in the funding stream for companies that are post startup phase but pre CE Mark or FDA approval stage. As a result the team and I work very hard to seek out and qualify potential investors that have a higher risk tolerance knowing that coming in at this stage provides a larger upside for the investor.
BusinessInterviews.com: What’s the most exciting thing on the horizon for you/your Company?
Steve Lufkin: Securing the CE Mark followed by 510k clearance. Then we will be able to enter the physician market with a third generation TSH/fT4 panel followed by Diabetes, Lipids, BMP (Basic Metabolic Panel) and CMP (Comprehensive Metabolic Panel) over the next 2 to 3 years. We are also working with biomarker partners as well.
BusinessInterviews.com: Where do you envision your company in 5 years, 10 years, 20 years?
Steve Lufkin: Eventually, I see this company entering the retail, veterinary and biomarker development markets. Using the Vantix® open platform we will be able to provide diagnostic results at the point of care for any number of tests. But for now it is critical to stay focused on the development of the point of care system for the physician office market.
BusinessInterviews.com: Have you had any mentors or role models that have influenced you? Describe the impact.
Steve Lufkin: I have always believed that you need to surround yourself with people better than you either in knowledge, skill set or experience. Throughout my career I have been able to do this which has helped me to raise the bar for myself. I truly believe this has been a key to anything I have achieved.
BusinessInterviews.com: Do you consider yourself successful and by what means do you measure success?
Steve Lufkin: Success will be when we get the Vantix® system out in the market.
BusinessInterviews.com: How do your competitors view you?
Steve Lufkin: I really don’t know.
BusinessInterviews.com: What advice do you have for other entrepreneurs and business owners? What do you wish someone told you?
Steve Lufkin: Surround yourself with people that are better than you and learn from them.
BusinessInterviews.com: What’s the biggest risk that you’ve ever taken and how did it turn out?
Steve Lufkin: Starting Vantix® Diagnostics is the biggest risk I have taken to date. We will soon see how it turns out!
BusinessInterviews.com: What is it that you still need in order to make this company reach its vision?
Steve Lufkin: We need the last $5 million in order to get this product to CE Mark and on the market. That’s just 7 percent of the total development cost.
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