b'We signed on with contract manufacturing,Angel investors haveWith his background in software, Sage tookForesight Diagnostics: and we are off to the races for manufacturingto the investment market, looking to drumLeaving the Bay Areaour first product that will be registered withaccounted for the vastup interest in Vaporoxs diabetic foot ulcer the FDA by next spring, Krebs said. wound healing technology. Despite a lack ofWhen Jake Chabon, Ph.D. and the Foresight majority of Vaporoxs $8Diagnostics leadership team made the deci-GelSana has also taken advantage of thetraditional venture capital interest, Vaporox grant funding available to Colorado compa- million in total fundraising.found major success in the angel market tosion to leave the Bay Area and relocate their raise $3 million of seed capital and landed ablood-based cancer diagnostic company nies, being awarded $250,000 in non-dilutiveALAN SAGE, CEO, VAPOROX to Chabons home state of Colorado at the capital from the states Advanced Industriesbig fish leading investor in medical company Bioventus to lead a $5 million Series A. Fitzsimons Innovation Community in Aurora, Accelerator Grant Program in November 2021.some investors were puzzled.This program handed out a total of $6.3 millionVaporox: Angels andtechnology companies in various executiveThe unique deal gave Bioventus a minority The company, founded by Stanford University to 27 Colorado startups and researchersa Path to Acquisition roles until he was asked to bring Denver- stake in Vaporox, leaving the door open forprofessors and researchers, was in theThats allowed us to during the November 2021 cycle. based Vaporoxs technology to market in 2019. the publicly traded company to acquire the With an extensive background in softwareDenver-based startup. Sage said Bioventusmiddle of a Series A raise and was taking ango a lot further with Krebs said that she learned quickly as a first- startups and exits, Alan Sage was familiar withThe companys technology had been aroundunusual step to leave a renowned biotech time founder that persistence is key, andwhat it took to raise money from the venturefor nearly 15 years, but the inventor/founderbackinggaveVaporoxaboostwhenithub for what coastal investors considered tothe money weve startups should target investors that havelacked the skills to bring the technologyapproached angel investors to close its round. a proven track record of backing other like- community. What he wasnt expecting was ato market successfully. Sage revived theThe company had already done a deep divebe a smaller pond. But Chabon was stead- raised than if we perceived lack of interest from Colorado insti- fast, and now, a couple years later, feels sized and similarly focused companies. tutional investors in medical device companies. technology and rebranded the companyon Vaporoxs medical device, its patents andeven stronger about the decision to returnwere in the Bay. It is so important to find funders that willVaporox. His first task was to raise the capitalmanufacturing plans. From there, the invest- to Colorado.Sage had previously co-founded Configuresoftment for many of the angels was de-risked J AKE CHABON, PH.D. be a great fit for your company in terms ofneeded to help propel Vaporox forward in itsCO-FOUNDER AND CEOin Colorado Springs and led the companysdevelopment, something the company hadand Bioventus had an inside track to a pos- Foresight, a cancer diagnostic companyFORESIGHT DIAGNOSTICSthe support they can provide you based onsales from zero to $25 million annually untilsible future acquisition. using blood tests to detect tumor-derived the technology and stage of your company,previously struggled to accomplish. He forged 2007, two years before its acquisition bya commercialization strategy that capitalizedThat put them on the inside, Sage said,DNA in your bloodstream, ultimately raised she said. EMC. Sage would go on to work with other$12.5 million in Series A funding in 2020, on the companys remarkable clinical results. adding that Colorados angel community, namely Rockies Venture Club, was integralbefore announcing the raise to the public in in Vaporoxs venture efforts. Angels have2021. Chabon, the CEO & CSO of Foresight, accounted for the vast majority of Vaporoxsco-founded the company in 2020 to help $8 million in total fundraising. reduce the time it took to discover relapse incancerpatientsfollowingtreatment. RVCs initial investment paved the way forForesightstechnologycanhelpdetect other angel groups in Florida and Californiarelapse an average of 200 days before tra-to follow, he said. ditional clinical imaging methods in patients See how thepieces come together.Our mission is to unite biopharma, physicians, and patients to transform the standard of care and improve outcomes with personalized diagnostics.Piece it together atBiodesix.com2022 Biodesix CBA Journal Ad R1.indd 1 7/12/22 3:01 PM Foresight Diagnostics relocated to Colorado and is taking advantage of the states deep talent pool. 32 BIOSCIENCECOLORADO 2022-2023 2022-2023 BIOSCIENCECOLORADO 33'