The Journey of a Serial Entrepreneur
Hear the story of an entrepreneur that had, and is still having, a tremendous impact on the cardiovascular industry. Hard work, a dose of luck, and tenacity in facing challenges are his secret ingredients for creating successful companies! Steve Arless will talk about his past successes, but also about his current ventures.
Mr. Arless holds a B.Sc. degree in Chemistry from McGill University, and an MBA from Concordia University in Montréal. He currently focuses his efforts towards building early stage medical technology companies, particularly in the cardiovascular sector, as a mentor, an advisor, board member and angel investor. Over the past 18 months, he has been working towards establishing Canada’s first dedicated medical technology (MedTech) venture/accelerator fund, Latitude-49 Partners, now targeted to close in Q4, 2015. He also teaches at Concordia University’s John Molson School of Business in Montréal, with a focus on Entrepreneurship and Corporate Governance.
His most recent efforts have focused on starting up and leading interventional cardiovascular medtech companies in the fields of cardiac electrophysiology and cardiology, including CardioInsight, Cryologix Medical Inc. and Soundbite Medical, where he recently accepted the position as CEO.
As CEO of CardioInsight from March 2009 until April 2012, (a Cleveland-based company), he turned the Company around by raising over $20 million in Series B and C rounds, rebuilt the Organization from 5 to 25 proven professionals, obtained regulatory approvals and early sales in Europe, secured Term Sheets from three (3) Strategics amounting to over $15 million in potential additional funding, and raised the value of the Company from less than $1 million to over $30 million (fully diluted). An exit to Medtronic for over $100MM was recently announced (June 2015).
Most notably, Mr. Arless served CryoCath Technologies Inc. as President and Chief Executive Officer from a start-up in April 1996 to July 2006. CryoCath gained worldwide recognition as the leading technology company developing therapeutic catheter ablation solutions for atrial fibrillation, a pervasive cardiac arrhythmia. Supported by aggressive financing strategies including a record IPO of $45 MM in October 2000, worldwide sales grew to over $40 MM in sales revenue, with over 85% coming from the USA. In 2008, Medtronic Inc. of Minneapolis, Minnesota, announced the acquisition of CryoCath, listed and traded on the TSE, for $400 million.
Mr. Arless has accumulated more than 45 years of extensive Canadian and international experience in the development, marketing and sales of medical devices products, including 17 years at Smith & Nephew Inc., where he served as President for close to five years. His experience includes extensive involvement in technology transfer and strategic acquisition projects across the United States and Canada and numerous international marketing mandates in the areas of orthotics, prosthetics, orthopaedics, wound care and durable medical equipment.
Mr. Arless’ most recent award, in 2005, was as Ernst and Young (Canada) Entrepreneur of the Year in healthcare.