In 1999 Foster and doctor Grainer started Brainstorming a sheath covered Stent. They developed a Stent with a series of expansion bulbs along with its length, they named it SRS. She got patented her product and gained FDA approval as well. She started raising funds for her business plan and named her company as Newland Medical Technologies.
In first phase she raised $600000 from her friends family and Dr. Grainer and her own savings. One third of this capital was exhausted in Patenting the product and other legal works. She estimated $ 1.7m would be required to commercialize SRS. She raised $65k from a business development foundation in RhodeIsland for prototype development. In second phase she got an investor as Mr. Cunningham who invested $2500000 an two other angel investors who invested $75k each.
Later during prototype development and testing problems with design were found. And apart from this they were compelled to assemble a supply chain of specialists
In late 2004, after 60 successful patient trials and positive feedbacks form various physicians they began their full scale effort to build a critical mass of advocates and at least 1 major distributor. In March 2005, a Boston based Taylor medical supply angered to test SRS in few of their markets in US Chris Fallon and Claudia Grimes expressed interst in their company
ANOTHER WAVE OF PROBLEMS
Meanwhile Sarah got pregnant. She had problems with...