Over the past 30-plus years, Dennis Stripe has held numerous positions in the medical device field. However, it wasn’t until he was hired as CEO of OrthoHelix Surgical Designs Inc. in 2008 that he truly understood what it meant to be an entrepreneur.
OrthoHelix was founded in 2004 by an orthopedic surgeon who wanted to develop fixation devices for bone fractures. By 2006, the company had exhausted start-up funds and secured venture capital; however, in late 2007, the company lacked revenue and the venture funds had been depleted. And in 2008, Stripe was hired, and another venture fund stepped in to provide capital.
At that point, the company had 12 employees and was losing money, but in spite of the company’s poor performance, Stripe invested in OrthoHelix and has participated in every financing round since. He has also led efforts to raise additional capital to build the company into a self-sustaining entity.
Through innovative product development, quality systems, manufacturing controls and a retooled U.S. field distribution organization, OrthoHelix has launched several new product lines. Its product pipeline is now strong and getting stronger thanks to a 2010 grant that commits the company to creating 42 new jobs.
To stay innovative and keep the company growing, the product development department works hard to be highly creative. This innovative group advocates its product lines with other areas of the company, including quality assurance, operations, marketing and field sales. The result is a faster time to market for new products when compared to the competition, allowing OrthoHelix to stay a step ahead.
The company has applied for more than 70 patents and been issued seven, helping to sustain rapid growth and keep a steady stream of new products coming.
How to reach: OrthoHelix, (866) 904-3549 or www.orthohelix.com
