NewHavenBIZ

n e w h a v e n b i z . c o m | S e p t e m b e r 2 0 2 1 | n e w h a v e n B I Z 21 T e c h 2 5 Healthtech firm Wellinks predicts 'hockey stick trajectory' growth B ack in Jan. 2020, when Convexity Scientific of Fairfield acquired Wellinks of New Haven, the deal appeared to be an ideal tech marriage. Wellinks had developed internet- connected soware to manage its brace for scoliosis patients but was struggling to manufacture its product called Cinch. Convexity had a popular product in its Flyp nebulizer for patients with chronic obstructive pulmonary disease — COPD — but wanted to develop its digital capabilities. Fast-forward to today and the combined company is thriving in New Haven under the Wellinks name. Flyp has pivoted from a consumer-facing product sold at CVS to a complete internet-driven care methodology with marketing redirected to insurers. And Cinch? It's been "moved to the back burner," says Wellinks CEO Alex Waldron, who came aboard earlier this year Wellinks' focus is now on respiratory products that can drive down the frequency — and thus cost — of "incidents" that require medical interventions. at's good news for the nation's estimated 16 million COPD patients and even better news for the insurers that pay their bills. Next up for Wellinks is a similar push to attack asthma on behalf of the 25 million patients and their insurers. Whether for COPD or asthma, the concept is focused on education and an internet-driven system of helping the patient manage their disease at home. ere are personal coaches and technology that monitor the patient's progress — or lack of — and warn of problems. And it's all being overseen by Ellen Su, CEO of the old Wellinks and chief product officer of the new Wellinks. But the immediate challenge is to convince private insurers of Wellinks' savings potential. To that end, Waldron says a pilot program with Hartford HealthCare is an important showcase. He sees a two- year campaign to win wide acceptance among private insurers and three or four years to win acceptance from Medicare and the Veterans Administration. He credits the COVID pandemic with accelerating the acceptance of digital technology in health care, both among patients and insurers. Waldron sidesteps a question about revenue but predicts a hockey stick trajectory once all the approvals are in place. He does acknowledge it will take more funding to get there and is looking to raise $25 million. He sees the Wellinks staff growing from 22 to 25 this year and toward 100 next year as the firm doubles its real estate footprint to about 4,000 square feet. Selecting New Haven as a headquarters was a strategic choice to leverage both the Elm City's entrepreneurial ecosystem and the Yale talent pool, he explains. Su and other members of the founding team at Wellinks are Yale graduates. Geoff Matous, president of Convexity at the time of the Wellinks acquisition, remains as president and chief commercial officer of the new Wellinks. And Levi DeLuke, co-founder of the original Wellinks and inspiration for the Cinch, is working with the new firm as a consultant. n Making Room By Matthew Broderick New lab, coworking space help build New Haven as a national bioscience hot spot By Norm Bell A look at Wellinks' user interface. At a glance Company: Wellinks Industry: Digital healthcare Top Executive: Alex Waldron, CEO HQ: 85 Willow St., New Haven No. of Employees: 22 Company Website: https:// www.wellinks.com Phone Number: 844-359-7632 L ast year, amid a global race to develop and test a safe and effective vaccine for COVID-19, bioscience research and development drew a lot of media attention. It also drew a lot of investment. Numbers from consulting firm McKinsey & Co. show that from 2019 to 2020, total global venture capital funding of bioscience overall was up 45%; the value of partnerships, joint ventures and other deals in the sector nearly doubled; and IPOs for bioscience-related companies increased by 186% to $34.3 billion. As the sector continues to grow, New Haven's bioscience ecosystem is becoming an increasingly larger part of Connecticut's economy and future. Over the past decade, public and private investment in the state — including a 10- year, $200 million Connecticut Bioscience Innovation Fund launched in 2015 — has fueled a robust cluster of startups in the sector, particularly in the Elm City. at's fueling the need for new bioscience office and lab space, and the market is starting to respond. e latest infrastructure projects include a new 8,000-square-foot bioscience incubator — the New Haven Innovation Labs — on the Yale Medical School campus slated to open this October, and a 10-story, 500,000-square-foot life sciences tower at 101 College St. in New Haven, which broke ground this past June and will feature laboratory, research and meeting space for startup and early-stage companies when it opens in the summer of 2023. Meantime, the Elm City Bioscience Center, an office building being converted to lab space at 55 Church St. in New Haven, is currently in lease-up and poised to come online in January, according to real estate developer and downtown landlord e Hurley Group. Renovations and upgrades to transform the 8-story, 105,500-square-foot class B office building into a life sciences center began this summer. Dawn Hocevar, president and CEO of BioCT, a talent engagement and advocacy organization supporting the state's bioscience sector, says Connecticut's investment has attracted private venture capital and created a robust and growing market for startups that plays to the state's competitive advantages. "Our [bioscience] ecosystem is growing organically and thriving," Hocevar said. "Our entrepreneurs — especially through Yale — are creating more companies and they understand the network and access to talent is all here." Space for growth Connecticut, according to BioCT figures, ranks in the top 10 U.S. states for science and engineering degrees with 33% more high-tech workers than the national average. Additionally, 80% of research and development dollars in the state support the bioscience sector. at's driven a need for more lab space to accommodate the research discoveries and entrepreneurial startups from institutions like UConn and Yale, a trend that Kim Kelly says has been accelerating in Connecticut over the past two decades. Kelly, the operating director of BioCT's Innovation Commons bioscience lab and office space in Groton, says facilities like the new Innovation Labs opening this fall are critically important. e new site — a $1 million-plus investment between Pierce Labs and CTNext, a quasi-public supporter of statewide entrepreneurship efforts — will feature four private laboratories, a shared lab, bench spaces for lease and a small number of offices. e bench program, Kelly says, is ideal for scientists at the earliest startup phase (proof-of-concept stage), but the facility will also accommodate early startup Paul Pescatello is the executive director of the Connecticut Business & Industry Association's Bioscience Growth Council. Continued on Page 22 Alex Waldron, CEO

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