Episode Transcript
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Welcome to Cleveland. CEOs you shouldknow. Today a conversation with Maria Bennett,
President, CEO and founder of SPRTherapeutics, a company dedicated to improving
patients' lives who are suffering from chronicpain. Maria, tell us about your
innovation and how it differs from whatwe've been accustomed to. So we have
a non opioid, non surgical solutionto treat all different areas of pain,
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all different types of pain that apatient may be experiencing, and it's a
short term treatment. It's only sixtydays of use. But our data and
also the commercial use now of overtwenty thousand patients that have used it across
the US shows that those patients havelong term pain relief after those sixty days.
So we're really we get wonderful patientstories telling us about how patients are
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able to get back to work,get back to living as a result of
the pain relief. And it's justvery rewarding to be in this industry and
see those results. Non invasive procedures, medicine being taken out of the equation
more therapeutic treatments. Was there somethingthat sparked this path for you? Yeah,
So this was actually born in mygraduate work at Case Western Reserve here
in Cleveland, and at the time, we were looking at using our type
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of technology, which is an electricalstimulation or neurostimulation technology, to treat patients
who had stroke to return function tothose patients that had lost that function after
stroke. However, what we foundin using the technology as we designed it
was that regardless of how much functionwe restored, the most compelling result that
they experienced was this reduction in pain. And so it was kind of an
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Aha moment for us to say,we are doing something different with the field
of neurostimulation, which has a beenaround historically for decades, but more in
an implannable form. So if youthink about like a pacemaker, in which
it's fully implannable, neurostimulation has beenused implannable in an implantable form to treat
areas like back pain, but industryand physicians were begging for something that would
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be designed more specific to treat jointpain or areas that really didn't have a
solution to treat those areas of pain. So we were treating stroke pain,
which was actually in the shoulder,and we saw this really compelling result and
so I took a couple of differentpaths in my career, working for both
small and large companies, but wasable to get back into this area back
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in two thousand and nine and validatedthat there was truly an unmet need for
a treatment solution that could be usedearlier in the treatment continuum. So to
your point, something that's you know, non implannable, non surgical, non
opioid that could come you know,shortly after just the physical therapies and the
more conservative therapies, but something thatwas less invasive and really showed mary significant
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and compelling outcomes. So it seemslike the future is here. Yes,
absolutely, I think that we have. You know, it's been an education
process, no doubt, because,as I mentioned, historically this type of
technology has been used in an implannableform, and so for us to work
with interventional pain physicians, which arethe physicians that treat these type of patients
and really you know, educate themand get them to buy into the act
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that a short term treatment can havelong term results and be used not as
a treatment of last resort, butbe used earlier in the treatment continuum has
taken a lot of education. Sowe've done that with clinical data. We've
done that with real world experience asfar as as I mentioned, over twenty
some thousand patients now using it commercially, and we see that there is a
significant, again unmat need for ourtechnology such as this and an option for
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patients to use something that's non invasive, non surgical, non opioid. Let's
talk about that educational process, becauseI imagine that is an uphill climb.
It is you're overcoming decades of Idon't want to say bad habits, but
as we know now, they werebad habits right, right, And I
think that that's where the interventional paincommunity is hungry for a solution. And
you know they have been They havethese patients come in to see them,
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and they've got to work with whatthey have, right, so they had
to work with opioids, they wereworking with more invasive solutions. So for
them to now see this option infront of them, of course, they
didn't want to just buy into itautomatically. They needed to understand the safety
and the effectiveness of that of ourtechnology, Sprint, and we did that
with again these prospective studies and soa lot of clinical studies that showed the
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pain relief across multiple different types ofpain. And then now also we collect
real world evidence from the patients thatare using it commercially, and so we
publish on that, We get onthe industry conferences and we talk about it.
We partner with physicians to do professionaleducation of how to deploy the technology
safely so that it can be effectivefor those patients. And then we're doing
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more and more patient awareness opportunities too, so educate, you know, being
able to share patient testimonial stories.So if I have shoulder pain and I
want to hear how somebody that hadshoulder pain, you know, what they
experienced in using Sprint, I cango to our website at spr Therapeutics dot
com and I can say, okay, hey, look here, so and
so had a story with shoulder painthat you sprint, and this is what
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their experience and what their outcomes were. So we try to connect that peer
to peer opportunity not only for cliniciansthat have used and then can talk to
their peers about how to deploy Sprint, but also for patients to be able
to relate to other patients that haveexperienced something similar to them. So what
comes after this We're focused on commercialexpansion right now. We were again we
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started this company back in twenty ten, have taken it all the way from
idea to FDA approval back in twentysixteen, now to know again treating all
these patients across the US. Butwe know we're just scratching the surface.
There's a significant unmet need, especiallyfor patients that perhaps are inoperable shoulder pain
patients or inoperable knee pain patients.Patients that may not want a joint replacement,
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may not be a candidate for surgeryor a joint replacement, and are
suffering in silence essentially. So thisis an opportunity for us to expand awareness,
opportunity for us to expand our footprintacross the US with more representation from
our company, to sell to interventionalpain docks and then respond to that demand.
What's the biggest challenge, ben So, the biggest challenge is along our
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path where that we are something that'sa unique technology and from a proprietary technology
perspective, as far as achieving patents, that's a very good place to be.
But when it's taking it through likeI just described, as far as
the education for physicians through the FDAapproval process that was along road. Well
we're there now. Now the challengeis market access, meaning reimbursement coverage from
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commercial payers to get patients access tothis technology. A lot of coverage policies
from commercial payers are just dated becauseit's you know, this is something new,
and so it's education now to thosepayers partnering with the physician societies to
say this is you know, thebenefits, These are the potential cost savings
as far as using a technology suchas this early in the treatment continuum.
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And so now we're going through thateducation process to gain greater coverage or greater
excuse me, access for patients toget this paid for commercial payers. A
nice way to say insurance companies.Yes, but you would think that because
as we know it, it isa challenging industry the insurance and if you're
a patient dealing with it is extremelyfrustrating. You would think they would be
open to something that would be lessinvasive and less expensive. Yeah, you
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would think, so this is notYeah, this is not unique to us.
It's the biggest challenge across the medicaldevice industry is just that access to
coverage. What we've done to facilitatethat until we can get those coverage policies
really written around supporting access and paymentfor Sprint is that we have a in
house program called spr Care in whichif patients opt into that, we advocate
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on behalf of the patient to seekprior authorization of that approval before they receive
the device to ensure that they're goingto get that covered and that the physician
and the facility get covered as well. That has been very successful and that's
what we're kind of just chipping awayat in order to gain access, you
know, for these patients to receivingthe device. But we do have a
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strategy in place to make that easierfor physicians and patients going forward. Pree
pandemic, we all had a goodidea of how we lead our teams.
Everybody's working in person. Now thatwe're out of it a couple of years,
have things changed much or are theystill status quies? They've changed for
sure. So you know, werighte in the you know, start of
the pandemic. I mean, wewere right on our trajectory of expansion and
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growth, and so we had tochallenge ourselves as far as being able to
operate you know, in that environment. Fortunately, we had a system,
a you know, technology that wastracking kind of when our customers were offline
or coming back online, and sowe'd use that tool. However, as
far as from now from a leadershipperspective, we need to afford folks flexibility.
Right things have changed, and sowe do have a new office space
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that's beautiful and accommodating both you know, headquartered here in Cleveland, but also
satellite offices in Minneapolis and in Chapelhill, North Carolina. And we just ask,
you know, our employees to bein the office the majority of the
time, but do allow them flexibilityto work from home. We are moving
at such a fast pace right nowthat collaboration of in per and you know,
collaboration and meetings is really critical toour growth. But we know that
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you know, there's again some thataffording of flexibility is very meaningful to our
team members. So as far asmy approach, you know, to leadership,
that's always been with passion and withhumility. I try to lead by
example, and what folks are doingas far as you know, contributing to
the company right now, I haveeither done it myself or you know,
have have been able to really relyupon them and bringing their experiences to the
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table to do things, you know, even better than what we have done
in the past. Or how largeis your workforce? So we're about two
hundred and fifty employees now. We'vedoubled in size over the last twelve to
eighteen months, which I'm also veryproud of because it's been it's a difficult
hiring environment right now, and sowe've been able to attract really fabulous talent
to the organization and we continue tobe recognized as a top workplace through Cleveland
dot com and Plane Dealer, whichis also very meaningful to me that even
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through that explosive growth, this isbased upon employees feedback as far as their
confidence in our organization, their confidenceand me as a leader, their confidence
and their ability to do the job. And so we continue to get that
recognition, and I truly believe itis the secret to our success is that
culture of empowerment and just recognizing folksfor their contributions to the organization. Cleveland,
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Minneapolis, Chapel Hill. Right away, I figured out why you're there.
Yeah, that's pretty easy, Butyou could be headquartered somewhere else.
Why Cleveland? Yeah, So againI did my graduate work at Case Western
Reserve. I was here in Cleveland, and Case Western has a phenomenal group
of researchers and biomedical engineers that haveadvanced technologies through the years. It was
great to be able to take thattechnology for my graduate studies and translated into
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an opportunity for a commercial enterprise.It's not always easy being headquartered in Cleveland,
especially when you're attracting growth, capitaland equity and whatnot. Those you
know, private investors and those lendersare typically on the coast, and so
you know, we have to dofind yourself having to sell them on Cleveland.
I do, yeah, And Ithink that US as a Cleveland and
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business industry, you know, needto raise more awareness about all the great
things that are going on in Cleveland. How do lots of that, I
think just you know, opportunities likethis, you know, being able to
tell our story about these innovations thatwere born in Cleveland and now have proliferated
across the US. As far asan opportunity to you know, improve patients'
lives. Other industries that you know, maybe again coming up with new ideas
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as far as how to you know, advance their field, need to tell
their stories, and I think thatthose you know, East and West coast
growth capital investors are looking for opportunitiesoutside of their you know, home bases.
Of course it's always easier for themto be on the coast, but
they we have attracted capital from theWest Coast. We've attracted capital you know,
across the US to be able tofacilitate our growth because they believe in
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our story. When you do tellthe story of Cleveland, and some almost
tell me about Cleveland's what's the firstthing you think of? That's a great
question. So for me, it'syou know, personally, it's home and
where I've you know, raised myfamily and so I my husband's from Cincinnati.
I'm from Indianapolis, Indiana, Carmel, Indiana area, and you know,
we both have found a home hereto raise our children in a very
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diverse and you know, forward thinkingenvironment with a lot of support. And
so it's kind of this hybrid ofMidwest roots with you know, the East
Coast vibe of just you know,working hard and playing hard. And I
think that that's what has been againa secret to our success and just to
our happiness as a family here inCleveland. Where do you stand on Cincinnati
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Chill. So yeah, so Cincinnati. I have a soft spot in my
heart for ever heard them as wellbecause of my husband's roots there. But
also I went to Miami, Ohioundergrad and so a lot of my friends
and you know are from the Cincinnatiarea. But you know, as when
it comes to football or anything likethat, I'm sorry, I have to
be an Indianapolis Colts fan. PeytonManning, you know, is the one
that I follow in the most,and so I will always, you know,
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to be a Colts fan, youknow, in my heart. For
the average folks who are listening tothis podcast, who may be going through
an experience they've been talking to theirdoctor, what conversation should they have with
their doctors about your product? Yeah, that's a great question. So I
think if they have tried conservative therapies, they've tried you know, over the
counter medications, maybe they've tried somephysical therapy, and it's just not resolving
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the pain, it's not allowing themto do the activities that they want to
do. I think raising the questionto their physician, if the physician hasn't
already heard about it about you know, what are some other non invasive or
minimally invasive technologies that are out there, and for Sprint, again, it's
something that is a short term treatmentwith long term results that can be used
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in the area of pain with asimple lead placement procedure. So it is
part of our device is in thebody. It's like a fine hair that
is placed through the skin in proximityto the target nerve that's causing the pain.
Part of that wire comes out ofthe body and is connected to an
external device that the patient controls forsixty days and they can turn it up
and they can turn it down totheir comfort level, and at the end
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of the sixty days, everything comesout of the body and they're done.
So this is something that they're notliving with long term. It's something that
they can go about their routine withthe device and hopefully again we have seen
that over seventy percent of patients thatuse the device have significant pain relief and
improvement of the quality of life duringthose sixty days, but also long lasting
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after the sixty days. Appreciate thetime today. Thank you, Okay,
well, thank you very much forhaving me