What is the problem you’re solving at Magnetic Insight?

Chris: Magnetic Insight has developed a new medical imaging modality using Magnetic Particle Imaging (MPI). It is a way to replace nuclear medicine with something that has absolutely no radiation.

It has the potential for any doctor anywhere to be able to get the imaging and insight into what's going on inside of a human body. For those of us in the Bay Area or big metropolitan areas, those things are available. For people in the rural part of our country, and in many geographies around the world, they're not available. The logistics of getting a radioactive injectable to the hospital and into the patient is very difficult.

What is fundamentally different or better about MPI versus current imaging techniques?

Chris: Traditionally, doctors inject radioactive tracers, hoping they'll accumulate in cancerous areas. However, this raises concerns about radiation exposure. Now, imagine understanding cancer spread in a patient without having to use radiation – our technology tackles this challenge.

We replace radioactive tracers with magnetic particles, similar in size. These "compass needles" travel like traditional tracers, targeting areas of interest, like tumors. Instead of radioactivity, we use a strong magnetic field. This field aligns the particles, and when we shift the field, they swivel, emitting a tiny radio signal we detect.

This new technology revolutionizes cancer detection. The elimination of radiation risks, coupled with improved image quality and simplified processes, creates a cascade of benefits across the healthcare system. Patients experience a safer and potentially less stressful procedure. Doctors can make more informed decisions. Hospitals benefit from lower costs and improved efficiency. This technology is a rare win-win for everyone involved, a true advancement for cancer detection.

Patrick: Fundamentally, nuclear medicine is something that's decaying quickly. If I want to track something for only three hours, nuclear medicine is a great way to go. But with MPI, we can track it up to 10-14 days, so now I'm able to image and track things on the timescale that the body works, enabling completely new applications.

Chris, you recently joined as CEO. What brought you to the company?

Chris: I'm a serial medical entrepreneur, so I've been doing things like this for a while. I've had almost every kind of imaging modality under my purview throughout my career. It’s exciting to continue this with MPI as a new imaging paradigm pioneered here by our co-Founder Patrick and the team. They have come so far to get us where we are today readying the technology for human use.

I’ve been in similar positions throughout my career, going back to when I was running the imaging business for EG&G, partnering up with then GE Medical Systems to bring digital X-ray to market in the 90’s. I've seen what happens when you introduce a new, better imaging modality to the world, and I think we have another one of those moments right here. This vision for Magnetic Insight drew me in and now that I’m working with this excellent team, I’m excited about where we are going. The world needs what we've got.

Patrick, can you share some background on founding the company and your journey thus far?

Patrick: I started working on MPI in 2006 at Berkeley. While we weren't the ones who invented MPI, our team did figure out how it works. We soon hit the limits of what we could do in the University.

Unfortunately, I then lost my wife to brain cancer. This personal tragedy is part of the catalyst that helped me decide to spin out a company. I wanted to bring this technology to the world.

In 2014 we raised money to validate the technology on small animals and successfully achieved that. We have since sold 15 systems all around the world and it’s now an ecosystem of universities across the world that are 100% invested in this technology and developing new applications for it.

A few years ago, we started the process to bring it to human subjects, starting with our series B funding. We've been doing magnetic stimulation testing and a few other pieces of safety testing to make sure that we can use this on people. So far, we can very safely image. The next step is to make sure that we can safely image with the injected magnetic tracers. We're quickly getting to the full end-to-end validation.

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 My passion lies in getting this technology into the world – knowing it can make a positive difference for people I care about. If our sole achievement is bringing this technology to fruition, it would be transformative. - Patrick Goodwill

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Given your experience at past imaging companies, what have you learned in how to successfully bring a new imaging technique to scale?

Chris: First, if there is a clinical benefit to all of this, then the rest of it's worth fighting the battle. There's a very clear victory here that will improve clinical outcomes.

That said, there’s very little appetite for modern medicine investments when introducing something new increases the cost of the current standard of care. The beauty of MPI is we go the other way – we're simplifying, eliminating the difficulties of radioactivity, and speeding up the supply chain. We've got those vectors pointing in exactly the right direction.

But at the end of the day, it's the doctor who will need to embrace MPI. Given there is a clear advantage with MPI images that are shown to be better images over a longer timescale – and without exposing themselves to radioactivity several times a day – they will advocate for it.

Everyone wants to be part of something that's going to change the world for the better and lower costs at the same time.

What exciting milestones are on the horizon right now?

Chris: The focus of the company right now is making our technology available for humans. We need to prove that, and there is a time horizon here in 2024 where we're going to progressively show what happens as we introduce different parts of the human body to demonstrate safety and efficacy. Ultimately, to get investors and customers excited, you've got to have some proof. Through the end of 2024, we're going to generate the kind of evidence that gets people excited.

How can an investor best support the founder or CEO of an early-stage startup?

Chris: One of our greatest assets is our impressive board of directors. Their extensive network has been invaluable in connecting us with the right opportunities. Collaborative and supportive investors are paramount in successfully scaling a business.

Patrick: The advice on building and running a business has been instrumental for a founder like myself coming from a research background. Celesta and 5AM are unique in that they have people who have experience in running massive organizations. They have been an amazing source of outside perspectives not only about finance, but also about how to run an effective company.

What advice would you share with other entrepreneurs?

Chris: Building a successful startup requires relentless hustle. It's a 24/7 journey filled with challenges and opportunities that demand your immediate attention. Leaders should be prepared to solve crises as they erupt, but also be on the lookout for exciting new possibilities. Don't wait for the perfect moment – seize opportunities when they arise. Speed is often your greatest advantage.

Strong leadership and planning are crucial, but remember, plans rarely survive first contact with reality. Effective leaders know when to adapt. Your vision requires unwavering commitment, but how you get there will take flexibility.

Patrick: The true heart of any company lies in its people. As the company grows, my primary focus has been building and leading a strong team. In my experience, the biggest setbacks haven't been technical hurdles, but mismatched personnel. Placing the wrong person in a crucial role can have a ripple effect, impacting everyone.

Lastly, I would advise anyone embarking on a new tech venture to remember it's not about personal glory. It's about harnessing the power of technology to make an impact on society. For me, the goal is to get this technology into the world – knowing it can make a positive difference for people I care about. If our sole achievement is bringing this technology to fruition, it would be transformative.

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