Global Med Tech Leader, St. Louis-Based Stereotaxis: A Best Practices Example Of A Robust Entrepreneurial Ecosystem

By Dick Fleming | Original Article in FDI Alliance International, Dec 2024 Issue

Much has been written about St. Louis' newest Innovation District, the Downtown North Insight District, and the emergence of St. Louis as a Geospatial Intelligence, FinTech, and Data Center Hub, and the soon-to-open adjoining new $1.75-billion, 100-acre campus for 3,100 employees. However, there has been much less written about the role of Stereotaxis as a global MedTech leader in innovative surgical robotics for minimally invasive endovascular interventions.

Stereotaxis' mission is the discovery, development, and delivery of robotic systems, instruments, and information solutions for the interventional laboratory. Back in 2022, Stereotaxis was one of the early tenants in the Downtown North Insight District, locating its Global Corporate headquarters, R&D, Advanced Manufacturing, and International Distribution in its 45,000-square-foot mixed-use new home in the 555,000-square-foot Globe Building.

Sterotaxis' new mixed-use location has been joined by national and international Geospatial leaders General Dynamics, Esri, MAXAR, T-Kartor, BAE Systems, Westway Services, and the largest multi-tenant SCIF outside Washington D.C., along with over 150,000 square feet of leading Data Centers — as tenants in The Globe Building.

Mark Henniksson of Bloomberg Intelligence notes in his December 14, 2023 interview with Stereotaxis CEO David Fischel for the Bloomberg "Vanguards of Health Care" podcast: "Stereotaxis is developing robotic capabilities to enhance procedures for treating atrial fibrillation, with several innovations in the works." He discusses how the company's Robotic Navigation System helps patients and prospects for the use of robotics in cardiology surgery.

These innovations help physicians provide unsurpassed patient care with robotic precision and safety, expand access to minimally invasive therapy, and enhance productivity, connectivity, and intelligence in the operating room.

Stereotaxis Chairman and CEO David Fischel joined Stereotaxis as CEO and Chairman in 2017. Since then, he has led a rejuvenation of the company, including financial stability, growth, and significant innovation in robotic technology. Fischel has served for over ten years as Principal and portfolio manager for medical device investments at DAFNA Capital Management. Prior to joining DAFNA Capital, he was a research analyst at SCP Vitalife, a healthcare venture capital fund. He completed his B.S. magna cum laude at the University of California at Los Angeles (UCLA) and received his MBA from Bar-IlanUniversity in Tel Aviv. He is a Certified Public Accountant, Chartered Financial Analyst, and Chartered Alternative Investment Analyst.

Over 25 years ago, utilizing initial technologies developed by Dr. Matt Howard, Stereotaxis was launched as a 4-person startup at the University of Missouri's Center for Emerging Technologies (CET) high-tech incubator, growing to 140 employees today.

In 2002, Stereotaxis had been the first tenant at St. Louis' CORTEX Life Science Innovation District.

In February 2022, Stereotaxis moved downtown to 45,000 square feet of The Globe Building —making it one of the first such urban mixed-use developments in the nation. The firm decided they needed additional space and wanted to combine their corporate HQ, R&D, Advanced Manufacturing, and International Distribution into a single mixed-use facility. Alex Hauer has noted in his St. Louis Public Radio interview with David Fischel, "Stereotaxis Opens New HQ in Downtown St. Louis, Plans for Growth," moving their corporate headquarters to The Globe Building "provides space to expand Advanced Manufacturing, Global Distribution, and Research & Development — all on a single floor."

St. Louis Post Dispatch, March 8th, 2022

In their publication, "Entrepreneurial Ecosystems Building Playbook 3.0," the Kauffman Foundation notes, "The essence of an entrepreneurial ecosystem is its people and the culture of trust and collaboration that allows them to interact successfully. As a result, the whole is greater than the sum of its parts."

St. Louis' entrepreneurial ecosystem has been a key actor in Stereotaxis' success.

Kauffman continues, "Champions and conveners promote entrepreneurs, organize the ecosystem, and build awareness and advocate for local entrepreneurs and their companies, bring them together in collaboration, challenge them to grow, and push everyone forward. They are the catalysts, connectors, cheerleaders, co-creators, and changemakers. Champions and convenors wear many different hats. They could be the organizer of a Startup Weekend, the reporter covering local entrepreneurs, the lawyer who introduces clients to others, the early adopter who first buys from a new business or restaurant, or the chamber leader who shines a spotlight on the new business. Most importantly, they work relentlessly to help entrepreneurs and companies with little direct benefit for themselves."

Joined by the state and city civic leaders at the opening of their new HQ at The Globe Building in early 2022, David Fischel observed, "Thanks to state and city leaders — from Stereotaxis' fledgling beginnings as a Medtech startup, our firm has now become 'the Global Leader in innovative robotic technology' which has enhanced the treatment of arrhythmias." He concluded "today, this Robotic Magnetic Navigation is helping physicians throughout the world to provide unsurpassed patient care, with improved safety, and unmatched catheter precision, reach and stability."

More than 150,000 patients have been treated with Stereotaxis technologies at well over 100 leading hospitals throughout the world.

In late 2022, Stereotaxis was named St. Louis "Innovator of the Year," citing the firm for precision medical device manufacturing and for "pushing the Boundaries of Technology and Healthcare." That same year, The Globe Building was named "Development of the Year."

So, as Sterotaxis continues to grow — MedTech will join Geospatial Intelligence and FinTech in powering the Downtown North Insight District.

Click here to see the original story in the December 2024 issue of FDI Alliance International