Minnesota Cup 2009

Ziebol and his three partners started Pursuit Medical in 2008 as an incubator that would team with physicians to commercialize their medical device inventions. From it, Pursuit Vascular was born, and ClearGuard quickly gained favor. “As we started digging into its potential, it rose to the top so high that we’ve virtually put all of our resources into bringing it to forward,” Ziebol notes.

Starting as a self-funded entity, Pursuit Vascular spent 2008 developing ClearGuard, building prototypes, and testing them. Clinical trials will begin in the second quarter of 2010, and Ziebol expects to receive regulatory approval by mid-2012. Kicking off sales in Europe in 2011 and in the United States the next year, the company projects $2.5 million in revenue by 2012, $75 million the following year, and $200 million by 2014.

So far the toughest challenge has been securing financing. “We’re still a young company, so attracting attention has been difficult,” says Ziebol. “Investors are choosing to fund companies that have sales already and have already proven out their business.” Now that Pursuit Vascular can claim a Minnesota Cup win, Ziebol believes the company will have a more robust case.