In this episode of Medsider Radio, we sat down with Daniel Estay, founder and CEO of SonoVascular.

SonoVascular has developed a novel mechanical-pharmaco ultrasound facilitated thrombectomy system, SonoThrombectomy, that utilizes microbubble-mediated cavitation as a core enabling mechanism to remove blood clots more effectively.

Dan has over 35 years of global medtech experience, including business development roles at Johnson & Johnson, where he worked on deals that helped create the world's first drug-eluting stent, and six years leading Abbott's cardiovascular device business across Asia-Pacific and Japan. He also serves as a Mentor-in-Residence at Duke University's New Ventures group.

In this interview, Dan discusses how to evaluate whether a medtech opportunity is commercially viable beyond technical feasibility, how trust and long-standing relationships matter more than geography when selecting first-in-human sites, and why cap table strategy requires deliberate thinking from the earliest stages — including when to transition from convertible notes to priced rounds.

Before we dive into the discussion, I wanted to mention a few things:

First, if you’re into learning from medical device founders and CEOs and want to know when new interviews are live, head over to Medsider.com and sign up for our free newsletter.

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If you'd rather read than listen, here's a link to the full interview with Daniel Estay.

KEY MOMENTS FROM THE INTERVIEW

(02:52) - An overview of Dan Estay’s background and the journey that led him to SonoVascular
(08:04) - The core idea behind SonoVascular — combining mechanical and pharmacological therapy to treat thrombosis
(13:33) - Why differentiation alone isn’t enough, and how Dan evaluates market size and viability before building
(18:38) - The four risks every medtech founder should assess: technical, clinical, regulatory, and market
(21:55) - Why Dan chose Chile for SonoVascular's FIH study and what he looks for in a clinical trial site
(29:05) - Why Dan would rethink his use of convertible notes and approach the cap table more strategically
(38:28) - Why grants should supplement your funding strategy, not lead it
(42:46) - What Dan looks for when hiring for startups

The Four-Risk Framework for Evaluating Medtech Opportunities: Interview with SonoVascular CEO Daniel Estay

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The Four-Risk Framework for Evaluating Medtech Opportunities: Interview with SonoVascular CEO Daniel Estay