December 2017 until Present
An early stage investment and growth accelerator based in Orange County, Brian co-founded Profound Ventures with several partners to create and fund for-profit businesses and non-profit organizations using innovative technology, supporting growth, providing management support, and attracting partners. Portfolio companies include:
December 2009 - August 2017
Previously, Brian was the founder and CEO of Proove Biosciences, a molecular diagnostic company focused on chronic pain. The company transferred technology from UNC Chapel Hill, the University of Utah, McGill University, and developed its own products. By the end of 2016, the company employed over 270 employees across the nation, achieved over $28 million in cash-collected revenue, achieved profitability in all but one year of its 5 years of commercial activity, and had tested over 200,000 patients.
With awards from numerous medical societies for its research, over 100 scientific posters accepted and presented at major medical society meetings, and 10 papers accepted for publication in peer-reviewed journals, Proove was looking forward to a 2017 whereby major medical societies would include its technology into guidelines as a standard of care, the C-level executives of CMS in Baltimore had supported creating a national coverage determination to provide payment for all of its profiles, and the company would file an S-1 to go public. Proove was one of the fastest-growing technology companies in North America, selected to be on the Inc. 500 (#373) in 2016 and #724) in 2017, as well as the Deloitte Technology Fast 500 (#69) in 2016. Out of 28 million businesses in the United States, Proove was in the top 100th of 1%.
However, a handful of disgruntled, fired employees failed to get the government to accept their weak, whistleblower lawsuit filed back in 2015 so they went to an online reporter for STAT News who was willing to maliciously ignore the primary sources, recklessly disregard the evidence and circulate fraudulent documents to experts to gain misinformed quotes, and support these disgruntled employees’ desire for revenge. These horrible accusations resulted in a governmental inquiry, including an OIG subpoena delivered by the FBI in June 2017 – very similar to OIG subpoenas delivered to many other genetic testing companies. Over the past two years, many genetic testing companies have been served OIG subpoenas by the FBI to investigate business practices, such as Myriad Genetics (MYGN), Invitae (NVTA), Natera (NTRA), Pathway Genomics, Genomic Health (GHDX) and others. Unlike Proove, all of these companies paid hefty fines. The government didn’t find any wrong-doing in Proove’s Medicare billing or other business practices deserving of a fine or charge, indictment, arrest or any formal allegation of wrong-doing.
What was once considered a strength of the company – the fact that it was “built the old-fashioned way” not relying upon outside capital to start and grow, became a weakness in 2017. Back in 2009 through 2013, Brian and his wife, Catherine, started Proove as a “family business” investing all of their life-savings and home equity, growing the business from its humble beginnings in the midst of the Great Recession in 2009. Since Proove was not heavily financed by outside investors, it didn’t have a “safety net” to withstand a 90% downturn in revenue in less than 90 days which occurred in mid-2017. As a result, the Board of the company agreed to put the company into a Receivership, and despite Brian’s objections, the Receiver ultimately liquidated the assets and shut down the operations at the end of 2017.
Brian is publishing a book in the fall of 2019 entitled, Proove It! to document the experience and share lessons learned with others to spare them the pain he experienced.
Brian is an executive leader who specializes in inspiring teams to design and implement innovations to successfully solve problems. He is an optimist who gravitates to mission-driven “big ideas” and empowers his colleagues to realize this vision through disciplined implementation, relentless focus and strategic alignment.
Keynote Speaker on the topic: What Happened to Proove Biosciences?
Speaker and Session Chair for Neurotech Investments and Entrepreneurship at this annual conference in Los Angeles, California
Keynote Speaker on Development and Commercialization of Biological and Digital Biomarkers at McMaster University, sponsored by the Chronic Pain Network (SPOR Initiative of CIHR)
Speaker on Bleeding at the Leading Edge of Healthcare Technology: Lessons Learned from the 1st 7 Years of Success at Proove and the Last 7 Months of Destruction in Santa Monica, Calif
Speaker on Bleeding at the Leading Edge of Healthcare Technology: Lessons Learned from the 1st 7 Years of Success at Proove and the Last 7 Months of Destruction in Irvine, California
Speaker on the Convergence of Healthcare & Technology, and Moderator of panel on the Promise of Precision Medicine
Keynote Speaker of MedTech Monday on the topic of "Innovation, Collaboration and the Year Ahead" sponsored by MedTechDirectory.com, Irvine, CA
Presenter, Digital Medicine Showcase, Biotech Showcase, JP Morgan Healthcare Conference, San Francisco, CA
Speaker on "Precision Medicine and Big Data to Help Solve the Opioid Abuse Crisis" at Third Annual Richard Denisco Memorial Lecture, National Institutes of Drug Abuse, NIH, Rockville, MD
Speaker on "Staying Ahead of the Healthcare Curve", Hosted by the Executive Next Practices Institute, Irvine, CA
2014 and 2015, Speaker at the Personalized Medicine World Congress, Mountain View, CA
Speaker and Panelist at the Pain 2013 CME meeting, West Virginia Society of Interventional Pain Physicians & American Academy of Pain Medicine, W. Palm Beach, FL; Speaker on Genetics at the Pain 2012 CME meeting of the West Virginia Society of Interventional Pain Physicians, Miami, Florida