As the most powerful executive on Wall Street, he is known for talking to companies around the world to win business for his bank. However, it was a casual mention by Dimon at his bank’s healthcare conference last week that boosted the fortunes of a little-known Swiss dental company.
During a gala dinner on January 12, before the start of the Chase conference in San Francisco, Dimon spoke with vVardis founders, sisters Haley and Goly Abivardi. They must have made a good impression because, to their surprise, Dimon mentioned their business in his opening speech the next day. He praised the “incredible technology that treats cavities without the use of a dentist” and said their example “demonstrates the power of innovation,” the sisters reported.
Since then, the company has been inundated with calls as it seeks to raise funds, and the number of interested investors has “more than doubled,” Haley Abivardi said in an interview. She declined to reveal how much they are seeking to raise.
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“We were thrilled,” she said. “Now it’s really huge, the amount of interest.”
vVardis develops products to combat early-stage tooth decay. Its Curodont line of treatments uses rinses and dental gels with the aim of spreading them into cavities to regenerate tooth enamel.
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“The dentist needs two hours to do three fillings, but suddenly your dental hygienist can do those three fillings in five minutes, and he can save you time to do larger treatments,” Abivardi said. “It’s a win-win situation for everyone.”
The sudden surge of interest highlights the power Dimon wields in the investing world, even though he is not a health expert.
The JPMorgan Healthcare Conference is often where pharmaceutical companies large and small present priorities for the year and lay the groundwork for future business. This year, security was tighter than usual at the event following the murder of UnitedHealth Group insurance chief Brian Thompson in Manhattan.
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The four-day event is the Super Bowl of the healthcare industry, with official attendees — and thousands of others who descend on the city to make connections — unfolding around a packed schedule of meetings. Who they meet and what they discuss can set the tone for the year ahead.
The vVardis founders plan to use the new funds for marketing, new product development and to grow the team. The company could potentially reach $1 billion in annual sales in four to five years, Haley Abivardi said.
A 2023 review of clinical studies of Curodont Repair, published in Journal of the American Dental Associationcalled it a “promising treatment” that has shown “clinically important effects” in halting the progress of tooth decay. The journal noted that the studies analyzed had a “high risk of bias” and recommended carrying out longer trials.
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