Build Evidence in Layers, Not Leaps
Interview with May Health CEO Colby Holtshouse

Key Learnings From Colby's Experience
The first dataset sets the tone — so make it airtight. Early studies don’t need to answer every question — they need to answer the right ones. Colby uses a phased approach: small, bulletproof trials with credible investigators first, then broader datasets later. In an era where proof thresholds keep rising, sequencing your evidence strategically is what earns belief from regulators, clinicians, payers, and even your own team.
A small, controlled launch prevents uncontrolled surprises. The first wave of real-world use will surface things no clinical protocol ever could — workflow nuances, expectation gaps, and subtle friction points that only show up outside a study. That’s why Colby prioritizes depth over speed: a tight group of trained early adopters, close observation, and rapid feedback loops. When companies learn slowly and deliberately at the start, they build the conviction, messaging, and refinements needed to scale with confidence later.
Your raise should drive the pitch — not the other way around. Founders often reshape their pitch to match each investor, but Colby takes a more disciplined approach: define the raise first — how much you need, what milestones it funds, and what type of partner fits the plan. That clarity accelerates conversations and saves months of misaligned meetings.
Some leaders enter medtech through engineering. Others through business. Colby Holtshouse entered through a search for meaningful work.
After a stint in technology investment banking, she wanted “something with a little more soul.” Guidant gave her that — and provided her the foundation she carries into every role: keep the patient first. From there, she moved through Medtronic and into startups like Pelvalon and Alydia Health, where she helped take a postpartum hemorrhage device from early development through acquisition by Organon. Organon recently sold this device to Laborie for a significant premium over their original acquisition price.)
But the move into women’s health also revealed a pattern she couldn’t ignore: innovations that transformed other specialties were reaching women a decade late. As she puts it, “We’re doing all the same things that happened in other spaces 10 years later.”
Now, as CEO of May Health, Colby is tackling two of the biggest challenges in modern women’s health — polycystic ovary syndrome (PCOS) and related infertility — with a minimally invasive ovarian rebalancing treatment designed to restore ovulation and improve the chances of conceiving.
Guest
CEO of May Health
Colby Holtshouse is President and CEO of May Health, a clinical-stage company developing a minimally invasive therapy to restore ovulation in women with PCOS and PCOS-related infertility. Previously, she served as Global Medtech Commercial Lead at Organon, overseeing the worldwide launch of the Jada System following Organon’s acquisition of Alydia Health, where she held roles including COO, Interim CEO, and VP of Marketing. Colby has also held leadership positions at Pelvalon, AccessClosure, Medtronic, and Guidant, and began her career in investment banking at Deutsche Bank.
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Build Clinical Evidence in Layers, Not All at Once
Clinical evidence is the backbone of every medtech startup — not just for regulators, but for physicians, payers, and even internal teams. And according to Colby, the bar has never been higher.
“As we have more and more devices, there seem to be fewer and fewer dollars,” she explains. “The threshold for evidence is really high.”
That perspective comes from experience. Before joining May Health, Colby helped guide the clinical strategy at Alydia Health, a women’s health company focused on treating postpartum hemorrhage. There, she saw firsthand how powerful a staged clinical program can be.
The Alydia team didn’t try to answer every question at once. Instead, they built evidence in deliberate layers: a small early study, a tightly controlled 100-patient trial with respected thought leaders, and an 800-patient post-market study with lighter requirements.
“That cadence really helped us grow the story,” she says. “You don’t need to do everything in the first pass.”
The key is understanding what each phase needs to accomplish. Early studies should build conviction with investigators and regulators. Later stages can expand the dataset, validate real-world use, and create momentum for commercialization — all without forcing a young company to raise capital for an oversized, premature trial.
Colby is applying the same discipline at May Health. The company is in the midst of a 150-patient pivotal investigational device exemption (IDE) study in the U.S., with over 50 patients already treated. In Europe, earlier feasibility work in 32 patients produced encouraging signs of ovulation and 12 pregnancies, including eight live births — data now supporting their CE mark pathway.
She notes that early commercialization in Europe could begin as soon as 2026, but only after the company’s next-generation system receives approval.
Why Early Commercialization Should Be Slow and Deliberate
Early commercialization isn’t about scaling — it’s about learning. And for Colby, that mindset has become a non-negotiable across every launch she’s worked on.
“I have just not been in a single launch where you don't find out something in the first few months,” she says.
Those discoveries aren’t usually failures. They’re mismatches — between what the team expected based on clinical trials and what actually happens in the hands of everyday clinicians. That’s why Colby advocates for a slow, methodical approach to the early market.
The first pillar is evidence. Hospitals and practices are demanding more data than ever before, and having that evidence “fully baked” is a prerequisite to even start the conversation. But evidence isn’t enough on its own. Teams also need credible early adopters — whether academic key opinion leaders (KOLs) or high-volume clinicians — who are willing to speak honestly about what the device feels like in real use.
“Making sure you understand the experience your customers are going to have with your product… and having those customers be willing to speak on your behalf — that early, limited launch where you go deep is really key,” Colby says.
Depth also creates space for the surprises. Real-world use always introduces variables not present in clinical studies: a new staff member, a slightly different patient type, a workflow nuance, or a user expectation shaped by previous technologies. Colby has learned that these moments are gold — if teams listen.
At May Health, they’re actively listening for such insights during their pivotal study.
Whether the solution is training, messaging, or a small product tweak, the key is catching issues early with a small group of engaged users — before broad commercialization.

When Fundraising, Start With Your Needs — Not Theirs
Colby has raised capital from inside startups and reviewed pitches from the other side of the table at Organon, the global women’s health–focused pharmaceutical company that acquired Alydia Health. That vantage point made one thing clear: founders often waste time trying to bend their story to fit each investor.
“There’s a desire to say, ‘Let me find out what this investor wants and then see if I can meet their needs,’” she says. “I’ve come to think that doesn’t serve you well.”
Her advice is to start with clarity. How much capital do you actually need? What milestones will it fund? Do you require one large lead investor, or can the round be filled by several smaller players? Could a single investor take the entire raise? When those parameters are defined upfront, fundraising conversations become cleaner and more productive. “You can approach investors with exactly what you’re looking for, and they can tell you if that’s something they would ever do,” she says.
Clarity doesn’t mean rigidity, though. Markets shift. Syndicates come together in unexpected ways. “You have to be flexible and try to work with what the market is going to offer you,” she notes. But that flexibility works best when it’s built on a clear foundation.
She also emphasizes something most founders underestimate: investors will interrupt you. “The amount of time you need to spend talking is two-thirds or less of the meeting,” she says. A pitch that proceeds uninterrupted is rarely a good sign — it usually means the audience wasn’t engaged.
And whether the outcome is a yes or a no, every meeting is part of a long-term relationship. “It’s a pretty small world of folks willing to invest in medtech,” Colby says. “Treat every opportunity accordingly.”
Working With Strategics: Be a Student of Their Business
Engaging with strategics requires a different kind of preparation. “Absolutely be a student of their business,” Colby says. Priorities, therapeutic focus areas, and acquisition appetites are often revealed publicly — in earnings calls, analyst Q&As, conference panels, and business development presentations. The key is staying current; a strategy you read about last year may already be outdated.
Colby also encourages founders to begin building these relationships long before they’re ready for a deal. Early interactions help you understand interest levels, how each company evaluates technology, and where you may fit in their long-term portfolio.
But strategic engagement comes with a warning: “Know that they take good notes,” she says. If you tell a strategic partner your 510(k) will be complete in a year, they will remember — and they will ask. Timelines can shift, but consistency, transparency, and demonstrated progress matter.
In other words: know what you need, understand what they value, and build the relationship well before you need it.
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