The investment will allow Flosonics Medical to scale up the manufacturing and distribution of cutting-edge medical solutions while strengthening the province’s pandemic supply chain

Flosonics Medical received over $1.5 million through the province’s Ontario Together Fund to scale up the manufacturing and distribution of FloPatch, the world’s first wearable wireless Doppler ultrasound system.

The investment will support a $3 million project to purchase advanced equipment for a state-of-the-art manufacturing facility that will allow Flosonics Medical to increase production capacity and introduce cutting-edge medical solutions around the world. It will also create 10 new jobs in northern and southern Ontario while strengthening the province’s pandemic supply chain.

“Flosonics Medical is pleased to partner with the Government of Ontario on this important project. The investment will enable scale-up capacity and secure local manufacturing for the production of wearable and wireless medical solutions in Ontario,” said Joe Eibl, co-founder and CEO of Flosonics Medical.

Founded in 2015, Flosonics Medical is a Sudbury-based medical device startup engaged in the research and development of non-invasive sensors aimed at improving patient care.

FloPatch is the world’s first wireless, wearable Doppler ultrasound system that enables rapid, repeatable, and trusted hemodynamic assessments throughout the continuum of care. The medical device adheres to a patient’s neck and wirelessly delivers actionable clinical data to a clinician’s tablet via Bluetooth.

“The pandemic highlighted the importance of being able to respond quickly to emerging medical needs. The wireless functionality of FloPatch enables rapid deployment across most health care settings, and it is especially well suited to resource limited environments,” said Eibl.

Supporting innovative projects like Flosonics Medical’s FloPatch is why the Government of Ontario has invested an additional $50 million in the Ontario Together Fund in 2021-22.  

The fund supports local innovators and businesses to further enhance Ontario’s domestic supply chain capacity, promote the province’s MedTech ecosystem, and build the manufacturing sector to ensure Ontario is well-prepared for future challenges.

It also provides other goods critical to the health, safety, and security of Ontarians through the COVID-19 pandemic and beyond.

“Through the Ontario Together Fund, our government is supporting innovative medical technologies so we can unleash Ontario’s economic potential. We are proud to partner with Flosonics Medical to increase their production capacity which will help secure additional Ontario-made medical device manufacturing,” said Minister of Economic Development, Job Creation and Trade Vic Fedeli.

The program assisted Flosonics Medical in developing a strong market entry plan as it moves toward the commercial launch of its wearable, wireless Doppler ultrasound system

Flosonics Medical recently announced its graduation from Fogarty Innovation’s prestigious Company Accelerator Program (CAP).

The targeted, concentrated, and intense six-month mentoring program is designed to support early-stage companies in developing a comprehensive, cross-functional approach to addressing opportunities and identifying barriers to success.

Flosonics was chosen out of hundreds of companies around the world to join the CAP program in March 2021 just after it had received regulatory clearance for its core technology – a wireless, wearable Doppler ultrasound sensor aimed at improving the management of critically ill patients.

The Canadian medical device company has greatly benefitted from Fogarty Innovation’s mentorship and expertise as it moves from the research and development stage to the commercial launch of FloPatch.

“Our goal was to develop a strong market entry plan and gain insight on how to execute on that plan while staying flexible and nimble as situations shift, such as we experienced during COVID. To do that, you need to understand challenges you might encounter along the way, including potential shortcomings in your product or execution,” said Joe Eibl, co-founder and CEO of Flosonics Medical.

Fogarty Innovation helped Flosonics Medical gain a clearer understanding of its target market. The team conducted a number of pilot studies involving key stakeholders during the CAP program, including clinical administrators and clinicians.

Over a few short months, the company doubled from 15 to 30 employees with the Fogarty team advising on the strategic positions needed to help Flosonics Medical advance. These developments helped pave the way for the clinical use of FloPatch in Canada and the United States.

“As first-time founders, going through the commercial readiness steps with the Fogarty team was extremely helpful in helping us avoid potentially costly mistakes and getting us to market much faster. Mike (Regan) and Zach (Edmonds, MD) were critical in making sure we were prepared and could quickly respond to the ever-changing environment,” said Eibl.

Fogarty’s accelerator program helped Flosonics Medical glean important insights that helped the company better understand the different stakeholders who interact with technology implementation and how to make sure to address their individual roles and concerns.

“We are a patient-first company, and it’s rewarding to see this commitment reflected in the physicians we work with as we strive to help them make their processes more efficient, while reducing costs,” said Eibl.

Flosonics Medical had previously partnered with the Sunnybrook Research Institute, a global leader in ultrasound and medical imaging, and out of that ecosystem received its first round of venture funding.

However, the company knew that while Canada offers a vibrant technology ecosystem, it’s often a challenge to move companies to the next stage of commercialization.

“Any time we’ve been able to take advantage of great mentorship, we know that we as leaders, the company and ultimately the patients have benefited from it,” said Eibl.

“Fogarty Innovation is a first-in-class network of medtech innovators, entrepreneurs and clinicians who have brought companies from an idea to a new standard of care, and we look forward to how it will help us improve.” 

As Flosonics Medical launches FloPatch, it is focused on continual validation studies and early commercial activities.

“It’s been extremely rewarding to see the excitement of the clinicians as they make decisions based on our technology, and also to see how it can be deployed in various clinical settings, such as the ICU, emergency room and operating room,” said Eibl.

“We’ve had such a positive experience with Fogarty Innovation that we are hopeful we can give back to other companies that are coming behind us.”

About Fogarty Innovation

Fogarty Innovation is a dedicated team of proven medtech innovators passionate about using their know-how and expertise to make medical advancement happen. Led by a committed staff of seasoned executives who bring 250+ years of cumulative leadership experience from over 60 companies. In total, these companies have returned over $5 billion to investors through both public markets and private transactions. Fogarty’s team of mentors help early-stage technology companies cross the chasm from novel idea to notable solution. For more information, visit www.fogartyinnovation.org.

An analysis of 48,570 cardiac cycles revealed that monitoring stroke volume change via carotid Doppler might support the diagnosis and management of evolving hypovolemia

Flosonics Medical recently announced a study published in the British Journal of Anaesthesia in which Dr. Jon-Emile S. Kenny and colleagues evaluated the correlation between carotid Doppler ultrasonography and stroke volume during simulated hypovolemia and volume resuscitation.

Using the company’s lightweight, wireless, continuous wave Doppler ultrasound patch, the researchers studied changing metrics from the carotid Doppler pulse during a well-validated model of human haemorrhage: lower body negative pressure.

The researchers found that changing carotid Doppler pulse and stroke volume demonstrated a strong, positive linear association following an analysis of 48,570 cardiac cycles.

This is the largest data set correlating stroke volume change with the common carotid Doppler pulse to the investigators’ knowledge.

For this study, the researchers recruited 11 healthy adult volunteers with no cardiovascular history in a physiology lab at the Mayo Clinic.

They found that changing stroke volume correlated with various carotid Doppler measures, including an 18% change in maximum velocity time integral (VTI) and a 4.3% change in carotid corrected flow time.

The investigators concluded: “The strength of this correspondence is the large number of cardiac cycles captured and analysed by the wearable Doppler device as compared with the limited beats sampled by handheld Doppler devices in clinical studies.”

These findings suggest that monitoring stroke volume change via carotid Doppler might support the diagnosis and management of evolving hypovolemia.

Arboretum Ventures Partner Dan Kidle

The funds will be used to pursue the commercialization of Flosonics Medical’s wireless Doppler ultrasound patch in addition to new product development

Flosonics Medical recently announced the close of a $14 million USD funding round led by Arboretum Ventures in partnership with existing investors iGan Partners and Genesys Capital.

The Canadian medical device company headquartered in Northern Ontario also welcomed Arboretum Ventures Partner Dan Kidle to its Board of Directors.

Financing proceeds will support the commercial launch of Flosonics Medical’s FloPatch technology in North America in addition to new product development.

“This financing is an important milestone which coincides with our technology’s transition to the clinical setting. Our team has developed the world’s first wireless Doppler ultrasound patch,” said Joe Eibl, co-founder and CEO of Flosonics Medical.

“This breakthrough technology will, for the first time, enable non-invasive on-demand Doppler measurement of blood flow, which we believe will be an essential tool for the medical community.”

Founded in 2015, Flosonics Medical is engaged in the research and development of non-invasive sensors aimed at improving patient care.FloPatch is the world’s first wireless, wearable Doppler ultrasound system that enables rapid, repeatable, and trusted hemodynamic assessments throughout the continuum of care.

The medical device, which has received regulatory clearance from FDA and authorization for sale from Health Canada, adheres to a patient’s neck and wirelessly delivers actionable clinical date to a clinician’s tablet via Bluetooth.

“FloPatch is a new paradigm in patient monitoring. Blood flow has been a missing vital sign, and we’re proud to have reimagined Doppler ultrasound as a simple, wireless, low-cost, single-use wearable,” said Dr. Jon-Emile Kenny, Flosonics Medical’s Chief Medical Officer.  

Arboretum Ventures is a healthcare-focused venture capital firm with a history of investing in impactful medical innovation.

“Our fund is focused on supporting emerging technologies that have the potential to transform clinical care. FloPatch is a truly differentiated monitor, and we’re excited to partner with Flosonics’ team of world-class ultrasound engineers, physiologists, and clinicians,” said Arboretum Ventures Partner Dan Kidle.

About Arboretum Ventures

Arboretum Ventures is a venture capital firm specializing in the healthcare sector. Founded in 2022, the firm has raised $700 million in capital to support a portfolio diverse in stage and geography. The investment team targets capital-efficient companies that improve patient outcomes and reduce healthcare system costs across medical devices, life science tools & diagnostics, and tech-enabled care delivery. Arboretum is headquartered in Ann Arbor, Michigan. More information is available at www.arboretumvc.com.

The Government of Canada investment will help Flosonics Medical develop the IT infrastructure required for commercialization and create five new jobs in Greater Sudbury

Flosonics Medical is pleased to announce that it has received a $500,000 investment from the Government of Canada to accelerate the integration of FloPatch in hospitals across North America.

The repayable investment will help Flosonics Medical develop the IT infrastructure required to commercially roll out its FDA-cleared medical device. It will also create five new jobs and support 17 existing positions in the Greater Sudbury area.

The funding will be provided through FedNor’s Regional Economic Growth through Innovation (REGI) program, which supports projects that promote sustainable community economic development, create jobs, enhance business development and growth, and facilitate innovation.

“This FedNor investment will ensure the FloPatch can be seamlessly integrated into the various electronic medical records systems used in hospitals and care centres across Canada and the United States,” said Andrew Eibl, co-founder and COO of Flosonics Medical.

“We are excited about the FloPatch and the positive benefits this cutting-edge technology will deliver for patients and healthcare providers around the world. We appreciate the tremendous support we received from the Government of Canada during all phases of development.”

Founded in 2015, Flosonics Medical developed the world’s first wireless, wearable Doppler ultrasound system that enables rapid, repeatable, and trusted hemodynamic assessments throughout the continuum of care.

The innovative medical device is capable of providing carotid Doppler metrics that can help clinicians determine when a patient is no longer fluid responsive.

With this funding, Flosonics Medical will hire a team of software developers and industry experts to ensure FloPatch can be fully integrated with the various electronic medical records systems in hospitals and clinics across Canada and the United States.

Health Canada granted Flosonics Medical an authorization for FloPatch under the COVID Interim Order in the summer of 2020.

“Supporting Sudbury’s innovators and job creators is a key priority of our government. I’m excited that this new investment in Flosonics Medical will help launch a promising new medical device that has the potential to significantly improve patient care in Sudbury and around the world,” said Paul Lefebvre, Member of Parliament for Sudbury.  

The Government of Canada previously invested $200,000 in Flosonics Medical to support the research and development of FloPatch, clinical trials, and preliminary market development.

“Today’s announcement will help Flosonics Medical improve the delivery of medical services, strengthen the economy and create high-quality middle-class jobs here at home in Nickel Belt and Greater Sudbury. I’m proud that our government is ramping up efforts to help Canadian businesses start up, scale up and commercialize new products,” said Marc G. Serré, Member of Parliament for Nickel Belt.

The company is collaborating with the Ontario Bioscience Innovation Organization (OBIO) to evaluate its core technology at Health Sciences North in Greater Sudbury

Flosonics Medical’s wireless, wearable Doppler ultrasound system was selected as one of the first eight Early Adopter Health Network (EAHN) innovation projects by the Ontario Bioscience Innovation Organization (OBIO).

As part of the EAHN program, OBIO has partnered each of the eight leading technologies in the first cohort with Ontario health care organizations to complete rapid evaluations over a period of up to 12 months.

These partnerships will help drive innovation in the Canadian health science industry into the Ontario health care system through an end-to-end process, extending from technology evaluation to commercialization.

Flosonics Medical, a scaling medical device company headquartered in Sudbury, Ontario, is collaborating with OBIO to evaluate FloPatch at Health Sciences North.

The medical device enables rapid, repeatable, and trusted hemodynamic assessments throughout the continuum of care, including emergency department and intensive care unit patients with COVID-19.

“Flosonics Medical is pleased to partner with OBIO and Health Sciences North to introduce its FloPatch technology for remote monitoring applications,” said Joe Eibl, co-founder and CEO of Flosonics Medical.

EAHN evaluates innovations across the health technology spectrum, from medical devices and COVID-19 solutions to digital tools that follow patients on their care journeys.

The goal of the program is to get these innovative technologies into the health care system faster and disseminated.

Since the call for applications on May 14, OBIO evaluated over 70 applications from across Canada and selected the most commercial-ready technologies to participate in the program.

Flosonics Medical was chosen alongside eight other health sciences companies across the province, including Awake Labs, Ironstone Development, Huron Digital Pathology, Hypercare, KA Imaging, Synaptive Medical and Therapeutic Monitoring Systems.

Technology evaluations will be taking place at health organizations throughout Ontario, including the Centre for Addiction and Mental Health (CAMH), The Ottawa Hospital, and University Health Network (UHN).

“OBIO’s EAHN gives Canadian health technology companies an opportunity to access local markets before expanding globally and a strong reason to anchor themselves in Canada,” said Gail Garland, President and CEO of OBIO.

“With EAHN, OBIO is partnering innovators and health organizations to get innovative technologies, including COVID-19-related technologies, into the health care system and to patients faster than ever before, realizing both the health and economic benefits that health science innovators within our own country can offer.”

Collaboration between the health science industry and Ontario’s health care system creates the opportunity to leverage health care as an economic driver for the province.

“Ontario is home to some of the world’s most innovative companies with a strong history of developing state of the art health care solutions,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade.

“Our economic recovery will rely on the growth of these companies and the good jobs they create. As we continue to emerge from the pandemic, programs like OBIO’s EAHN get innovative health technologies into our health care system and will ensure the growth of the domestic health science industry in Ontario.”

OBIO will also continue to work with all EAHN applicants to prepare them for readiness for future EAHN cohorts.  

About OBIO

OBIO is a not-for-profit, membership-based innovation organization engaged in strategy, programming, policy development and advocacy to further the commercialization of human health technologies positioning Canada as a leader in the international marketplace. OBIO advances this goal through collaborative partnerships with industry, the investment, community, academia, the health system and government. For more information visit www.obio.ca.

About FedDev

EAHN is supported through the Federal Economic Development Agency for Southern Ontario as part of a $6.2 million investment in OBIO to boost investment and market access for companies looking to commercialize their medical innovations. For over 10 years, FedDev Ontario has actively worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation and growth in Canada’s most populous region. For more information, visit www.feddevontario.gc.ca.

The company was one of two Northern Ontario organizations selected to receive financial support aimed at propelling innovative COVID-19 solutions into the marketplace

Flosonics Medical was one of two Northern Ontario organizations selected as a winner of Vale’s 2020 COVID-19 Challenge.

The challenge, which was launched in Canada on April 3, 2020, aimed to propel innovative COVID-19 solutions developed by companies, startups, institutions, universities or professionals into the marketplace by offering up to $1 million USD in financial support.

Founded in 2015, Flosonics Medical is a Sudbury-based company that develops and commercializes wearable sensors to improve the clinical management of critically ill patients.

To help during the pandemic, the venture-backed startup developed a wearable Doppler ultrasound device capable of providing vital information about a COVID-19 patient’s cardiovascular system remotely via Bluetooth.

The wireless functionality of FloPatch enables rapid deployment in most health care settings and is especially well-suited for resource-limited environments like COVID-19 overflow centres.

The funds received from Vale as part of the COVID-19 Challenge will help Flosonics Medical increase capacity to manufacture and distribute the FloPatch, which has already been cleared for use in the United States by the FDA.

“We are pleased to partner with Vale on this important initiative. Our aim with this solution is to facilitate monitoring where resources are limited, and to help support clinical decisions to improve patient outcomes,” said Joe Eibl, co-founder and CEO of Flosonics Medical. 

Flosonics Medical’s innovative technology was chosen out of nearly 1,800 solutions submitted globally to Vale’s COVID-19 Challenge, over 300 of which came from within Canada.

All of the solutions were carefully reviewed by a select group of employees as well as external partners and supporters, including Mater Dei Hospital in Brazil, Dr. Greg Ross from Health Sciences North, Don Duval from NORCAT, and Sheryl Thingvold from the MaRS Discovery District.

The panel of reviewers chose 11 solutions to receive financial support, including two developed by Canadian companies based in Northern Ontario.

“We had such a strong and positive response to Vale’s COVID-19 Challenge,” said Dino Otranto, Chief Operating Officer of Vale’s North Atlantic Operations and Asian Refineries.

“Organizations across the country have demonstrated extraordinary ingenuity and resilience to come together during these challenging times. We are pleased to fuel some ideas that were brought forward to help extend their reach and their impact in communities across Canada.”

To view and get to know the solutions being supported through this challenge, please visit
www.vale.com/canadacovid19challenge.

The Sudbury, Ontario startup was also selected as one of 50 Best-in-Class Startups to participate in MedTech Innovator’s flagship four-month program

Flosonics Medical is pleased to announce that it was accepted into MedTech Innovator’s prestigious Accelerator Program.

The award-winning program facilitated by the premier Los Angeles, California non-profit medical technology accelerator matches startups with senior industry leaders to receive in-depth, customized mentorship and support.

With a competitive 3% acceptance rate, the selection process for MedTech Innovator’s 2019 program set the bar high for applicants.

Together with the senior leadership teams of its corporate partners and over 200 industry judges, MedTech Innovator traveled to evaluate over 150 candidates in person out of over 800 applications from 34 countries and 45 U.S. states.

Flosonics Medical, a Canadian medical device company headquartered in Northern Ontario, is proud to be accepted into the MedTech Innovator Accelerator Program as it prepares for the commercialization of its core technology FloPatch.

“We are delighted to be participating in MedTech Innovator’s Accelerator Program, and we’re looking forward to learning from industry veterans as we bring our novel FloPatch technology to market,” said Joe Eibl, co-founder and CEO of Flosonics Medical.

MedTech Innovator also announced that Flosonics Medical was chosen among 50 best-in-class startups to participate in the organization’s flagship four-month program, featuring leading-edge device, diagnostic, and digital health technologies from around the world.

The program provides these startups with unparalleled visibility and access to leading manufacturers, providers, investors, and other industry stakeholders.

Leadership teams from the 50 startup companies gathered in San Francisco on June 19 for the annual MedTech Innovator Summit. During the two-day exclusive event, innovators from early to later-stage startups collaborated with MedTech Innovator’s 20 corporate partners to find solutions to common challenges and mechanisms to accelerate the development of their technologies.

They were joined by investors, providers, payers, and industry stakeholders such as representatives from federal agencies like National Institutes of Health (NIH) and the Biomedical Advanced Research and Development Authority (BARDA).

All 50 companies then presented in a Showcase and partnering meetings with executives and investors on June 21 at Wilson Sonsini Goodrich & Rosati’s 27th Annual Medical Device Conference where they vied for more than $500,000 in cash prizes and incubator space over the course of the program.

The chosen startups also presented in showcase panels and gained access to exclusive partnering and roundtables at The MedTech Conference powered by AdvaMed from September 23 to 25 in Boston where additional awards were presented.

“We take great pride in bringing the world’s best medtech ecosystem together with standout entrepreneurs to provide them with the resources and connections needed to bring their transformative technologies to patients,” said Paul Grand, CEO of MedTech Innovator.

“I’m pleased to share that MedTech Innovator alumni companies have now achieved more than $1 billion in follow-on funding – a testament to the quality of our portfolio companies, their innovations, and their teams.”

Grand added that MedTech Innovator is gratified that its alumni companies often credit the organization’s support and industry ecosystem as an important factor in their success.

Since 2013, MedTech Innovator has reviewed more than 3,000 startups and graduated 185 companies that have gone on to raise more than $1 billion in follow-on funding and bring 37 products to the market.

The organization works closely with stakeholders across the industry to foster the growth of early to mid-stage startups.

In collaboration with 20 corporate partners, as well as a broader network of hundreds of investors, business development representatives, and industry experts, MedTech Innovator provides startups with individualized mentorship and feedback, funding opportunities, and continual engagement with peers and advisors.

The organization also launched MedTech Innovator Asia Pacific in 2019 to accelerate the growth of promising medical device startups addressing healthcare needs across the region.

About MedTech Innovator

Based in Los Angeles, Calif., MedTech Innovator is the premier nonprofit startup accelerator in the medical technology industry. Its mission is to improve the lives of patients by accelerating the growth of companies that are transforming the healthcare system. MedTech Innovator matches healthcare industry leaders with innovative early-stage and emerging growth medtech companies for mentorship and support. For more information about MedTech Innovator, visit www.medtechinnovator.org and follow @MedTechAwards on Twitter.

The innovative program helps emerging companies achieve global success through workshops with international business experts and access to a national peer group of entrepreneurs

Flosonics Medical, a Canadian medical device company headquartered in Northern Ontario, is pleased to announce that it was selected to participate in the third cohort of the Lazaridis Scale-Up Program.

Facilitated by the Lazaridis Institute for the Management of Technology Enterprises based out of Wilfrid Laurier University’s Lazaridis School of Business and Economics in Waterloo, the innovative program helps emerging companies achieve global success.

As part of the program, businesses receive one-on-one mentorship with international business experts, 120 hours with dedicated growth specialists, and access to a national peer group of entrepreneurs.

The Lazaridis Institute selected Flosonics Medical alongside nine other Canadian companies that have demonstrated the potential to dominate their markets and are ready to take the next steps to grow globally.

“Flosonics Medical is honoured to be included in this year’s Lazaridis Scale-Up Canada cohort. Their mentorship in scaling Canadian tech companies is invaluable, and we’re grateful to the Lazaridis Foundation for supporting this excellent program,” said Joe Eibl, co-founder and CEO of Flosonics Medical.

The companies in the third cohort of the Lazaridis Scale-Up Program include Altus Assessments, Applied Brain Research, Blue J Legal, Jane App, Needls, Sofdesk, TinyEYE, VanHack, and Vive Crop Protection.

Each of the 10 companies took part in a competitive selection process beginning with an online application powered by open database company Hockeystick.

A panel of North American venture capitalists and industry experts then gathered for video interviews to select the 10 companies who showed the most promise for rapid growth.

The Lazaridis Scale-Up Program is tailored each year to the specific challenges faced by companies in the cohort as they scale their businesses. Over the course of six months, the cohort will travel to six different cities across North America for intensive weekend workshops with experienced executives.

Past workshop topics have included leadership for growth, next-level product development, scaling customer acquisition, finance and operations, and expanding in global markets.

The companies will also meet and begin to work with the sector and functional-area specialists, sourced from across North America, who will be supporting them for the next year.

“At the Institute, we are honoured to have met so many exciting companies,” said Kim Morouney, managing director of the Lazaridis Institute and Lazaridis professor of Executive Development in the Lazaridis School of Business & Economics at Laurier.

“Canadian tech and Canadian talent are drawing international attention. We’re here to help ensure that our entrepreneurs find the resources they need to scale globally—while creating jobs and creating value right here at home.”

Since its commencement in 2016, the Lazaridis Scale-Up Program has worked with 20 companies from Victoria, BC to Halifax, NS.

Surveys have demonstrated that, after only one year, 100 per cent of the companies in the first cohort had increased revenues and 90 per cent had launched a new product or service, increased exports, and received external funding.

The Lazaridis Scale-Up Program will begin on October 25, 2018, in Toronto. Participants will travel to Toronto, Vancouver, New York and Palo Alto, among other cities, for this year’s weekend modules.