March 3, 2022

Flosonics Medical graduates from Fogarty Innovation’s prestigious Company Accelerator Program

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.

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