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Sudbury med-tech firm raises US$14M in development funds

Flosonics Medical inks deal led by Michigan venture capital firm
Sudbury med-tech firm Flosonics Medical has raised US$14 million toward commercialization of its FloPatch, a wireless blood-flow monitoring device. (Supplied photo)

Sudbury-based Flosonics Medical has raised US$14 million toward the development of its wearable blood-flow monitoring device.

The financing is led by the Ann Arbor, MI-based venture capital firm Arboretum Ventures and includes participation from existing investors iGan Partners and Genesys Capital.

Proceeds will be used for the device's commercial launch in North America and new product development.

“Our fund is focused on supporting emerging technologies that have potential to transform clinical care,” said Dan Kidle, a partner at Arboretum, in a Feb. 2 news release.

“FloPatch is a truly differentiated monitor, and we’re excited to partner with Flosonics’ team of world-class ultrasound engineers, physiologists, and clinicians.

Kidle will now take a seat on the Flosonics board of directors.

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Flosonics’ FloPatch is a wireless, push-button sensor that uses Bluetooth technology to monitor a patient’s blood flow.

Once the peel-and-stick device is adhered to a patient’s neck, results are tracked in real time and sent to a physician’s tablet or smartphone.

The device has passed regulatory clearances from both Health Canada and the U.S. Food and Drug Administration.

“FloPatch is a new paradigm in patient monitoring,” said Dr. Jon-Emile Kenny, Flosonics’ chief medical officer, in the release.

“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.”

Flosonics also recently received $500,000 from FedNor toward the transition of the technology to a clinical setting.

Founded in 2015, the company employs 20 people and is based out of the Health Sciences North Research Institute in Sudbury’s South End.