Chicago-based Flow Medical is developing a new thrombolysis catheter for treating acute pulmonary embolism (PE). The startup said it will use the funding for R&D and regulatory activities.
Flow Medical is led by co-founder and CEO Jennifer Fried, the co-founder and former CEO of Explorer Surgical. Her co-founders are venous thromboembolism physicians Dr. Jonathan Paul and Dr. Osman Ahmed at The University of Chicago Medical Center.
“This investment not only validates the potential of this groundbreaking technology but also propels us towards our goal of revolutionizing the treatment landscape for PE,” Fried said in a news release. “We are grateful for the confidence our friends and family investors have placed in our team and our vision.”
Investors in the funding round included Harvard Business School Angels of Chicago, which cited Fried’s track record with Explorer Surgical as one reason for its interest.
“Having witnessed the success of Jennifer’s previous company, Explorer Surgical, we are confident in Jennifer’s leadership and the potential impact Flow Medical can make in the field of VTE. Flow Medical’s device has the potential to transform PE therapy with its personalized approach to treating each patient,” Harvard Business School Angels of Chicago representative Alex Meyer said in the release.
Flow Medical previously won Small Business Innovation Research (SBIR) funding from the National Institutes of Health and raised $1 million from an unnamed medical device manufacturer that Fried has called a strategic investor.
The startup says its thrombolytic catheter “represents a breakthrough in the field, offering a minimally invasive and highly effective solution for the endovascular treatment of PE.”