Flow Medical Secures $5 Million Seed Funding to Advance Innovative Pulmonary Embolism Therapy

Chicago, IL – December 17, 2024 – Flow Medical, a pioneering company in pulmonary embolism (PE) treatment technology, today announced the closing of an oversubscribed $5 million seed funding round, which includes $2 million previously secured from friends and family. This investment positions Flow Medical to accelerate the development and launch of its PE device, with the goal of enhancing patient outcomes and advancing cardiovascular care.

The seed round was supported by a strategic group of investors with an interest in healthcare innovation, including the University of Chicago Medical Center as part of its UCM Ventures initiative. The funding represents UCM Ventures’ first direct investment in a med-tech startup. All three founders of Flow Medical are faculty members at the University of Chicago.

“This is the second company I have built out of UChicago, and I am thrilled to have such strong support from the investment community,” said Jennifer Fried, CEO of Flow Medical. “We are at the forefront of a new era in PE treatment and are poised to translate our innovative ideas into meaningful clinical advancements that can save lives.”

The use of the funds will focus on design verification and validation testing, initiating a first-in-human study, and establishing partnerships to ensure broad adoption and accessibility of their pioneering treatment platform. Flow Medical’s solutions are designed to address critical gaps in PE treatment, benefiting patients and healthcare providers.

“We see great potential for Flow Medical’s technology to enhance patient care and are excited to be part of this journey,” said Stephen Weber, MD, chief medical officer for the UChicago Medicine health system, which is anchored by the University of Chicago Medical Center.

For more information, please visit www.flowmedical.co

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About Flow Medical: Flow Medical is dedicated to transforming care for pulmonary embolism through innovative therapeutic solutions that improve patient outcomes and streamline treatment. Based in Chicago, IL, the company is at the forefront of cardiovascular treatment innovation.

Flow Medical Secures $2 Million in Friends and Family Funding to Advance Breakthrough Thrombolysis Catheter for Pulmonary Embolism Treatment

Chicago, IL, December 12, 2023 – 

Flow Medical, a Chicago-based medical technology company specializing in innovative solutions for venous thromboembolism (VTE), announced today the successful completion of a $2 million Friends and Family funding round. The investment will accelerate the development of Flow Medical's novel thrombolysis catheter for the treatment of acute pulmonary embolism (PE).

Led by a consortium of enthusiastic supporters, the Friends and Family round was oversubscribed, highlighting strong confidence in Flow Medical's pioneering technology and its potential impact on improving patient outcomes in the field of catheter based treatments for PE. 

The pioneering technology behind Flow Medical's thrombolytic catheter was conceived by leading VTE physicians, Dr. Jonathan Paul and Dr. Osman Ahmed, at The University of Chicago Medical Center in 2020 with a mission to provide more targeted and precise therapy for PE patients. The company was developed and later spun out of the University with support from the Polsky Center for Entrepreneurship as well as non-dilutive funding from the NIH.

Jennifer Fried, CEO of Flow Medical, expressed her gratitude for the support and outlined the significance of the funding in advancing their mission. "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. We are grateful for the confidence our Friends and Family investors have placed in our team and our vision."

The thrombolytic catheter developed by Flow Medical represents a breakthrough in the field, offering a minimally invasive and highly effective solution for the endovascular treatment of PE. PE represents a major public health problem as the third largest cardiovascular killer, claiming over 100,000 lives in the US annually and standing as the number one cause of preventable in-hospital mortality.

Harvard Business School Angels of Chicago, a key investor in the Friends and Family round, sees immense potential in Flow Medical's technology. "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," said Alex Meyer, representative of Harvard Business School Angels of Chicago.

The funding secured in this round will be utilized for further research and development and regulatory activities. The focus on R&D reflects Flow Medical's commitment to delivering the highest standards of innovation and effectiveness in addressing these critical medical challenges.

For media inquiries or more information, please contact:

Jennifer Fried

jennifer@flowmedical.co

About Flow Medical:

Flow Medical is a Chicago-based medical technology company focused on developing innovative solutions for pulmonary embolism (PE) and other venous thromboembolic (VTE) disease states. With a commitment to improving patient outcomes, Flow Medical is dedicated to advancing medical devices that address critical needs in the treatment of PE and VTE. Learn more at www.flowmedical.co

Announcing Jennifer Fried as CEO and Co-Founder

Flow Medical, a physician-founded developer of a novel thrombolytic catheter to treat pulmonary embolism, today announced that Jennifer Fried has been named as Chief Executive Officer and Co-Founder.

Fried has spent her career as an early-stage healthcare investor, founder and operator. Most recently, she served as CEO and Co-Founder of Explorer Surgical, a surgical software platform founded based on research at The University of Chicago Medical Center. She led the company from ideation through commercialization and successfully exited the business in 2021 to GHX. Previously, Fried was a venture capitalist focused on early-stage medtech and healthtech, and a consultant at Bain & Company.

“Jennifer completes our team,” said Dr. Jonathan Paul, Flow Medical’s Chief Scientific Officer. “Jennifer’s experience building early-stage healthcare companies as both an investor and operator will enable us to rapidly accelerate our efforts to bring our novel device to market to serve our patients.” Dr. Osman Ahmed, Flow’s Chief Medical Officer adds, “We are thrilled to partner with an experienced CEO with a successful track record partnering with physicians to bring new products to market. Jennifer began advising our team in February and has already made a tremendous amount of impact on the business - we are beyond excited to officially have her on board as CEO.”

“I am honored to be joining the Flow Medical team,” said Jennifer Fried. “Flow Medical’s technology solves one of the most pressing clinical questions in PE treatment and has the opportunity to help millions of patients annually. What JP and Os have invented is truly unique. They refused to accept the status quo for their VTE patients and took their combined experience as physicians and researchers to build a device that can personalize treatment for each patient. The market is primed for a new device in this space and I am delighted to lead the charge.”

As co-founder and CEO of Explorer Surgical, Jennifer successfully raised more than $10M in private capital and NSF grant funding, on-boarded several dozen major medical device customers, and led the product to be used globally across five continents. The company and Jennifer received numerous industry accolades, including being named as one of Top 50 Healthcare Technology CEOs of 2021.

Jennifer received a BA with Honors in Mathematical Methods in the Social Sciences and Economics from Northwestern University and an MBA with Honors from The University of Chicago Booth School of Business.