A Sudbury-created medical device that helps monitor patient vitals is one of two health sciences companies to benefit from $1.1 million in provincial funding.
FloSonics Medical will use $975,000 from the Northern Ontario Heritage Fund Corp. to develop and commercialize its FloPatch.
The high-tech device monitors patient vitals and fluids, providing instant feedback to clinicians.
The company will also develop a database to help better analyze the data that’s collected, transforming it from a monitoring device to a predictive diagnostic device.
Chief operating officer Andrew Eibl described the device as “the world’s first wireless, wearable blood flow monitor using Doppler ultrasound.”
"This support will also aid Flosonics Medical in developing the world's largest Doppler blood flow database in order to train artificial intelligence algorithms to detect unique patterns of cardiovascular disease through the 'blood flow fingerprint'," Eibl said in an Aug. 6 news release.
The remaining $127,174 will go to Medicor Research, also of Sudbury, which conducts clinical research studies for physicians that improve patient health.
Medicor will use the funds to expand its offices to a new space and diversify its service line, conducting academic research to support the development of new treatments, devices and technologies.
"We finally have room to grow, and within the first year of our expansion, we are experiencing a substantial revenue increase, allowing us to create three new full-time jobs,” Medicor CEO Barbara Ward-Dagnon said in the release.
“NOHFC is an amazing partner for SMEs (small and medium-sized businesses), and we are proud to work with them to create economic growth in Northern Ontario."
The funding announced for the two projects is expected to help create eight new jobs.
