ONTOGEN MEDTECH SECURES ILLINOIS $50K SBIR MATCHING GRANT TO ADVANCE PARTNERSHIP WITH FLOW MEDICAL ON GROUNDBREAKING PULMONARY EMBOLISM CATHETER DEVICE.
Lisle, IL – 5 Oct 2023 – Ontogen Medtech, a Chicago-based medical device design and development services company, has been awarded a $50,000 Small Business Innovation Research (SBIR) matching grant from the State of Illinois to continue develop of an innovative catheter device to improve the treatment of pulmonary embolism. Ontogen is collaborating with Dr. Jonathan Paul and Dr. Osman Ahmed, co-founders of Flow Medical, to optimize the design and development of the device with the goal of improving overall patient outcomes and physician experience. Dr. Paul and Dr. Ahmed practice interventional medicine at the University of Chicago Medical Center.
The SBIR Phase I grant matching program was announced in 2022 by Governor JB Pritzker for companies within the State of Illinois. The $5M fund, managed by the Illinois Department of Commerce and Economic Opportunity, is intended to support entrepreneurship, commercialization and innovation. The grant matching program offers up to $50,000 for Phase I SBIR/STTR recipient companies in Illinois.
"We are deeply honored to have been selected as recipients of the SBIR matching grant from the state of Illinois," said Tyler Panian, Principal and Co-Founder of Ontogen Medtech. "This grant not only reaffirms our dedication to advancing medical technologies within the state but also recognizes the significance of our collaboration with Flow Medical. Together, we are determined to make a profound impact in the field of pulmonary embolism treatment, ultimately saving lives and improving patient outcomes."
Pulmonary embolism (PE) is a life-threatening medical condition wherein blood clots accumulate in the lungs. Pulmonary embolism represents a leading cause of morbidity in the United States, with as many as 900,000 cases per year in the U.S. alone. One in four patients with PE will die suddenly without warning, and PE is the third most common cause of cardiovascular death. In addition, blood clots represent a significant burden on the economy, with healthcare costs accounting for up to $10 billion dollars annually. Catheter-directed thrombolysis (CDT) is a means of treating the embolism by infusing medication directly into the pulmonary artery to break up the clots.
"We are thrilled to continue our partnership with Ontogen Medtech and appreciate the support from the State of Illinois to advance our pursuit of the catheter device's potential in revolutionizing pulmonary embolism treatment," said Jennifer Fried, CEO at Flow Medical. "Through this collaboration, we aim to address a critical medical need and provide healthcare professionals with an advanced tool to more effectively manage and treat patients with pulmonary embolism."
About Ontogen Medtech
Founded in early 2021, Ontogen Medtech provides contract medical device design and development services for entrepreneurs, startups, and established companies alike. Based in the greater Chicago area, the Ontogen team has proven experience developing and bringing to market products in the areas of orthopedics, cardiac implants, intravascular catheters, neurosurgery, in-vitro diagnostics, women’s health, drug delivery, and others. For more information, visit www.ontogenmedtech.com.
About Flow Medical
Flow Medical is developing a next-generation thrombolysis catheter to treat pulmonary embolism. Founded by leading interventionalists at The University of Chicago Medical Center in 2022, the company is headquartered in Chicago. For more information, visit www.flowmedical.co
