Flow Medical Secures $5M in Seed Funding to Transform Pulmonary Care
Flow Medical develops innovative catheter-directed thrombolysis technology for the treatment of pulmonary embolism.
Flow Medical, an Everywhere Ventures portfolio company, has raised $5 million in an oversubscribed seed funding round to advance its innovative thrombolysis catheter for treating pulmonary embolisms. Led by UChicago Medicine’s UCM Ventures, the funding provides the resources needed to propel the device through FDA approval and into human clinical trials.
“This funding is necessary to get our device out in the world,” said Jennifer Fried, CEO of Flow Medical and a 2024 Crain’s 40 Under 40 honoree. “Having our company be the first investment for this University of Chicago venture-capital fund also means the world to us.”
The seed round combines $2 million from an earlier friends-and-family round and $3 million from institutional investors, with UCM Ventures taking a leading role. The funding will enable Flow Medical to complete verification and validation testing, prepare its FDA investigational device exemption (IDE) application in 2025, and conduct its first human clinical trials.
A Device with Transformative Potential
Flow Medical was founded in 2020 by UChicago physicians Dr. Jonathan Paul and Dr. Osman Ahmed, both experts in venous thromboembolism, along with Fried, an experienced health tech entrepreneur. The company’s novel thrombolysis catheter is designed to treat acute pulmonary embolisms—a life-threatening condition caused by blood clots blocking lung arteries.
The device has already shown promise in over a dozen animal studies and has undergone a year of extensive design refinement. Pulmonary embolisms are a significant focus for UChicago Medicine, where the founders practice as pulmonary physicians. “We see great potential for Flow Medical’s technology to enhance patient care,” said Dr. Stephen Weber, chief medical officer at UChicago Medicine.
The upcoming human trials will initially focus on safety, followed by a pivotal study testing the catheter’s safety and efficacy on more than 100 patients. The goal is to deliver a safer, more effective solution for pulmonary embolism treatment, filling a critical gap in current care options.
Backing from Experienced Leadership
This funding round also reflects confidence in Flow Medical’s leadership. For CEO Jennifer Fried, Flow Medical represents her second venture launched out of the University of Chicago. In 2015, she co-founded Explorer Surgical, a health tech company she successfully sold six years later. Her entrepreneurial expertise has been instrumental in navigating Flow Medical through early development and regulatory hurdles.
“This is about creating meaningful change in how we treat pulmonary embolisms,” said Fried. With strong institutional support from UCM Ventures, Everywhere Ventures, and other backers, Flow Medical is well-positioned to advance pulmonary care and bring its life-saving device to market.
Read more in Crain’s Chicago Business
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