Quantum Medical Concepts, a partnership between the Michigan State Medical Society and Commonwealth Enterprises to support early-stage healthcare startups, has made its first investment, worth $100,000, in Advanced Amputee Solutions.
Advanced Amputee Solutions is developing a Cushioning Implantable End Pad (CIEP), a polymer-based cushioning device that is inserted during surgery to eliminate pain and discomfort associated with amputated limbs. “They had a product that fit within our approach, and they needed funding as well as wrap-around services. We want to make sure they’re leveraging our strengths, and we work with them on everything from marketing help to operational services to IT,” says Ben Louagie, COO of the Michigan State Medical Society.
Quantum Medical Concepts’ investment in Advanced Amputee Solutions is in the form of a convertible note, which allows Quantum to turn its investment into company stock. As part of the funding agreement, the company will also relocate its headquarters and two full-time employees to the Michigan State Medical Society Headquarters in East Lansing.
Louagie says Advanced Amputee Solutions was founded by Gordon Maniere, a veteran of Operation Iraqi Freedom whose father is a below-the-knee amputee. The company plans to use Quantum funding to perfect its prototype.
Versicor, a Royal Oak, MI-based company, has been a partner to Advanced Amputee Solutions and will take the lead on much of the engineering work in the future while also helping with marketing and strategy.
Louagie says Quantum Medical’s goal is to invest about $250,000 per year in medical startups, and he expects to announce a few more companies that have been funded before the end of the year.
“Once you get past friends, family, and fools, there’s a big funding void,” he adds. “We’re encouraged by the number of innovative healthcare companies in Michigan. It’s a great opportunity to grow and support them.”
