LANSING – Quantum Medical Concepts, a new partnership between the Michigan State Medical Society and Common Wealth Enterprises to provide early-stage funding for developing medical advances in Michigan, announced Monday that it will make a $100,000 investment in Advanced Amputee Solutions.
Based in Metro Detroit, Advanced Amputee Solutions uses the Cushioning Implantable End Pad (CIEP) a polymer-based cushioning device, to eliminate pain and discomfort associated with amputated limbs. The device is currently in development.
?Advanced Amputee Solutions is offering exactly the kind of medical innovation we want to foster in Michigan,? said Ben Louagie, COO of the Michigan State Medical Society. ?The quicker we can get these products to the market, the quicker the estimated two million Americans with amputated limbs can benefit.?
Quantum Medical Concepts? $100,000 investment in Advanced Amputee Solutions comes as a convertible note, which allows Quantum to turn its investment into company stock, if desired. The funding will help Advanced Amputee Solutions? prototype testing and development. 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.
Quantum?s unique business model gives companies access to more than 15,000 medical professionals, through the company?s relationship with the Michigan State Medical Society, and active management support. This allows Quantum to quickly identify and support products and companies with a high likelihood of success.
?We know there?s an urgent need for this device, and Advanced Amputee Solutions is more than ready to put this investment to work to change the future for amputees everywhere,? said Advanced Amputee Solutions Founder and CEO Gordon Maniere. ?The number of people worldwide with diabetes is expected to grow from 285 million to 435 million by 2030, and the number of veterans with amputations continues to grow.?
Maniere is an Operation Iraqi Freedom veteran whose father is a below the knee amputee. Among those living with limb loss, the main causes are vascular disease (54 percent) including diabetes and peripheral arterial disease and trauma (45 percent).
The CIEP utilizes cutting-edge polymer technology to absorb the forces experienced while walking in a prosthetic, allowing for comfortable skeletal weight bearing over a broader surface area.
Versicor, a Royal Oak, Michigan-based company, has been an essential partner to Advanced Amputee Solutions and will take the lead on the majority of the engineering work going forward while also aiding in marketing and strategy functions.
Businesses funded by Quantum Medical Concepts undergo a needs assessment, which looks at business functions such as human resources, branding, and accounting and finance. Based on identified needs, the business begins a 24-step program to better define its market and guide its growth.
Quantum expects to invest up to $250,000 annually among two or three startup Michigan businesses in the early stages of developing their products.
?We want Michigan companies that can benefit from more than just our financial support,? Common Wealth Enterprises CEO Tom Stewart said. ?In addition to financing, Quantum Medical Concepts is uniquely positioned to provide these companies with the management support and medical contacts that can give them a clear advantage. We are looking forward to Advanced Amputee Solutions being the first of many medical startups we will help launch in Michigan.?
