Quantum Medical Concepts, a collaborative effort between Common Wealth Enterprises and the Michigan State Medical Society, will provide $100,000 in start-up funding to Advanced Amputee Solutions.
Advanced Amputee Solutions is a veteran-owned medical device company that is developing the Cushioning Implantable End – a polymer-based cushioning device that can reduce prosthetic discomfort while walking.
“Advanced Amputee Solutions is offering exactly the kind of medical innovation we want to foster in Michigan,” Ben Louagie, MS, chief operating officer of the Michigan State Medical Society, stated in a company press release. “The quicker we can get these products to market, the quicker the estimated 2 million Americans with amputated limbs can benefit.”
As part of the funding agreement, Quantum Medical Concepts will relocate its headquarters and assign two full-time employees to the Michigan State Medical Society in East Lansing, Mich. The investment also comes as a convertible note, which allows Quantum Medical Concepts to turn it into company stock. Funding will be used for Advanced Amputee Solutions prototype testing and development.
Versicor, a Michigan-based device manufacturer, will lead Advanced Amputee Solutions’ engineering efforts, and aid in marketing and strategy functions.
Quantum expects to invest up to $250,000 annually in additional Michigan start-up businesses that are in the early stages of development.
“We want companies that can benefit from more than just our financial support,” Tom Stewart, Common Wealth Enterprises chief executive officer, stated in the release. “In addition to financing, [we are] positioned to provide companies with management support and medical contacts. We are looking forward to Advanced Amputee Solutions being the first of many medical start-ups we will help launch.”