Montreal, Quebec (September 23, 2019)– Emovi, Inc. announced today they have received the support of the Quebec government with financial assistance of $4.8 million bringing their total funding for 2019 over $20 million. The investment is part of the BioMed Propulsion program administered by Investissement Québec and will be used to expand Emovi’s KneeKG into the US market.
KneeKG is the first device that enables doctors to accurately assess patients’ knees in 3D while the patient is moving and weight-bearing. In contrast to static information provided by X-ray and magnetic resonance imaging (MRI), KneeKG quickly identifies the dynamic function of impaired knees allowing healthcare professionals to determine the most strategic treatment plan to restore the knee. KneeKG is revolutionizing knee assessment techniques and is more efficient than the current methodology, a process of elimination. By providing doctors with technical information that has a higher correlation to symptoms and at a fraction of the cost of high-tech scans such as MRIs, the KneeKG allows health care professionals to significantly improve patients’ quality of life while reducing pain and functional limitations.
“Knee pain is the second most common source of chronic pain in the United States, an affliction affecting one-third of Americans at some time or another,” said Emovi CEO, Michelle Laflamme. “These funds will allow us to continue our momentum and execute our vision more rapidly as we grow our team, scale our operations and focus our efforts on restoring patients’ quality of life.”
The BioMed Propulsion program, under the responsibility of the Minister of the Economy and Innovation, financially supports Québec companies with high growth potential in the life sciences sector to assist them in the commercialization of their product and research, while encouraging the contribution of private investors.
The Minister of the Economy and Innovation and Minister responsible for the Lanaudière region, Pierre Fitzgibbonsaid, “”The life sciences industry is essential to Québec’s economic growth which has prompted the government to help in building a high performance business environment that is strong and sustainable. Our contribution to its growth is in supporting research, corporate finance, and stimulating the creation of jobs across the innovation chain. Quebec’s undeniable strengths are dependent, in part, on research and knowledge from in higher education institutions. Emovi’s success is a perfect example of how Québec contributes to the industry in a profound way.”
Fitzgibbon will be accompanying leaders from Quebec’s medical technology industry, including Emovi CEO, Michelle Laflamme, to Advamed’s MedTech 2019 conference taking place on September 23 – 25 in Boston, MA. The MedTech Conference brings together more than 3,000 attendees to network, conduct business, gain access to capital, and share insights.
About Emovi Inc.
Headquartered in Montreal, Emovi is a medical device company that develops products for knee joint assessment to restore patient quality of life. In partnership with the Quebec university research community, including the CRCHUM and École de technologie supérieure (ÉTS), Emovi completed the development of the KneeKG, a unique clinical tool evaluating knee functional deficiencies linked to patients’ symptoms and pathology progression. Emovi owns multiple patents and the exclusive license to commercialize the KneeKG in several countries.