Fluid Biomed: From a research project to an innovative health-care tech business

From small beginnings as a research project in a University of Calgary laboratory, to an innovative health-care tech business creating a one-of-a-kind medical device, Fluid Biomed is a startup looking to improve the lives of people experiencing brain aneurysms.

“Up to five per cent of people are affected by a brain aneurysm, which is a weak bubble on a blood vessel that's prone to bursting,” says Dr. John Wong, MD, Fluid Biomed co-founder and chief executive officer. 

“If it does, the result is a brain hemorrhage that often causes a terrible stroke and disability.”

First bioabsorbable polymer-based brain stent

Stents are mesh tubes implanted by physicians into blood vessels to redirect blood flow and prevent the aneurysm from rupturing. However, existing products are made of entirely of metal. These are permanent and may require lifelong use of blood thinners. 

To better treat this disease, Wong and Fluid Biomed co-founder Dr. Alim Mitha, PGME’09, MD — both neurosurgeons and faculty at the Cumming School of Medicine — created the world’s first bioabsorbable polymer-based brain stent called ReSolv.

Next generation of medical devices

It all started in Mitha’s biomedical engineering laboratory in 2012.

Mitha says this new design has several advantages, such as: 

• permitting better visualization of the brain using computed tomography and magnetic resonance imaging scans instead of invasive tests
• reducing the need for patients to take lifelong blood thinners after the polymer dissolves away.

“As neurosurgeons, we were intrigued by the increasing popularity of brain stents, but, as scientists, we felt we could push the boundaries by developing the next generation of medical devices using innovative materials and design,” says Mitha. 

Startup raises $27 million from investors

Recently, the company raised $27 million US in funding, one of the largest Series A financings in the world for any early stage medical device company in 2024. 

The funding was co-led by Amplitude Ventures, a Canadian venture capital firm that invests in health-care companies with a focus on precision medicine and medical devices. Series A funding is financing that startup companies can receive from professional and institutional investors after they’ve demonstrated a strong business model and growth potential. 

“We've already conducted a small pilot study of patients with brain aneurysms that supported the stent’s safety and efficacy,” says Wong. “Enabled by the new investment, we plan to further refine our stent technology towards commercialization, add to our team of talented employees and conduct an international clinical trial aimed at eventually obtaining device approval for human use.”

Key support from UCalgary UCeed program 

Wong says launching a startup is not easy. Early investment funds from UCalgary’s UCeed program, along with consistent support from the university and its departments, were instrumental in getting the firm where it is today, he says.

“UCeed recognized the potential in our technology and company and provided early critical capital to help propel the project, and that was super helpful for us to grow as a startup and eventually stand on our own two feet,” says Wong. “That investment gave us enough momentum to engage with subsequent partners and investors of the highest calibre from around the world.”

Move to new Calgary headquarters

Fluid Biomed, currently a resident member of the Life Sciences Innovation Hub, plans to move into a new headquarters in Calgary this year. With nearly 20 full-time employees, some of whom are UCalgary alumni, the startup needs more space, but Wong says the company will stay close to its UCalgary roots.

As of now, Fluid Biomed plans to accelerate product development so that, in future years, Albertans and people with brain aneurysms worldwide may be able to benefit from their innovative medical device.

“I think it's a remarkable achievement and representative of what can be done starting right here at the University of Calgary,” says Wong.