MOLLI Surgical Awarded INOVAIT Research Funding Through Pilot Fund Awards

TORONTO and DEERFIELD, Ill., June 21, 2023 /PRNewswire/ -- MOLLI Surgical is pleased to announce it is the recipient of the INOVAIT Pilot Fund along with its co-applicant, Sonele Inc.

INOVAIT is a pan-Canadian network funded by the Government of Canada and hosted at the Sunnybrook Research Institute (SRI), with the objective of building a truly integrated image-guided therapy ecosystem, fueling continuous innovation that revolutionizes healthcare globally. Through connecting, educating, and investing in the industry's brightest minds and most promising ventures, INOVAIT will support and encourage collaborative development and the integration of artificial intelligence (AI) into medical technologies.

Financé par le gouvernement du Canada et situé à l'Institut de recherche Sunnybrook (SRI), INOVAIT est un réseau pancanadien dont l'objectif est de créer un écosystème de thérapie guidée par imagerie véritablement intégré qui favorise l'innovation continue et révolutionne les soins de santé à l'échelle mondiale. Grâce à l'établissement de liens, à la formation et à la réalisation d'investissements au profit des plus brillants cerveaux et des initiatives les plus prometteuses du secteur, INOVAIT soutiendra et stimulera le développement collaboratif ainsi que l'intégration de l'intelligence artificielle (IA) dans les technologies médicales.

Funding for this project was provided in part by INOVAIT through the Government of Canada's Strategic Innovation Fund.

Ce projet a été financé en partie par INOVAIT dans le cadre du Fonds stratégique pour l'innovation du gouvernement du Canada.

"We're thrilled to accept this award of funding as we work towards our mission of saving and improving lives with our precision technology. We feel it is our duty at MOLLI Surgical to set a rapid pace of innovation that meets the needs of healthcare today and anticipates the needs of tomorrow," said Ananth Ravi, President and CEO of MOLLI Surgical. "The INOVAIT Pilot Fund is so important to the innovative image-guided therapy (IGT) companies in Canada; it provides the seed to help incredible ideas flourish."

MOLLI Surgical is proof that innovation can lead to widespread commercialization. One example of this is its Health Canada-approved and FDA cleared MOLLI®, a precise, easy-to-use new technology for soft tissue localization. MOLLI is rapidly being adopted as the primary mode of localization throughout healthcare institutions in Canada as well as experiencing tremendous growth in the US.

MOLLI Surgical shares INOVAIT's vision of continuous innovation, especially within the IGT sector to revolutionize healthcare globally.

"We are proud to play a key role in nurturing the most innovative IGT projects and companies in Canada to promote critical commercial translation of research breakthroughs," says Raphael Ronen, INOVAIT co-executive director and director of business development at SRI. "Through this round of the INOVAIT Pilot Fund, we are allocating $1.6 million to several high value projects — including MOLLI Surgical's — to advance Canada's IGT sector."

Recognized as a Gold winner at the 2022 Medical Design Excellence Awards, named as one of TIME Magazine's Best Inventions of 2022 and one of the Next Big Things in Tech by Fast Company, MOLLI puts the patient first by providing a better experience over traditional wire and other localization options. In 2023, MOLLI Surgical launched two new products, MOLLI 2® and MOLLI re.markable™, paving the way for the next generation of healthcare. MOLLI has pledged to launch innovative products that improve the patient experience every 12-18 months. With the support of the Pilot Fund, MOLLI is poised to deliver on that mission.

About MOLLI Surgical
MOLLI Surgical started with one patient's voice — a patient who asked if there was a way to make her breast cancer journey better. Her voice led to the creation of our flagship wire and radiation-free technologies — MOLLI 2® and MOLLI re.markable™. Our innovations are intended to replace outdated procedures to mark lesions for surgical removal with greater precision, efficiency, and cost-effectiveness. We are obsessed with every detail of our design process to ensure surgeons and radiologists have the best possible tools in their hands to support an improved patient experience.

MOLLI® has been recognized by TIME as one of 2022's "Best Inventions" in the Medical Care category and named to Fast Company's list of the "Next Big Things in Tech," recognizing technology breakthroughs across industries that promise to transform the future. We are proud to build the advanced solutions that patients and physicians prefer. Follow us on Facebook, LinkedIn, Twitter, and YouTube.

About INOVAIT
Established in 2020, INOVAIT invests strategically in collaborative partnerships that build upon Canada's strength in digital innovation and health science research to create a critical mass of world-leading image-guided therapy (IGT) companies. Led by the Sunnybrook Research Institute and supported by the Government of Canada's Strategic Innovation Fund, the network brings together small, medium-sized, and large companies, research organizations, post-secondary institutions, and not-for-profit organizations to foster collaboration and partnership. Its objective is to build a truly integrated IGT ecosystem by fuelling continuous innovation that revolutionizes healthcare. For any INOVAIT inquiries, please contact us at [email protected].

About Sunnybrook Research Institute
Sunnybrook Research Institute (SRI) is the research arm of Sunnybrook Health Sciences Centre, an internationally recognized academic health sciences centre fully affiliated with the University of Toronto. With well-established basic and applied sciences programs spanning three scientific platforms and ten clinical programs, SRI is developing innovations in care for the more than 1.3 million patients the hospital cares for annually. Recognized as a Centre of Excellence in focused ultrasound, SRI has one of the world's most comprehensive and successful focused ultrasound research programs, with technical, scientific, and clinical experts accelerating progress in the field.

Press Contacts:

Canada:
Anne Marie Aikens
AMA Communications, for MOLLI Surgical
416-728-4873
[email protected]

US:
Melissa Whitworth
Lightspeed PR/M for MOLLI Surgical
646.491.0838
[email protected]

SOURCE MOLLI Surgical