BrightWater Medical Closes Series A Financing

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–BrightWater Medical, Inc. announced today that it has successfully
completed a Series A financing round for $5.2 million. The round was led
by OSF Ventures, the corporate investment arm of regional health system
OSF HealthCare, and included investments from angel groups and private
investors. The funding has covered initial costs for product
development, intellectual property, and regulatory filings for
BrightWater’s innovative ConvertX™ Nephroureteral Stent System* and will
accelerate its on-going, advanced development towards US and European
approvals.
The ConvertX System is designed to eliminate the need for a second
invasive interventional procedure in more than 300,000 patients treated
for severe ureteral obstructions annually. It consists of a single
device that is intended to replace a series of two separate invasive
procedures to treat severe obstructions of the ureters, which convey
urine from the kidneys to the bladder. In the two traditional
procedures, the interventional radiologist first implants a nephrostomy
catheter to externally drain urine and in the second procedure implants
a nephroureteral “NU stent” to circumvent the blockage. The ConvertX
System, in contrast, is implanted only once and converts from a
nephroureteral catheter to an NU stent, without the need for sedation or
local anesthesia, in less than one minute.
“BrightWater and the ConvertX System embody the emerging technologies we
target that have the potential to improve patient outcomes and reduce
the financial burden to the health care system,” said Kevin Schoeplein,
CEO of OSF HealthCare. “Our venture program is focused on companies that
provide innovative solutions beneficial to our system as well as to the
broader health care market.”
“We’re gratified to be partnered with a group of investors who share our
mission to improve the patient experience and reduce health care costs,”
explained leading interventional radiologist Bob Smouse, M.D., founder
and CEO of BrightWater Medical and Associate Professor of Radiology &
Surgery at the University of Illinois College of Medicine. “Being
selected and vetted by a health care system with such vast clinical
expertise provides us with operational, medical and industry expertise
along with relationships that will be instrumental as we move towards
commercialization.”
BrightWater will submit applications for the ConvertX System in the near
future to the FDA for 510(k) clearance as a Class II device and for CE
Marking in the European Union.
About BrightWater Medical
BrightWater Medical is a mid-stage medical device company uniquely
positioned to significantly impact the treatment of ureteral blockages
by interventional radiologists. The company was founded by Dr. Bob
Smouse, Associate Professor of Radiology & Surgery, University of
Illinois College of Medicine. Dr. Smouse is a leading interventional
radiologist, clinician, academic and entrepreneur, with more than 20
years of experience in interventional radiology, endovascular surgery
and clinical research.
About OSF Ventures
OSF Ventures is the corporate investment arm of OSF Healthcare System,
an integrated health system owned and operated by The Sisters of the
Third Order of St. Francis, based in Peoria, Illinois, that includes
eleven acute care facilities. OSF Ventures partners financially and
operationally in companies that improve patient outcomes and reduce the
financial burden to health care systems. OSF Ventures also invests
strategically through product incubation and acceleration.
* The ConvertX System is currently not approved for sale in, or outside,
the United States.