Ureteral medical device company BrightWater Medical said today it closed a $5.2 million Series A round of financing to support its ConvertX Nephroureteral stent system designed for treating severe ureteral obstructions from development to regulatory filing.
The ConvertX System is designed as a single device intended to replace a series of devices and procedures used to treat severe obstructions of the ureter. Traditional interventions require an implanted nephrostomy catheter to externally drain urine and a second procedure to implant a nephroureteral stent to circumvent blockage.
BrightWater’s system is designed to be implanted once and convert from a nephroureteral catheter into a nephroureteral stent without requiring sedation or local anesthesia.
“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. 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 Medical CEO Dr. Bob Smouse said in a press release.
The round was led by OSF HealthCare investment arm OSF Ventures, and joined by angel groups and private investors, the Mountain View, Calif.-based company said.
Funds will be used to cover initial cost for product development, intellectual property and regulatory filings for the ConvertX system as the company seeks development towards U.S. and European approvals.
“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. Our venture program is focused on companies that provide innovative solutions beneficial to our system as well as to the broader health care market,” OSF HealthCare CEO Kevin Schoeplein said in a prepared statement.
The company said it plans to apply for FDA 510(k) clearance and CE Mark approval in the European Union in the “near future.”