OSF Ventures investing $5.2M in BrightWater Medical

OSF Ventures, the corporate investment arm of OSF HealthCare in Peoria, Ill., led a $5.2 million Series A financing round in BrightWater Medical, a Mountain View, Calif.-based mid-stage medical device company founded by Peoria physician Bob Smouse, MD.

BrightWater Medical developed the ConvertX Nephroureteral Stent System designed to streamline treatment for severe urinary tract obstruction.

The investments made by OSF as well as from angel groups and private investors are

covering initial costs for product development, intellectual property and regulatory filings for BrightWater's ConvertX System, which is currently not approved for sale in, or outside, the United States, according to a news release.

It will also speed up BrightWater's ongoing advanced development toward U.S. and European approvals.

Stan Lynall, director of venture investments for OSF, expressed excitement about the investment.

Not only was "the idea...originated by Dr. Smouse in our local community, but it also meets our criteria of having the potential to improve outcomes and experiences of the patients we serve throughout our ministry," he said in a prepared statement.

BrightWater Medical is the fifth investment made by OSF Ventures this year. The

previous four include Pieces Technologies in Dallas; Health Catalyst in Salt Lake City; Pulse Therapeutics in St. Louis; and AVIA in Chicago.

 

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars