OSF Ventures Leads Series A Funding Round in Newest Investment
Peoria, IL (May 24, 2016) –OSF Ventures, the corporate investment arm of OSF HealthCare, led a $5.2 million Series A financing round in BrightWater Medical, Inc., a California-based mid-stage medical device company founded by a Peoria doctor. BrightWater Medical developed the ConvertX™ Nephroureteral Stent System* designed to streamline treatment for severe urinary tract obstruction, preventing the flow of urine from the kidneys to the bladder. Every year, more than 300,000 patients undergo two invasive procedures to treat their blockages; the ConvertX System eliminates the need for the second procedure. “Being selected and vetted by OSF, 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,” said 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 at Peoria. 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. It will also accelerate the medical device company’s on-going, advanced development towards U.S. and European approvals. “We are very excited to financially support BrightWater Medical, not only because the idea was 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,” said Stan Lynall, Director of Venture Investments for OSF. BrightWater Medical is the fifth investment made by OSF Ventures this year. The previous four include Pieces Technologies, Inc. in Dallas, TX; Health Catalyst in Salt Lake City, UT; Pulse Therapeutics, Inc. in St. Louis, MO; and AVIA in Chicago, IL. * The ConvertX System is currently not approved for sale in, or outside, the United States. OSF HealthCare is an integrated health system owned and operated by The Sisters of the Third Order of St. Francis, based in Peoria, Illinois. It includes OSF Healthcare System, consisting of eleven acute care facilities and two colleges of nursing, and a physician organization, OSF Medical Group, with clinical service lines in cardiovascular services, neurosciences and pediatrics. OSF Healthcare System employs 700+ physicians and 300+ Advanced Practitioners operating in more than 100 office sites. OSF HealthCare operates an extensive network of home health services known as OSF Home Care Services; owns OSF Saint Francis, Inc., comprised of healthcare-related businesses; and OSF Healthcare Foundation, the philanthropic arm for the organization. OSF Ventures is the corporate investment arm of OSF Healthcare System that 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. 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.