BrightWater Medical, Inc., a Mountain View, CA-based mid-stage medical device company, completed a $5.2m Series A financing round.
The round was led by OSF Ventures, the corporate investment arm of regional health system OSF HealthCare, with participation from angel groups and private investors.
The funding has covered initial costs for product development, intellectual property, and regulatory filings for the company’s ConvertX™ Nephroureteral Stent System and will accelerate development towards US and European approvals.
Founded by CEO Bob Smouse, M.D., an interventional radiologist, clinician, academic and entrepreneur, with more than 20 years of experience in interventional radiology, endovascular surgery and clinical research, BrightWater Medical is advancing the ConvertX System, designed to eliminate the need for a second invasive interventional procedure in patients treated for severe ureteral obstructions annually.
The solution 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, without the need for sedation or local anesthesia.
The company will submit applications in the near future to the FDA for 510(k) clearance as a Class II device and for CE Marking in the European Union.