Convatec invests in BlueWind Medical to fund development of innovative neuromodulation technology
Convatec Group Plc [CTEC:LON] is pleased to announce that it has invested $30 million in BlueWind Medical, Ltd., (“BlueWind Medical”) as part of BlueWind Medical’s $64 million Series B funding round. This round of financing was led by Convatec. BlueWind Medical is the developer of RENOVA iStimTM, an implantable tibial neuromodulation device, currently in development, for the treatment of urge incontinence alone or in combination with urinary urgency and/or urinary frequency.
For Convatec this represents an investment into an innovative technology in the large and growing over-active bladder (OAB) market. This chronic condition affects over 34 million people in the U.S. alone, with 19 million actively seeking care. The RENOVA iStim device utilizes neuromodulation to target the nerves that control the bladder. RENOVA iStim is implanted near the ankle in a single short outpatient procedure of approximately 30 minutes utilising local anaesthesia. In November the company completed patient enrollment of the OASIS pivotal clinical study at 23 centres in the US, UK, The Netherlands, and Belgium and interim safety data was recently announced showing no device or procedure related serious adverse events. BlueWind Medical will submit an application for U.S. Food & Drug Administration (FDA) marketing clearance in the United States later in 2022 based on the OASIS pivotal study.
The investment supports Convatec’s FISBE strategy (Focus-Innovate-Simplify-Build-Execute) by securing a relationship with a company developing an innovative solution related to the US Continence space.
Seth Segel, President & COO, Global Continence Care & Home Services Group at Convatec said: “This is an exciting opportunity to gain exposure to a new and innovative technology in the broader Continence Care space. We look forward to working closely with BlueWind Medical to improve the lives of people suffering from OAB.”
Dan Lemaitre, Chairman & CEO of BlueWind Medical, said: “We are pleased to welcome Convatec as an investor in BlueWind Medical. Their impressive footprint in the continence market and functional capability will provide highly valuable support as we strive to improve the lives of patients who deal with overactive bladder.”
About Convatec Group Plc
Convatec is a FTSE 250 global medical products and technologies company focused on solutions for the management of chronic conditions, with leading positions in advanced wound care, ostomy care, continence and critical care, and infusion care. We have around 10,000 colleagues and sell our products and services in over 100 countries. Our vision is Pioneering trusted medical solutions to improve the lives we touch. Our products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. Group revenues in 2021 were over $2 billion. To learn more about Convatec, please visit https://www.convatecgroup.com
About BlueWind Medical Ltd.
BlueWind Medical was founded in Israel in 2010 and has an extensive patent portfolio including 15 patent families, 35 filings and 24 issued patents. BlueWind Medical obtained CE Mark for RENOVA iStim in the treatment of overactive bladder in 2016. The OASIS study is being conducted under an Investigational Device Exemption (IDE) from the FDA. RENOVA iStim is not approved for use in the U.S.
For additional information please visit BlueWindMedical.com
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