BlueWind Medical, Ltd., an Israeli medtech startup that develops new technology to treat incontinence, raised $64 million in a Series B funding round led by ConvaTec, a global medical products and technologies company focused on therapies for the management of chronic conditions including continence care.
According to the American Urological Association, overactive bladder is a debilitating condition affecting over 34 million Americans and can lead to urgency urinary incontinence (UUI), the involuntary leakage of urine associated with a sudden compelling desire to void. People diagnosed with UUI have an irreversible condition that substantially impacts their physical and mental health, and is significantly associated with depression, social isolation, obesity, and death.
Israel Startup Nation knows that Israeli firms are at the forefront of new medical technologies and Israeli researchers seem to come up with new medical treatments on almost a daily basis. So BlueWind Medical is not alone.
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Just last week Larry Ellison joined a $21.5 million investment in Imagene AI, an Israeli medtech startup that develops AI-based precision medicine for cancer treatment. And Hello Heart, an Israeli medtech startup offering a digital program that helps users to understand and improve their heart health, raised $70 million in Series D financing.
Founded in Israel in 2010 by Rainbow Medical, an innovation and investment house focused on the invention, creation, and monetization of proprietary medical technologies, BlueWind developed a unique platform technology for a leadless, battery-less miniature implant which can be positioned in the vicinity of numerous peripheral nerves. Its patent portfolio includes 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 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 utilizing local anesthesia.
Neuromodulation is defined as “the alteration of nerve activity through targeted delivery of a stimulus, such as electrical stimulation or chemical agents, to specific neurological sites in the body”. It is a field of science and medicine that covers implantable and non-implantable technologies, electrical or chemical, that work on the body’s neural interfaces to improve health.
“Proceeds from the financing will be used to support the ramp in our commercial footprint in anticipation of potential FDA marketing clearance for BlueWind Medical’s RENOVA iStim implantable neuromodulation device,” said Dan Lemaitre, Chairman & CEO of BlueWind Medical.
“The BlueWind team appreciates that ConvaTec and others share our vision in the potential for RENOVA iStim to transform the care of OAB,” concluded Lemaitre.