Bright Uro Announces $23M Series A Funding Round Led by Laborie – Expands Senior Leadership Team to Accelerate Next Phase of Commercialization
Company Names Chief Product Development Officer and Chief Commercial Officer as Glean continues to progress to regulatory clearance
IRVINE, Calif.--(BUSINESS WIRE)-- Bright Uro, a medical device company with a mission to transform care for lower urinary tract symptoms (LUTS) through innovations in urodynamics, today announced the initial closing of its $23M Series A financing round led by Laborie Medical Technologies, a leading global provider of urology diagnostic and therapeutic solutions. The Series A funding round includes investment from Laborie and other existing investors in the Company. Funding will be used to achieve FDA 510(k) clearance of the Glean™ Urodynamics System (Glean) and launch the product in the U.S. in 2024. Glean is a comprehensive system that enables wireless, catheter-free urodynamics and aims to revolutionize the testing process by giving clinicians more accurate data with actionable insight to aid in clinical decision-making.
“Laborie looks forward to leveraging our expertise and leadership in the global urology market to support the Bright Uro team,” said Michael Frazzette, President & CEO of Laborie. “The Glean system is a very novel technology. This investment furthers our commitment to preserve and restore human dignity while improving patient access and outcomes.”
The Company also announced the appointment of two industry veterans to its executive team, Suranjan Roychowdhury, Ph.D. as Chief Product Development Officer and Casey Kanel as Chief Commercial Officer. Dr. Roychowdhury is a seasoned professional with extensive experience leading R&D and Clinical at both startups and large medical device companies, including AMS, Cogentix, and Boston Scientific. Casey Kanel brings an impressive track record of commercial success with over 30 years of experience in urology and urogynecology device sales. After spending the majority of his career with Medtronic, Casey led the U.S. launch of Bulkamid for Contura until their successful acquisition by Axonics in 2020.
Bright Uro Founder and CEO Derek Herrera stated, “I am so proud of our team for achieving this incredible milestone! In just 15 months since securing an exclusive IP license from the Cleveland Clinic, we have built, tested, and manufactured not one device, but a highly complex system, including single-use disposable sensors, male and female insertion tools, a reusable uroflowmeter, and multiple software apps. At Bright Uro, our people are our most important asset. Casey and Suranjan are the right leaders joining at the perfect time to have an exponential impact as we continue on the path to bring Glean to market.”
About Bright Uro
Based in Irvine, Calif., Bright Uro’s mission is to transform care of lower urinary tract symptoms (LUTS) with its innovative technology that is poised to disrupt outdated urodynamics approaches. The Company’s investigational Glean™ Urodynamics System is designed to enable wireless, catheter-free urodynamics monitoring, with the ultimate goal of improving patient comfort and clinical outcomes. For more information, visit www.brighturo.com.
About Laborie Medical Technologies
Headquartered in Portsmouth, New Hampshire, Laborie is a global medical technology company focused on Urology, Urogynecology, Gastroenterology, Obstetrics, Gynecology & Neonatal Health. We manufacture and deliver high-quality, high-impact diagnostic and therapeutic products that help clinicians and hospitals preserve and restore patient dignity. Clinicians and hospitals look to us as the market-leading experts in our business segments, and we support our products with a world-class clinical education & information program. Laborie is a portfolio company of Patricia Industries. For more information, visit www.laborie.com.
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Source: Bright Uro
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