Laborie Medical Technologies Invests in Medical Technology Start-Up Bright Uro
2023-11-30
PORTSMOUTH, N.H., Nov. 30, 2023 /PRNewswire/ -- Leading diagnostic and therapeutic medical technology company Laborie Medical Technologies Corp. (Laborie) announced a strategic equity investment in Bright Uro, an early-stage medical technology company headquartered in Irvine, CA.
Founded in 2021, Bright Uro is developing the Glean Urodynamic System™, a wireless, catheter-free, urodynamic monitoring system intended to quantify the pressure characteristics of the lower urinary tract. Urodynamics is a medical diagnostic test that is conducted for patients with lower urinary tract symptoms (LUTS), such as urgency, frequency, and incontinence, to assess the function of the lower urinary tract to see how well the bladder, urethra, and sphincters work together to store and release urine. It is estimated that, among Americans over 65, more than 50% of women and 25% of men suffer from urinary incontinence.
"Laborie looks forward to leveraging our expertise and leadership in the global urodynamics market to support the Bright Uro team," said Michael Frazzette, President & CEO of Laborie Medical Technologies. "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."
"Patricia Industries is committed to supporting Laborie in its mission to provide patients and clinicians with innovative tools that elevate the standard of care, which aligns with our purpose of creating value for people and society by building strong and sustainable businesses," said Yuriy Prilutskiy, Head of North America at Patricia Industries, a part of Investor AB, and owner of Laborie Medical Technologies.
Advisors
Simpson Thacher & Bartlett LLP and Cooley LLP acted as legal advisors to Laborie.
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.
About BrightUro
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 Patricia Industries
Patricia Industries is a long-term owner that invests in companies and works to develop each company to its full potential. Patricia Industries is a part of the industrial holding company Investor AB, whose main owner is the Wallenberg Foundations.
About Investor AB
Investor, founded by the Wallenberg family in 1916, is an engaged owner of high-quality, global companies, with a long-term investment perspective. Through board participation, industrial experience, global network and financial strength, Investor works continuously to support its companies to remain or become best-in-class.
SOURCE Laborie Medical Technologies
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