OSF Ventures Invests in Company Developing Solutions for Pelvic Floor Disorders
PEORIA, Ill., Aug. 21, 2018
PEORIA, Ill., Aug. 21, 2018 /PRNewswire/ -- Millions of women in the U.S. and worldwide suffer from some form of pelvic floor dysfunction such as urinary incontinence. OSF Ventures is recognizing this epidemic with its latest investment in Renovia Inc.
Renovia is a Boston-based company dedicated to discovering and delivering first-line digital therapeutic and diagnostic devices to help women overcome these issues without undergoing a surgical procedure. The company's first FDA-approved device helps women rehabilitate and train weak pelvic floor muscles for the treatment of stress, mixed and mild-moderate urgency incontinence.
"Pelvic floor muscle training is recognized as the most beneficial treatment for women who suffer from urinary incontinence," said Jason Rodeghero, Senior Vice President of Occupational Health and Rehabilitation Services for OSF HealthCare. "However, studies indicate that about one-third of women presenting for evaluation of a pelvic floor disorder can't properly perform basic pelvic floor muscle exercises."
Renovia's technology uses interactive visualization and real-time progress tracking, guiding women to correctly complete the pelvic floor movements.
"We're excited to invest in a company working on a variety of products to positively impact this worldwide issue," said Stan Lynall, Vice President of Venture Investments for OSF HealthCare. "As the Renovia team continues this work, our investment sets the stage for ongoing clinical collaboration to address those suffering from pelvic floor health issues."
OSF Ventures joined six other venture groups in the Renovia investment opportunity.
"I know I speak on behalf of everyone at Renovia when saying that we're ecstatic to have the support of OSF Ventures as we work to develop a new standard of care for the treatment of urinary incontinence and then other pelvic floor disorders," said Marc Beer, Co-Founder, Chairman and Chief Executive Officer of Renovia. "The ability to partner with a world-class integrated health network, like OSF HealthCare, creates unique clinical opportunities."
Proceeds from the funding will be used to support Renovia's clinical trials, product development pipeline, corporate development and future commercial launches. Lynall will be joining the Renovia board as an observer.
OSF HealthCare, headquartered in Peoria, is owned and operated by The Sisters of the Third Order of St. Francis, and consists of nearly 21,000 employees in 126 locations, including 13 hospitals, 11 Centers for Health and 15 OSF PromptCares throughout Illinois and Michigan. OSF Innovation, ranked among the top 10 innovation centers in the country, is located in Jump Trading Simulation & Education Center. Launched in 2016, OSF Innovation is a multidisciplinary innovation center focused on internal and external innovation to solve the largest health care challenges. More at www.osfinnovation.org and www.osfhealthcare.org.
OSF Ventures specializes in venture optimization, partnering financially and operationally in companies that improve patient outcomes and reduce costs to health care systems. OSF Ventures is a division of OSF HealthCare. More at www.osfventures.org.
Renovia was formed to develop and commercialize products for better first-line diagnosis and treatment to improve the condition-specific quality of life for millions of women with pelvic floor disorders. Renovia's technology enables treatment via precise visualization of pelvic movement in real time during pelvic floor muscle training, while monitoring usage and progress over time. As a women's health organization, Renovia is in pursuit of scalable and cost-effective care for pelvic floor disorders delivered through the power of digital health.
Contact: Denise Molina-Weiger 309.308.9547 firstname.lastname@example.org
SOURCE OSF HealthCare
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