press release
Bright Health Announces $200 Million Series C Funding Round as Unique Care Partner Health Plan Model Ushers in the Next Generation of Healthcare
December 3, 2018 | Tags: Andrew Goldfarb, Bessemer Venture Partners, Bob Sheehy, Bright Health, Craig Sherman, Cross Creek Advisors, Declaration Partners, Featured, Flare Capital, Greenspring Associates, Greycroft, healthcare, Investment, Medical Alley, Medicare, Member, Meritech Capital Partners, Mohamad Makhzoumi, New Enterprise Associates (NEA), press release, Redpoint Ventures, Series C, Town Hall Ventures
MINNEAPOLIS, Nov. 29, 2018 /PRNewswire/ — Bright Health, an insurance company that provides exclusive Care Partner Health Plans for everyday individuals at competitive prices, today announced it has raised $200 million in an oversubscribed Series C funding round. The financing includes two new investors, Declaration Partners and Meritech Capital, as well as existing investors Bessemer Venture Partners, Cross Creek Advisors, Flare Capital, Greenspring Associates, Greycroft Partners, New Enterprise Associates (NEA), Redpoint Ventures, and Town Hall Ventures.
Since early 2016, Bright Health has raised more than $440 million in three rounds of equity financing in pursuit of its vision of ushering in the next generation of healthcare through its proven Care Partner Health Plan model, delivering efficiency, predictability and cost savings to members. The Series C funding will grow the company’s balance sheet and support ongoing expansion into new markets at a pace expected to exceed Bright Health’s growth in 2019.
“Bright Health has continued to execute at a fast pace towards our goal of disrupting the old health care model that places insurers at odds with providers,” said Bob Sheehy, Chief Executive Officer of Bright Health. “With our recently announced expansion, we will triple our geographic footprint in 2019. And Bright Health’s current high re-enrollment rate shows that consumers are ready for this improved healthcare experience – especially when it is priced competitively. We are honored to welcome these long-term investors to the Bright Health community as we look forward to what’s ahead for the company. We are just getting started.”
“As a growth investment fund, Meritech is looking for opportunities to invest in fast growing sector leaders whose potential to use technology will enhance the customer experience of large populations,” said Craig Sherman, Managing Director at Meritech Capital Partners. “Not only has Bright Health proved this is possible with its above average re-enrollment rates, but the data infrastructure that they are building has the potential to produce better health outcomes for millions of hardworking Americans and disrupt health insurance – and healthcare – as we have come to know and accept it.”
Another new investor contributing fresh capital is Declaration Partners. Andrew Goldfarb of Declaration said, “Bright Health’s differentiated model solves long-standing issues in healthcare and, most importantly, delivers high quality, integrated and affordable care to its growing membership. We are excited to support Bright Health through this next phase of the company’s growth.”
Mohamad Makhzoumi, General Partner and head of healthcare services and healthcare IT investing at NEA said, “I remain awestruck by the achievements that Bright Health has made since the Company’s Series A financing in 2016. Bright Health is the entrant with the best chance of upsetting the staid status quo of the managed care industry. This financing positions the Company well to capitalize on its transformational medical cost management results. We are thrilled to continue partnering with Bob and the entire Bright Health team.”
Launched in 2016, Bright Health’s innovative Care Partner Health Plan Model works exclusively with one health system per market to offer superior, integrated care that removes the friction that has traditionally existed between payers and providers. This relationship allows for coordination of services and administration to optimize consumer and patient experience.
Offering both Individual and Family Plans (IFP) and Medicare Advantage (MA) plans, Bright Health can support consumers from childhood through retirement, allowing them to build lifelong relationships with their providers who in turn are invested in their long-term health outcomes.
About Bright Health
Bright Health provides quality health insurance for everyday individuals at competitive prices. Through its exclusive Care Partner Health Plans in local communities, Bright Health is reshaping how people and providers achieve better health together by making healthcare simpler, more affordable and personal. Bright Health currently offers a range of individual, family and Medicare Advantage plans in Alabama, Arizona, Colorado, New York City, Ohio and Tennessee via its website, call center, broker partners and through government websites as well as public health insurance exchanges. Bright Health co-founders include Bob Sheehy, former CEO of UnitedHealthcare; Kyle Rolfing, co-founder and former CEO of Definity Health and RedBrick Health; and Tom Valdivia, MD, MS, former chief health consumer officer of Definity Health. Learn more at www.brighthealthplan.com.
SOURCE Bright Health
Miromatrix Invited to Highlight Advances in Kidney Disease Treatment at KidneyX
October 30, 2018 | Tags: Miromatrix, press release
Miromatrix Invited to Highlight Advances in Kidney Disease Treatment at KidneyX
October 24, 2018 (Minneapolis, MN) — Miromatrix Inc. is among a select group of biotech companies chosen to present at the inaugural KidneyX Innovator Showcase October 27 in San Diego. The event is part of American Society of Nephrology (ASN) Kidney Week 2018.
CEO Jeff Ross, Ph.D., will spotlight the company’s technological advancements in improving kidney replacement therapies on Saturday from 10:00am – 12:00pm on the Exhibit Hall Floor of the San Diego Convention Center.
KidneyX, also called the Kidney Innovation Accelerator, is a newly formed public-private partnership between the U.S. Department of Health and Human Services (HHS) and the ASN. Established in April 2018, KidneyX aims to use prize competitions to accelerate the development of innovative solutions that can prevent, diagnose, and/or treat kidney diseases, with the ultimate goal of improving the quality of life for people living with those diseases. The Accelerator will also bring together key components of HHS, notably the Food and Drug Administration (FDA), Centers for Medicare and Medicaid Services (CMS), and the National Institutes of Health (NIH) to ensure that the path to commercialization is straight and clear.
“Miromatrix is honored to be chosen as one of only five innovators to present at the first ever KidneyX prize competition,” says Dr. Ross. “We’re thrilled to highlight not only our ground-breaking technology, but also our progress towards creating bioengineered transplantable organs — including kidneys — in order to eliminate the organ transplant waiting list. ”
Also during the prestigious ASN scientific sessions, Miromatrix Lead Scientist, Joe Uzarski, Ph.D., will present an accepted abstract. Featured on Thursday, October 25 from 5:54-6:06pm at the San Diego Convention Center, the abstract demonstrates Miromatrix’ successful endothelialization of decellularized kidneys and subsequent reperfusion.
For more information about KidneyX, visit kidneyx.org/. For details about ASN Kidney Week 2018, check out asn-online.org/education/kidneyweek/.
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About Miromatrix
Miromatrix Inc. is a Minnesota-based biotechnology company on a mission to save and drastically improve countless lives by eliminating the organ transplant waiting list. Through their proprietary perfusion decellularization and recellularization technology, the company is creating fully implantable human organs including livers, kidneys and heart products, as well as liver-derived biological products such as MIROMESH® (soft tissue reinforcement) and MIRODERM® (advanced wound care). Miromatrix’ perfusion decellularization and recellularization technology is protected by a series of issued patents and pending patent applications in all major markets worldwide. Miromatrix’ collaborators include The Mayo Clinic, Texas Heart Institute and Mount Sinai Hospital. For more information, visit miromatrix.com.
Minnetronix Announces Rebrand to Minnetronix Medical
September 10, 2018 | Tags: Medical Device, Member, Minnetronix Medical, press release
Minnetronix Announces Rebrand to Minnetronix Medical
New brand supports the company’s continued investment in technology solutions and development of proprietary therapies.
SAINT PAUL, MINN. (September 10, 2018) – Minnetronix, Inc., a leading medical technology and solutions provider, today announced that it has rebranded as Minnetronix Medical, Inc. The rebrand reflects the company’s continued investment in technology and growth focused on solutions for customers as well as innovative treatments in neurocritical care. As part of the rebranding effort, the company also introduced a new logo, colors, tagline and website all focused on rapidly bringing safe and cost effective medical products to market.
Minnetronix Medical has helped hundreds of medical device companies across the globe bring technologies to market since its founding in 1996. Today, the company is investing further in areas in which it has established significant technical expertise. These investments are strengthening Minnetronix Medical’s industry leading positions in RF Energy, Fluid and Gas Management, Optical Systems, and Stimulation and Active Wearable devices. The investments will expand the company’s ability to deliver state-of-the-art process and technology solutions to medical device companies.
Minnetronix Medical also announced today that it is developing a portfolio of proprietary therapeutic solutions for the Neuro ICU. The company is initially focusing on hemorrhagic stroke patients and has completed a first-in-human study for its Neurapheresis™ Therapy, a breakthrough treatment for post-aneurysmal subarachnoid hemorrhage patients. Neurapheresis™ therapy is a minimally invasive process in which the patient’s Cerebral Spinal Fluid (CSF) is filtered to remove blood and then return the clean CSF to the patient. An extended study is scheduled to begin fall of 2018.
“Minnetronix is growing and broadening its footprint in the healthcare industry. Our new brand better reflects the company we are today and how we are furthering our mission to improve life for patients,” said Rich Nazarian, CEO of Minnetronix. “Over more than two decades we’ve gained a breadth and depth of skill and experience that we’re continuing to use to deliver meaningful solutions to our medical device customers as well as neurocritical care physicians and patients.”
About Minnetronix Medical
Minnetronix Medical is a technology company focused on bringing therapies to market that solve unmet needs. Since 1996, we have been a valued development, manufacturing and technology partner for medical device companies across the globe. We specialize in RF Energy, Fluid and Gas Management, Optical Systems and Stimulation and Active Wearable devices. Today, we are expanding what we do and we’re developing a portfolio of proprietary solutions for the Neuro ICU. www.minnetronixmedical.com
Minne Ties® Agile MMF by Summit Medical Wins 2018 Medical Design Excellence Award
July 26, 2018 | Tags: press release, Summit Medical
NEWS RELEASE
Minne Ties® Agile MMF by Summit Medical Wins 2018 Medical Design Excellence Award
Minne Ties has been disrupting the cranio-maxillofacial space since being cleared by the FDA
Unlike other systems on the market, Minne Ties is a non-invasive solution that minimizes discomfort for patients and risk of injury for surgeons
ST. PAUL, Minn. (July 18, 2018) — Summit Medical, an Innovia Medical Company, today announced that Minne Ties Agile MMF — an innovative approach to achieving maxilla-mandibular fixation — has been selected as the Silver Winner in the “ER and OR Tools, Equipment, and Supplies” category of the 20th Annual Medical Design Excellence Awards, the premier awards program for the medtech industry. The 2018 winning products were recently announced at the MDEA Ceremony held in June in New York City in conjunction with MD&M East — the East Coast’s largest advanced design and manufacturing event.
Redefining the Industry Standard for MMF
Minne Ties Agile MMF has been disrupting the cranio-maxillofacial space since May 2017 upon being cleared by the FDA. Unlike other systems on the market, Minne Ties is a non-invasive solution that provides a steady force and secure bite to allow for closed reduction fracture management or stabilization for internal fixation. The first-of-its-kind, non-invasive product was developed in partnership with Dr. Alan Johnson and the University of Minnesota’s Medical Device Center Innovation Program to be a safe, simple and efficient solution for use in jaw fracture management.
The Minne Ties suture design resembles a zip tie — one end featuring a smooth clasp head and the other a stainless steel blunt tip introducer — which minimizes the risks of wire sticks to the surgeon and decreases patient discomfort. The medical grade, self-locking ties are applied through the interdental space to provide a secure bite, achieving MMF. Minne Ties are quick and easy to apply and can be applied in the operating room or in a doctor’s office, allowing for more freedom and potential savings for healthcare facilities.
This short video demonstrates how the innovative design of the Minne Ties offers an industry-disrupting solution:
Safe: Minne Ties eliminates sharp wires and screws that injure the doctor or cause periodontal damage to the patient.
Simple: Application of Minne Ties’ self-locking sutures allow for quick and easy procedures in a non-surgical or surgical setting.
Efficient: Each Minne Ties suture takes significantly less space in the mouth, which allows for better access for plating, increased visibility of the tissue cuff for suturing, and tangle-free sutures during closing.
Non-Invasive: Minne Ties’ blunt introducer is fed through the interdental space and trimmed after application leaving only the smooth clasp head for patient comfort.
For decades, jaw fractures were treated with the same standard procedures that involved arch bars and wires. In more recent years, hybrid systems were introduced that use wire and screws. These treatments cause severe pain and injury to patients’ mouths and gums. Combining his facial trauma surgical training and engineering background, Dr. Johnson wanted a better solution, “I detested the long, clumsy process of wiring a person’s jaw, but despised the process of taking them off of patients in the clinic even more,” said Dr. Johnson. “Patients suffer, and I felt responsible for not having a better solution.”
Hospitals adapting the new Minne Ties Agile MMF include the UCLA Medical Center, UC Davis Medical Center, Grady Memorial Hospital, Indiana University Hospital, University of Minnesota, Hennepin County Medical Center, Kansas University Medical Center, Geisinger Medical Center, Greenville Memorial Hospital, University of Tennessee Knoxville, Mercy Hospital and more.
The MDEAs are the medical technology industry’s premier design competition committed to searching for the world’s highest caliber finished medical devices, products, systems, or packaging available on the market. The awards program celebrates the achievements of the medical device manufacturers, their suppliers, and the many people behind the scenes — engineers, scientists, designers, and clinicians — who are responsible for the cutting-edge products that are saving lives; improving patient healthcare; and transforming medtech—one innovation at a time.
“Being recognized by the MDEA judges among the other winners is an indescribable feeling,” said Kevin McIntosh, President of Summit Medical. “The impact of Minne Ties Agile MMF on the industry increases with each day. Being able to take a front row seat to seeing how it is disrupting the market and transforming surgeon and patient experiences is second to none.”
The 2018 MDEA Juror Panel selected 42 exceptional finalists in nine medical technology product categories. Products were judged based on design and engineering innovation; function and user-related innovation; patient benefits; business benefits; and overall benefit to the healthcare system. Unlike other design competitions that are merely styling contests, the MDEA jury is comprised of a balance of practicing doctors, nurses, and technicians alongside industrial designers, engineers, manufacturers, and human factors experts.
About Summit Medical, an Innovia Medical Company
Summit Medical — an Innovia Medical Company headquartered in St. Paul, Minnesota — is a medical device manufacturer that has been serving the global healthcare community for over 30 years. The company is dedicated to staying on top of industry demands and developing the solutions to meet them throughout all the stages of design, engineering and manufacturing. The company specializes in various medical devices such as ENT products, plastic and cosmetic surgery products, ophthalmic products, jaw fixation products under the Minne Ties® brand, and instrument protection trays and care and maintenance products under the InstruSafe® brand. For more information about Summit Medical, visit www.summitmedicalusa.com.
About Medical Design Excellence Awards
The MDEA program is presented by UBM’s Advanced Manufacturing portfolio, the leading B-to-B event producer, publisher, and digital media business for the world’s $3 trillion advanced, technology-based manufacturing industry, and by Medical Device and Diagnostic Industry (MD+DI), the industry’s central source for late-breaking news, information, and business intelligence. For more information about the Medical Design Excellence Awards—including additional details about the manufacturers and suppliers that created the 2017 MDEA-winning products—visit the MDEA website at www.MDEAwards.com or e-mail: mdea@ubm.com.
Media Contact:
Courtney Mehus
651.789.3925
cmehus@innoviamedical.com
Medical Device Excise Tax Suspended Thanks to Strong Leadership
January 23, 2018 | Tags: Congress, Medical Device Excise Tax, press release, Tax
For Immediate Release: January 23, 2018
Medical Device Excise Tax Suspended Thanks to Strong Leadership
Golden Valley, MN – Medical Alley Association President & CEO Shaye Mandle issued the following statement regarding the suspension of the medical device excise tax:
“The Medical Alley Association is pleased that Congress and the President have prioritized health consumers and Minnesota’s leading health technology economy with a two-year suspension of the medical device excise tax, retroactive to January 1, 2018. We will continue to work with Congressional leaders to ensure that health consumers can have confidence in treatment options and improved outcomes through a full repeal.
We are thankful for Minnesota’s strong leadership on this issue and the continued support provided, led by Congressman Erik Paulsen and Senator Amy Klobuchar. Their tireless efforts are greatly appreciated by health consumers and innovators. We want to thank the members of our delegation who voted for this suspension, Congressmen Tom Emmer, Jason Lewis, Rick Nolan and Collin Peterson, and Senator Tina Smith.”
About the Medical Alley Association
Since 1984, the Medical Alley Association has been the front door to Medical Alley. We are the collective voice and expertise of Medical Alley; the strategy, implementation and execution vehicle of the Medical Alley Community. We deliver the collective influence, intelligence and interactions that support Medical Alley’s global leadership.
Contact
Julia Schliesing
JSchliesing@medicalalley.org
952.746.3813
MAA Thanks Congressman Paulsen For His Proposed Suspension of Medical Device Tax
December 12, 2017 | Tags: Congress, Medical Device Excise Tax, press release, Tax
For Immediate Release: December 12, 2017
MAA Thanks Congressman Paulsen For His Proposed Suspension of Medical Device Tax
Golden Valley, MN – Medical Alley Association President & CEO Shaye Mandle issued the following statement regarding Congressman Erik Paulsen’s proposal to extend the suspension of the medical device excise tax:
“Medical Alley Association thanks Congressman Paulsen for his leadership and proposal to suspend the medical device tax for another five years. With bipartisan support and over 260 cosponsors, this proposal signals to health consumers and innovators that Congress is committed to helping people get the care and technology they need. While we know that Congressman Paulsen and others will continue to seek full repeal, this extension would allow current investments and plans to move forward, giving health consumers additional confidence in treatment options and improved outcomes.
We are grateful for Congressman Paulsen’s leadership on this issue and Medical Alley is committed to working with him to get this suspension through Congress and into effect by the end of the year.”
About the Medical Alley Association
Since 1984, the Medical Alley Association has been the front door to Medical Alley. We are the collective voice and expertise of Medical Alley; the strategy, implementation and execution vehicle of the Medical Alley Community. We deliver the collective influence, intelligence and interactions that support Medical Alley’s global leadership.
Contact
Julia Schliesing
952.746.3813
