MD Angels, a physician-based angel investment group located in Chicago, Illinois, has announced the successful exit of one of its portfolio companies. Members of MD Angels made an investment in BrightWater Medical’s series B round in July 2018.

The successful exit occurred on June 14, 2019, when Merit Medical Systems Inc., a leading manufacturer and marketer of proprietary disposable devices utilized in diagnostic, interventional and therapeutic procedures, especially in radiology, cardiology, oncology, endoscopy and critical care, acquired BrightWater Medical Inc.

BrightWater Medical was founded by Dr. Robert Smouse, Professor of Radiology and Surgery, at the University of Illinois College of Medicine. The company’s ConvertX® catheter revolutionizes the treatment of ureteral obstruction by replacing what was once a series of procedures with a single procedure using their innovative interventional radiology device. Brightwater Medical has recently received FDA clearance for the ConvertX® biliary stent system.

MD Angels is the largest physician-based angel investment group in the Midwest that specializes in healthcare and the life sciences. MD Angels believes that in order to transform healthcare, viable clinical concepts must transform into tangible, validated companies. To achieve this goal, they support healthcare innovation by connecting healthcare entrepreneurs with their physician investors providing both capital and healthcare expertise.  In 2018, MD Angels leveraged the knowledge base of its members, which include physicians in a wide variety of specialties, to evaluate over 200 companies for potential investments.

Chad A. Glazer, MD, President of MD Angels, says, “The exit of BrightWater Medical, Inc. represents one of the first successful exits for MD Angels. Our group had its beginnings around 4 years ago. However, 2018 was a breakout year for MD Angels with over $1M in capital deployed by its members to add 4 companies to the investment portfolio of deals originated within MD Angels.” Chad A. Glazer, MD, continues, “For an angel investing group to have a profitable exit in the early stage investing space within 11 months of an investment is a great achievement. We at MD Angels are extremely confident in our process and ability to support start-up and early stage companies in the healthcare vertical.”

Meanwhile, Amish Patel, MD MBA, board member of MD Angels, says, “Through our networking and due diligence process, we seek out opportunities where we can add value, and we think BrighWater is a good example of how that can work for the benefit of the portfolio company and our members.”

MD Angels was established to fill a void in the startup funding landscape. Members of MD Angels come from diverse backgrounds and medical specialties ranging from healthcare executives, clinicians, to researchers. In their due diligence process, they evaluate companies on multiple fronts and perform a detailed analysis of whether or not a certain technology or product can get to market given the regulatory, third party payer, and clinical adoption hurdles.

Chad Glazer, MD is a serial early stage investor and advisor to numerous early stage companies. Dr. Glazer is a Johns Hopkins trained, double board certified facial plastic surgeon and otolaryngologist and has served as the president of MD Angels since late 2017. He and his board of directors have implemented a rigorous due diligence process to determine which early stage healthcare and life sciences companies to support.

Amish Patel, MD, MBA is a double board certified interventional pain management physician. He received his medical degree from the Northwestern University Feinberg School of Medicine and his MBA degree from the University of Chicago Booth School of Business. He is a managing partner at Premier Pain & Spine where he helps in the development and implementation of growth strategies. He also serves as consultant for pharmaceutical companies including medical practices for pain management.

MD Angels would like to acknowledge one of its major sponsors, Polsinelli in Chicago. Through their support and generous hosting of meetings, MD Angels is able to showcase promising early stage companies for of its Chicago investor-members.

Those who want to know more about MD Angels can visit its website (https://www.mdangels.net), or contact Chad Glazer or Amish Patel by phone or by email.