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Incontinence treatment co BlueWind Medical raises $64m

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Israeli bladder treatment company BlueWind Medical today announced the closing of a $64 million Series B financing round led by ConvaTec, a global medical products and technologies company focused on therapies for the management of chronic conditions including continence care.

BlueWind Medical has developed the RENOVA iStim implantable tibial neuromodulation device under investigation for the treatment of incontinence and overactive bladder (OAB).  BlueWind was founded in Israel in 2010 by Rainbow Medical, an innovation and investment house focused on the invention, creation, and monetization of proprietary medical technologies. 




The device has the CE mark for marketing in the EU and is undergoing trials for US FDA approval. The company has offices in Utah in the US and Herzliya in Israel.

BlueWind Medical chairman and CEO Dan Lemaitre said, “Proceeds from the financing will be used to support the ramp in our commercial footprint in anticipation of potential FDA marketing clearance for BlueWind Medical’s RENOVA iStim implantable neuromodulation device.”

According to the American Urological Association, OAB is a chronic, debilitating condition affecting over 34 million Americans and can lead to urgency urinary incontinence (UUI).

BlueWind Medical has completed patient enrollment of the OASIS pivotal clinical study in November 2021 at 23 centers in the US, UK, The Netherlands, and Belgium. Interim safety data was recently announced at the SUFU (Society of Urodynamics, Female Pelvic Medicine & Urogenital Reconstruction) Winter Meeting showing no device or procedure related serious adverse events. BlueWind Medical will submit an application for FDA

marketing clearance in the US later in 2022 based on the OASIS pivotal study.

The RENOVA iStim device utilizes neuromodulation to target the nerves that control the bladder. RENOVA iStim is implanted near the ankle in a single short outpatient procedure of approximately 30 minutes utilizing local anesthesia.

Published by Globes, Israel business news – en.globes.co.il – on May 9, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


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Business

Oil Steadies as Traders Weigh Tight Gasoline Market, Weak Growth

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(Bloomberg) — Oil steadied at the start of the week’s trading as investors weighed tight product markets against concerns over slowing global growth.

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West Texas Intermediate traded above $110 a barrel following four consecutive weekly gains, the longest such run since February. Gasoline and diesel prices have rallied to records ahead of the start of the US summer driving season, which begins in about a week.

Over the weekend Saudi Arabia signaled that it will continue to support Russia’s role in the OPEC+ group of producers, undermining US-led efforts to isolate Moscow for its invasion of Ukraine, the Financial Times reported. The Kingdom was hoping “to work out an agreement with OPEC+ …. which includes Russia,” Energy Minister Prince Abdulaziz bin Salman told the newspaper.

Oil has surged this year on rising demand and the complex global fallout from Russia’s invasion. The rise in energy costs has contributed to rampant inflation, prompting central banks to raise rates and stoking investor concern growth will slow. At the same time, China has imposed a series of crippling lockdowns to quell Covid-19 outbreaks, hurting Asia’s largest economy.

Oil prices may have a ceiling of about $110 a barrel given China’s flagging demand, with economic growth reeling from Beijing’s efforts to stamp out Covid-19, according to an outlook from Bloomberg Intelligence. Bloomberg Economics has cut its full-year China growth forecast to 2% from 5.7%.

While prices have advanced in volatile trade, the Organization of Petroleum Exporting Countries and its allies including Russia have been restoring production shuttered during the pandemic at only a modest pace. So far, the alliance has resisted US entreaties to restore more capacity more quickly.

Oil markets remain in backwardation, a bullish pattern that’s marked by near-term prices trading above longer-dated ones. Brent’s prompt spread — the difference between its two nearest contracts — was $2.56 a barrel in backwardation, up from $2.13 a barrel a week ago.

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Eni pledges €2.5B in U.K. energy investment over four years – FT (NYSE:E)

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Aliaksandr Litviniuk/iStock Editorial via Getty Images

Eni (NYSE:E) plans to spend at least €2.5B in the U.K. over the next four years, as the U.K. government demands oil and gas companies significantly boost investment in the country’s energy system or potentially face a windfall profits tax, Financial Times reported on Sunday.

The Italian company said it will spend 80% on carbon capture and renewable energy projects, and the remaining 20% on oil and gas production, according to the report.

“We believe that it would be best to ensure energy companies speed up investments in the energy transition rather than imposing a windfall tax which might have the effect of slowing down future investments,” Eni (E) reportedly said.

Eni’s plan follows new spending commitments by rivals, including Harbour Energy (OTCPK:PMOIF) – forecast to be the largest oil and gas producer in the North Sea this year – which told the U.K. government this week that it planned to invest £6B in further upstream activity in the next three years, FT reported.

Shell has said it will invest £20B-£25B in the U.K. energy system over the next decade, while BP has pledged to spend £18B by the end of 2030.

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Hedge funds position for U.S. growth slump, rates peak: McGeever

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ORLANDO — The slump on Wall Street and rebound in the U.S. bond market point to a growing belief that recession is on the horizon, curtailing the Federal Reserve’s tightening cycle sooner than it would like and opening the door to rate cuts later next year.

That’s exactly what hedge funds appear to be betting on also, according to the latest Commodity Futures Trading Commission report on rates futures positioning.

Data for the week to May 17 show that speculators slashed their net short position in three-month Secured Overnight Financing Rate (SOFR) contracts to the smallest in almost two months, and maintained a net long position in 30-day fed funds futures.

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The shift in SOFR futures positioning is most revealing, especially in light of the broader trends underway in that market, one of the most accurate barometers of traders’ views on the path for U.S. interest rates over the next few years.

Funds cut their net short three-month SOFR position to 388,207 contracts from 460,721 the week before. That’s the smallest net short in seven weeks, and down significantly from the record of more than 600,000 contracts only a month ago.

The shift was almost entirely down to a jump in long positions rather than short covering, suggesting traders are beginning to look beyond the aggressive tightening likely to be delivered this year toward possible easing next year.

A short position is essentially a bet that an asset’s price will fall, and a long position is a bet it will rise. In rates, implied yields fall when prices rise, and move up when prices fall.

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Fed officials have stressed they will keep tightening policy until they think their inflation goals are being met, despite the economic “pain” that will cause. Traders and funds in the SOFR market are putting more of their eggs in that “pain” basket.

RATE CUTS SEEN STARTING NEXT YEAR

Firstly, implied rates for next year have fallen sharply. The June 2023 contract now implies a fed funds rate of around 3%, down almost half a percentage point from the high on May 4, the day of the Fed’s 50-basis point rate hike.

Secondly, the expected length of the Fed’s tightening cycle has shortened dramatically. A few months ago traders projected the Fed’s ‘terminal rate’ being reached in September next year. That has since shifted to June, but now March is on the table.

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The implied rate on December 2023 SOFR futures has fallen to 2.80%, the lowest in almost 2 months. Set against the peak terminal rate forecast in June, that implies an 80% chance the Fed will cut rates in the second half of next year.

Even St Louis Fed President James Bullard, who wants rates raised to 3.5% this year, said the Fed could be cutting them as early as next year if inflation is under control.

Fed officials and most economists still say there will be no recession. But the rapid tightening in financial conditions is starting to bite – Wall Street is in turmoil, and Citi’s U.S. economic surprises index is now negative and at a five month low.

“We continue to expect that the financial conditions tightening triggered by Fed policy will likely lead to a recession by end 2023,” Deutsche Bank analysts wrote on Friday.

Wells Fargo’s research arm last week joined Deutsche in predicting a U.S. recession, but even earlier, at the end of this year.

Related columns:

– If Fed has to choose, markets could get much uglier (Reuters, May 20)

– Fed fingers crossed for 1994 re-run as hiking path shortens (Reuters, May 5)

(The opinions expressed here are those of the author, a columnist for Reuters.)

(By Jamie McGeever; Editing by Sam Holmes)

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