Friday July 20, 2018 0 comments
FORT COLLINS -- The Innosphere Fund announced an investment in Boulder-based startup Aspero Medical Corporation, a company with unique intellectual property (IP) for endoscopy procedures that was developed at the University of Colorado.
The amount of the investment was not disclosed.
Aspero Medical and its technology focuses on gastrointestinal (GI) diseases which affect around 60 to 70 million Americans annually.
“There are many limitations to current practices for upper and lower endoscopy procedures,” said Mark Rentschler, Aspero Medical CEO.
“Our company has a differentiated medical product for use in endoscopy procedures which results in improved performance, saving time and money, and improved patient outcomes.”
Patient outcomes include a faster procedure and less occurrence of having to have a second scope due to failing to get results during the initial scope, the company said.
“The Innosphere Fund was formed to accelerate the growth and exit of Innosphere’s client companies,” said Mike Freeman, Innosphere CEO.
“Innosphere is excited to be working with Aspero Medical as a client company, and the Fund is dedicated to supporting the company in its next phase of growth.”
Aspero Medical said it will use the funds to support rapid product development, complete regulatory work, and complete a go-to-market strategy.
The Innosphere Fund is a seed-stage venture fund that invests in Innosphere’s promising client companies. The Fund seeks to lead seed-stage investment rounds in companies with motivated founders that are likely to achieve an exit through a corporate acquisition, and require smaller amounts of capital to achieve superior growth milestones.
“Innosphere has worked with many impressive university faculty over the years, and the Fund found Mark Rentschler to not only be an impressive CU faculty professor and researcher, but also a technologist with a great sense of the real clinical needs in the GI space, and he understands what’s required to commercialize technology to address those needs,” said Freeman.
“In 2004, there were an estimated 4.6 million hospitalizations and 236,000 deaths attributable to GI diseases. We’re confident that Aspero Medical has the novel technology that the medical device industry needs to address this large issue, and the Innosphere Fund’s investment will significantly shorten the time it will take to get their product to market.”
Rentschler joined the faculty at the University of Colorado in 2008. He also holds a secondary appointment in the Department of Surgery at the University of Colorado Anschutz Medical Campus, and an affiliate position in the Department of Bioengineering at the University of Colorado Denver.