On December 30th, JumpStart Inc., (Cleveland, OH) a Northeast Ohio venture development organization that accelerates the progress of high growth early-stage businesses, announced investments in Absorbent Materials Company LLC (dba ABSMaterials LLC), a company developing a novel, silica-based material that absorbs toxins in water, and MAX Endoscopy Inc., a medical device manufacturer using fiber optics to guide the treatment of hemorrhoids, each received investment commitments of $250,000.
ABSMaterials' patented "swelling glass," developed by Dr. Paul Edmiston from the College of Wooster, is similar to a highly tensioned, nano-matrix of glass. When it comes in contact with a volatile organic compound in water, such as fuel oils, chlorinated solvents, and hexamine, the glass absorbs the volatile molecules within the compound without reacting with the water. ABSMaterials is currently marketing three variations of the material to firms and government agencies contracted to clean up or remediate toxic groundwater contamination sites.
"We are excited to work with JumpStart Ventures as we continue to prove consistent remediation success with our material," said ABSMaterials Chief Executive Officer, Stephen Spoonamore.
MAX Endoscopy's patent-pending device, called the PRECISION Endoscopic Infrared Coagulator(TM), utilizes infrared light (which coagulates blood vessels) using flexible fiber optic technology. When used in a scope, the result is increased accuracy and visual confirmation of successful treatment. MAX Endoscopy has received FDA clearance on the system and is currently selling to gastroenterologists and colorectal surgeons.
"With this investment, we are beginning to lay the foundation for scalable penetration into the large, profitable, and growing gastrointestinal endoscopy market," said Robert Stuba, President and CEO of MAX Endoscopy.
With these two investments, JumpStart Ventures has invested in four new companies in 2009's fourth quarter, bringing its portfolio of high growth, early-stage companies to 44.
Absorbent Materials Company LLC develops reactive glass products and nanosands for remediation or site-cleanups of volatile organic and related spills, plumes or gas discharge. Absorbent Materials' (ABSMaterials) products are engineered to be fully reversible, highly stable, hydrophobic, and capable of capturing and recovering a range of hydrocarbons and pervasive solvents.
MAX Endoscopy Inc, headquartered near Cleveland, designs, manufactures and markets innovative endoscopic accessory devices in the field of gastrointestinal (GI) endoscopy. The keystone of its strategy is to provide devices that fill unmet needs in the field of gastroenterology and related medical specialties, and to do it in a way that is novel yet practical and cost-effective.
The Company's PRECISION Endoscopic Infrared Coagulator(TM) device is a patent pending, FDA cleared and CE marked endoscopic infrared coagulation device will provide gastroenterologists, surgeons and other physicians with an attractive new option for treating common gastrointestinal conditions such as hemorrhoids, bleeding polypectomy sites, radiation proctitis, colitis, watermelon stomach, dysplasia, gastric ulcers, and Barrett's esophagus. Numerous other potential applications exist in the treatment of small bleeding lesions and vascular malformations encountered in gastroenterology, urology, gynecology, pulmonology, and orthopedics.
JumpStart is a nationally recognized venture development organization that accelerates the progress of high potential, early-stage businesses and includes a special focus on diverse entrepreneurs working in the highest growth industries. Through the depth of its entrepreneurial team and the breadth of its high value resources, JumpStart improves client success in achieving significant milestones, including raising the follow-on capital necessary to create wealth. JumpStart strives to create a more prosperous future for Northeast Ohio.
Contact Information: Cathy Belk, Chief Marketing Officer, JumpStart Inc.
