Seed-stage venture capital fund Innosphere Fund has invested in Boulder, Colorado-based medical device start-up Aspero Medical.
Aspero Medical is working on differentiated medical product for use in endoscopy procedures which result in improved performance, while saving time and money, while improving patient outcomes.
The company’s technology was first developed at the University of Colorado (CU). Aspero is focused on Gastrointestinal (GI) diseases which is claimed to affect as many as 60 to 70 million or nearly 25% of Americans annually.
Aspero’s medical device creates a micro-textured balloon for balloon endoscopies. Patient outcomes are claimed to be faster procedure and less occurrence of having a second scope. Physicians were claimed to conduct procedures faster and there were reduction in multiple procedures for individual patients.
Innosphere CEO Mike Freeman said: “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.”
The funding from Innosphere Fund will be used by Aspero Medical to support its product development, complete regulatory work and will develop a go-to-market strategy.
In 2004, about 4.6 million hospitalizations and 236,000 deaths attributed to GI diseases. Innosphere stated that Aspero’s technology can address such a large issue and its investment will shorten the time to get the product to market.
In 2008, Rentschler joined the faculty at the University of Colorado. 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.
Innosphere Fund seeks to invest in companies with motivated founders that are likely to achieve an exit through a corporate acquisition, and need smaller amounts of capital to achieve superior growth milestones.