Date: Sep 04, 2019 Source: Globe Newswire (
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Colorado, Sept. 04, 2019 (GLOBE NEWSWIRE) -- The Innosphere Fund, a seed-stage venture fund that was formed to accelerate the growth and exit of Innosphere client companies, announced their second investment in Boulder-based medical device startup company, Aspero Medical, Inc. (Aspero). Aspero has developed the AP™Balloon Overtube for use in gastrointestinal (GI) balloon endoscopy procedures. The Innosphere Fund provided initial funding for Aspero in July of 2018 and will is leading a $1.0 million seed round.
Aspero Medical's technology is used to assist with the diagnosis of gastrointestinal (GI) disease which effects over 70 million patients annually in the U.S. who need endoscopy procedures. "There are significant limitations with current technology used in gastrointestinal endoscopy procedures," said Mark Rentschler, Aspero Medical chief technical officer. "Our company has developed an alternative that will potentially improve performance of certain procedures, save time for practitioners and patients, and improve patient outcomes."
Aspero will use the investment from the Innosphere Fund to support ongoing product development, establishing full contract manufacturing capabilities, completion of key regulatory filings, and development of the company's commercial strategy.
"Innosphere has worked with impressive university faculty over the years, and we found Mark Rentschler to be an outstanding CU professor and researcher who understands what's required to transfer and commercialize technology from the university setting," said Mike Freeman, Innosphere Fund general partner. "We are pleased to be partnering with the Aspero team, including their chief medical officer, Steven Edmundowicz, MD who is leading all of the clinical research for future products."
In May of 2019, Aspero Medical received their second Advanced Industries grant from the Colorado Office of Economic Development and International Trade (OEDIT). This recent Advanced Industries award was an Early Stage Capital and Retention grant in the amount of $250,000. The company's first Advanced Industries award was back in 2018 when they received a Proof-of-Concept and Early Stage Capital grant.
All incoming client companies of Innosphere's upcoming Fall Cohort will be evaluated by the Innosphere Fund for a potential pre-seed investment of up to $150,000 which will be distributed at the beginning of the company's incubator engagement.