Pittsburgh Life Sciences Greenhouse and Innovation Works Announce Investments in Ib2C™ Reproductive Health-centered Company Receives Nearly $500,000 in Investments
PITTSBURGH, Nov. 2, 2010 /PRNewswire/ -- The Pittsburgh Life Sciences Greenhouse (PLSG), the organization providing capital investments and customized company formation and business growth programs to western Pennsylvania's life sciences enterprises, and Innovation Works, one of the nation's most active investors in seed-stage technology companies, announced today they have invested $275,000 and $200,000 respectively in Intimate Bridge to Conception, Inc. (Ib2C™).
Ib2C™ was launched in September by one of the PLSG's nationally recognized Executives-in-Residence (EIR). Stephen Bollinger, the founder and CEO of Ib2C™ had returned to Pittsburgh as an EIR in 2009. Since then, he provided support to 17 regional medical device companies as he worked to make Ib2C™ a reality.
"While Ib2C™ is in the early stage of development, its potential is broad and far-reaching with products that will help women and couples struggling with fertility challenges more effectively achieve conception," said John W. Manzetti, PLSG President and CEO. "The Ib2C™ story is one we expect will be well received by the marketplace and additional investors. The PLSG is pleased to provide our investment and commercialization expertise to help the Company bring its product to market."
Ib2C™ is a medical device company focused on reproductive health to aid in natural fertility and conception in the privacy of the patient's home. Ib2C™ provides healthcare products that will assist women and couples in reaching their reproductive goals. Ib2C™ will have a positive impact and a positive effect in two targeted populations; individuals committed to building a family and patients diagnosed with infertility that have not been able to participate or have been unsuccessfully served by current fertility alternatives.
"Innovation Works sees Ib2C™ as a highly effective medical device targeting a large global market – about $2 billion annually for infertility treatment – with a web-based marketing focus," said Rich Lunak, President & CEO of Innovation Works (IW). "Pittsburgh is a great place to grow such a company and IW can provide value to the team with our investment as well as expertise in technology commercialization, Internet marketing, and the access we can provide to additional investors."
When Ib2C™ was launched in September, the firm reported that according to its research, one in six women seek some form of medical support in becoming pregnant.
"Options are few, and those that do exist tend to be slow, invasive, costly, and frequently awkward," said Mr. Bollinger. "Most Assisted Reproductive Therapies (ART) involve invasive procedures, trips to physician offices and medical facilities, and can be both expensive and unpredictable. We have kept this top-of-mind in the development of Ib2C™'s lead technology, Focus Touch™. It's a take-home, conception aid system that has similar results to Interauterine insemination (IUI), often the primary option for women and couples seeking solutions to fertility problems."
About Intimate Bridge to Conception, Inc. Founder & CEO Stephen Bollinger
Stephen's extensive and diverse background in the medical devices and biologics market has been an asset to the PLSG's Executive Program and the regional companies that he has assisted. Stephen has held multiple leadership positions from Founder, President and Chief Operations Officer of early stage companies, to a broad spectrum of roles not limited to global operations, marketing, product management and sales. Prior to joining the PLSG, he was an Executive-in-Residence at Highland Capital Partners where he supported the healthcare segment. Prior to Highland, he was President and Chief Operations Officer at Pervasis Therapeutics, Inc., a privately held biologically active medical device company. From 2000 to 2004, he was a founder and the Chief Operating Officer of Angiolink Corporation, a privately held medical device company which he sold to Medtronic Corporation in fall of 2004. From 1997 to 1999 Stephen was the Vice President of Research, Development and Operations for Byron Medical and sold that company to Mentor Corporation in 1999. From 1991 to 1997, Stephen held positions at Mentor Corporation, American Hydro-Surgical Instruments and Deknatel.
Mr. Bollinger served as an artillery officer in the United States Army from 1987 to 1991, where he led reconnaissance teams into combat during Operation Desert Storm. In 1991, he was awarded the Bronze Star Medal for exceptional meritorious service during combat. He also graduated from the United States Army Airborne and Ranger schools. Mr. Bollinger currently holds seven medical patents, with multiple pending. He studied at Oklahoma City University for his MBA and is a graduate of the United States Military Academy, West Point with a BS in mechanical engineering.
About the Pittsburgh Life Sciences Greenhouse (PLSG)
The Pittsburgh Life Sciences Greenhouse (PLSG) provides capital investments and customized company formation and business growth services to western Pennsylvania's life sciences enterprises; connects investors with their Investment Portfolio companies; expands established life sciences ventures; and relocates biomedical companies to Pennsylvania. The PLSG supports biosciences companies with promising innovations in: Biotechnology Tools, Diagnostics, Healthcare IT, Medical Devices and Therapeutics. Since 2002, PLSG has worked with 320 companies and has made direct investments of $16.3 M in 60 companies which has leveraged over $500 M in additional capital to the region. In addition, PLSG has invested $15.2 M as a limited partner in two Pennsylvania venture capital firms which in turn invest in technology companies in the Commonwealth. To see the full portfolio and more information about PLSG visit www.plsg.com.
About Innovation Works
Innovation Works is the Ben Franklin Technology Partner (BFTP) of Southwestern Pennsylvania. As one of the nation's most active investors in seed-stage technology companies, Innovation Works provides regional startups in all technology sectors with the risk capital and business mentoring they need to grow and succeed. About one third of the Innovation Works portfolio is made up of medical device, therapeutic, diagnostic and other life sciences companies. To see the full portfolio and more information about Innovation Works' entrepreneurial assistance and investments, visit www.innovationworks.org.
SOURCE Pittsburgh Life Sciences Greenhouse