12/22/2011 7:39:09 AM
PITTSBURGH, Dec. 22, 2011 /PRNewswire/ -- Intimate Bridge 2 Conception, Inc. (Ib2C), a Pittsburgh-based direct-to-consumer medical device company that is focused on reproductive health, announced today that it has closed on a $4.3 million Series A financing. The round was led by a private, Pennsylvania-based investment group and was joined by the PLSG Accelerator Fund. Ib2C will use the proceeds of this round for manufacturing and marketing to prepare for the launch of its first product in 2012.
Ib2C is developing healthcare products to assist women and couples to achieve their reproductive goals. Ib2C's lead product, the Stork, is a proprietary device that is intended to assist couples with conception in the privacy of their own homes. The Stork is designed to address the unmet need of a growing market of couples that grapple with fertility challenges. It is a simple, private, affordable, non-pharmaceutical product that will provide couples with an alternative to Assisted Reproductive Technology (ART), which can involve invasive procedures, trips to physician offices, long delays, and can be both expensive and unpredictable. The Stork is currently being evaluated by the FDA for safety and effectiveness. The technology behind the Stork has been shown historically to achieve results that are comparable to those of intrauterine insemination (IUI.)
"We are grateful for this capital from our new investors and appreciate their support for our mission to build families naturally," said Ib2C's Founder and CEO Steve Bollinger. "Today, one in six women seeks help conceiving. This segment of the population has very few options, most of which are slow, invasive, costly and frequently awkward. We are delighted to offer them an option that can deliver technology, hope and control in the privacy of their own home." Mr. Bollinger continues, "This financing will enable us to launch our first product and begin to help families in 2012."
"Our group believes strongly in supporting women and couples that cannot afford the more costly steps in assisted reproduction," said the lead investor in the Series A financing. "With medical technologies becoming less and less affordable to the average patient, we are pleased to support an affordable, drug-free solution, which can aid in the path to conception in the privacy of a couple's home."
"It is exciting that Ib2C has addressed this problem with a proven medical approach that has been used by physicians for years and created a device that can be used by average people around the world to nudge the stork," said John Manzetti, Managing Director of the PLSG Accelerator Fund. "Ib2C is a Pittsburgh Life Sciences Greenhouse portfolio company and a great example of a healthcare solution that has been nurtured at the PLSG Incubator. I am thrilled to watch this solution be launched from Pittsburgh."
About Ib2C and Founder & CEO Stephen Bollinger
Ib2C is a direct-to-consumer medical device company that is focused on reproductive health to aid in natural fertility and conception in the privacy of the patients' home. The Company's mission is to give women and couples healthcare products that will help them reach their reproductive goals, targeting two significant populations: individuals diagnosed with infertility who have not been able to afford, or achieve success with, existing alternative therapies; and fertile women who have a need or desire to delay insemination.
Ib2C's lead technology, the Stork, is a conception aid system that is designed to address the growing unmet need of delayed and/or unsuccessful natural fertility. Historically, the technology used with the Stork has been shown to provide results similar to those associated with intrauterine insemination (IUI), and allows the procedure to be done in the privacy of the home. The Stork is a simple, private, non-pharmaceutical and economical method to help expedite and overcome many of the infertility issues of today's patient population.
Steve Bollinger brings a diverse background with respect to the medical device and biologic market place. He has held multiple leadership positions from a 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. He is currently an Executive-in-Residence at the Pittsburgh Life Sciences Greenhouse.
Mr. Bollinger currently holds seven medical patents, with multiple pending. He is a graduate of the United States Military Academy West Point with a BS in mechanical engineering. He has raised over $50 million over the last 10 plus years while delivering strong returns to his investors.
About the PLSG Accelerator Fund, LLC
The PLSG Accelerator Fund, LLC venture fund is a $10 million for-profit venture fund with an investment period of up to five years. The PLSG Accelerator Fund, LLC is designed to make early stage investments in life sciences companies located in western Pennsylvania. The Accelerator Fund is managed by professionals on the Pittsburgh Life Sciences Greenhouse (PLSG) staff and will use the PLSG's deep knowledge of global industry trends, access to industry contacts nationwide and experience in corporate collaborations to identify worthy investment opportunities within western Pennsylvania from the portfolio of PLSG companies. The Accelerator Fund also makes co-investment in portfolio companies with other venture capital funds.
SOURCE Pittsburgh Life Sciences Greenhouse