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JumpStart Invests in ABSMaterials and MAX Endoscopy


12/30/2009 11:28:12 AM

CLEVELAND, Dec. 30 /PRNewswire/ -- JumpStart Inc., the Northeast Ohio venture development organization that accelerates the progress of high growth early-stage businesses, announces two JumpStart Ventures investments. 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.

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 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.

About Absorbent Materials Company LLC

Absorbent Materials Company LLC (www.absmaterials.com) 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.

About JumpStart Inc.

JumpStart (www.jumpstartinc.org) 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.

Photo: http://www.newscom.com/cgi-bin/prnh/20060209/CLJUMPSTARTLOGO
AP?Archive: http://photoarchive.ap.org
PRN?Photo?Desk, photodesk@prnewswire.comJumpStart, Inc.




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