PITTSBURGH--(BUSINESS WIRE)--Rinovum® Women’s Health, a privately held, U.S.-based women’s health company, announced today that it has secured $3 million in a series C financing from its existing investor base. The round was led by a private, Pennsylvania-based investment fund. Other participants included the PLSG Accelerator Fund and BlueTree Allied Angels.
Rinovum received FDA clearance for over-the-counter use of its product in July 2014 and, to date, has successfully launched in three markets: the United Kingdom, Canada and the United States. The Stork products (The Stork® and The Stork® OTC) give couples a way to use cervical cap insemination — an established conception technique — in the privacy of home. The Stork OTC incorporates familiar elements (condom-like sheath for collection and tampon-like delivery and removal of the cap), so it can be used at home, in private, before having to try costly, in-clinic treatments (or after having already tried them) – and without loss of intimacy. The Stork® products are available to purchase at select retailers and online.
“It has been an amazing year for Rinovum and The Stork. The Stork products are now available without a prescription at major retailers in three countries. We serve a growing population seeking medically proven help on their path to conception, and we offer a solution that can be performed in the privacy of a couple’s home. Hearing feedback from customers who have become pregnant pushes us to continue the expansion worldwide, providing an easy and affordable solution for couples who are struggling to conceive,” states Steve Bollinger, CEO of Rinovum.
“The PLSG Accelerator Fund is pleased to participate in this investment round for Rinovum, as they make progress in getting their products to market,” says John Manzetti, CEO of PLSG. “We are proud of the Company, as it was founded at PLSG by Steve Bollinger, where it was allowed to incubate for the first critical year of development. PLSG then became the first investor. Steve has built a great team and product strategy, and the PLSG Accelerator Fund sees Rinovum as a great investment opportunity for our investors.”
To learn more about Rinovum Women’s Health, please visit www.rinovum.com. If you are interested in learning more about The Stork products please visit www.storkotc.com for US, www.storkconception.ca for Canada and www.thestorkconception.co.uk for UK.
About Rinovum Women’s Health, LLC
Rinovum Women's Health, LLC is a privately held women's health company dedicated to bringing products into the market that will enhance women's lives and empower them to take charge of their health. The Stork Ib2C, Inc., A Rinovum Women’s Health Company, launched its flagship product, The Stork® OTC, which is a conception aid for reproductive health to assist in natural fertility and conception in the privacy of the patient’s home. Rinovum Women's Health aims to support the development of products that are easy-to-use and safe, as well as a more economical way for a couple to address some of these issues. For more information about Rinovum Women's Health, The Stork Ib2C, Inc., and The Stork OTC, visit www.rinovum.com and www.storkotc.com.
About Pittsburgh Life Sciences Greenhouse (PLSG) (www.plsg.com)
The PLSG invests in and supports the growth of biosciences companies in western Pennsylvania. PLSG has a track record of excellence when it comes to attracting and growing life sciences companies in the region. Since its inception in 2001, PLSG has assisted more than 420 life sciences companies and has helped create or retain nearly 2,000 jobs and affect another 14,000 jobs in western Pennsylvania. Forty companies have been provided with office or laboratory space and 13 have been relocated to Pittsburgh from outside of the region. In addition, the PLSG has invested $20 million in 76 companies, which has leveraged more than $900 million in additional capital to the region.
About PLSG Accelerator Fund (www.acceleratorfund.com)
The PLSG Accelerator Fund I, which had its final closing in December 2012 at $8.1 million, currently is fully invested in eight portfolio companies. The Accelerator Fund provides regional life sciences companies with venture capital financing, which is the next step beyond capital provided by economic development organizations; friends and family; and angel investors. The Accelerator Fund has a portfolio of early-stage life sciences investments, primarily located in western Pennsylvania and spread across several life sciences sectors including medical devices, diagnostics, therapeutics, healthcare information technology and biotechnology tools.
About BlueTree Allied Angels (www.bluetreealliedangels.com)
BlueTree Allied Angels is a group of accredited investors that invests in regional, early-stage companies. Its members-only organization operates as a network of private equity investors that meets monthly to evaluate and consider pre-institutional investments.
Leveraging BlueTree members’ knowledge and experience helps to mitigate investment risk, thus, strengthening the probability of investment success. Although the membership works together as a group to efficiently and effectively evaluate investment opportunities, each member makes his or her own individual investment decisions.
About BlueTree Venture Fund
BlueTree Venture Fund is a regionally focused venture capital firm based in Pittsburgh, PA. BTVF targets early institutional investments in sectors such as medical technologies, software, and high-tech instrumentation companies.