Local biotech startup Bioceptive has been working for three years on their first product, a patent-pending intrauterine device (IUD) inserter that simplifies the insertion procedure while reducing risk.
The company has reached a new milestone. New World Angels, along with First Light Ventures and the Special Equities program of Calvert Equity Portfolio, has closed a $1.1 million investment in Bioceptive.
New World Angels member (and new Bioceptive board member) Dr. Orin Levy said, “Bioceptive’s inserter device will provide much-needed support for what ACOG (American College of Obstetricians and Gynecologists) has recently recommended as a ‘first-line’ birth control option for young women. Ultimately, the hope is this will provide an opportunity for better reproductive health throughout the world.”
Bioceptive is in the late development phase for the inserter device and has begun preclinical testing. Pending regulatory approvals, the inserter is expected to increase the safety of 70 million insertion procedures done each year.
The company is led by CEO and President Stewart Davis, COO Shuchi “SK” Khurana, and Chief Scientific Officer Ben Cappiello.
Williams said, “We are excited about the future of Bioceptive and have great confidence in its product, plan, and management’s ability to focus and execute. Under the capable leadership of Dr. Stewart Davis, we believe in the company’s ability to make a real difference in this market, and in the health status of women undergoing IUD procedures.”
Rhys Williams, President of New World Angels, noted, “it’s a great time to be an angel investor.”