Queen City Angels today announced it has closed a seed-round investment in Standard Bariatrics, a Cincinnati-based medical device company creating instruments to help surgeons standardize sleeve gastrectomy, the number one bariatric (weight-loss) procedure. The company has developed an FDA-cleared, reusable device that is being used by selected doctors at the University of Cincinnati (UC) for a market valuation. Standard Bariatrics was founded by Dr. Jonathan Thompson, a general and bariatric surgeon at UC-affiliated West Chester Hospital, and is the first commercial spin-out from the Thompson Center at UCRI.
According to the Journal of American Medicine, more than one-third of U.S. adults are obese. The estimated medical cost for treating obesity is approaching $150 billion per year, but less than one percent of eligible patients undergo any life-saving surgeries.
'We are passionate about bariatric surgery and firmly believe it is the best solution for obese patients,' said Russ Holscher, President and CEO of Standard Bariatrics. 'We are developing tools to help surgeons standardize their techniques, reduce costs, and deliver better, more predictable patient outcomes.'
The company is using its seed funding to generate intellectual property, launch its first products, and prove concepts for future products. Holscher added, 'With QCA's investment, we now have the three most important seed funding organizations in the region among our investors. As we move forward, we will rely on the angels for strategic guidance and funding. QCA only works with quality companies, so we appreciate their support of our young company.'
'Standard Bariatrics has an experienced team of medical device and healthcare professionals who truly understand their business, their target customer and what it will take to be successful,' said Tony Shipley, Chairman and Co-founder of QCA. 'We are excited to be involved early in the life of the company and look forward to working with Dr. Thompson, Russ and the rest of the team along their journey as they continue to develop devices, gather clinical evidence and drive adoption.'
About Queen City Angels
The Queen City Angels (QCA) is a group of more than 50 experienced accredited investors who provide funding, support and guidance to early-stage growth companies in the Cincinnati area and surrounding region. QCA members, which include former C-level executives and entrepreneurs, draw from their personal operating and management experience to evaluate opportunities and provide on-going mentoring to young businesses with exceptional growth potential. Since 2000, QCA members have directly invested approximately $50 million in nearly 80 portfolio companies. The total capital invested in these companies, including QCA members' capital, syndication partners' capital, follow-on venture capital funds and venture debt is in excess of $410,000,000. CB Insight recently ranked QCA second out of 370 national angel organizations. For additional information, visit http://www.qca.com.