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JumpStart Reports Two New Venture Investments

In ABSMaterials and MAX Endoscopy

JumpStart has reported two new Ventures investments in Absorbent Materials (dba ABSMaterials) and MAX Endoscopy, both receiving investment commitments of $250,000 each.

Absorbent Materials is developing a novel, silica-based material that absorbs toxins in water, whereas MAX Endoscopy is a medical device manufacturer using fiber optics to guide the treatment of hemorrhoids

With these two investments, JumpStart Ventures has invested in four new companies in Q4, 2009, bringing its portfolio of high growth, early-stage companies to 44.

ABSMaterials’ patented ‘swelling glass’ 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, said the company.

MAX Endoscopy’s patent-pending device, Precision Endoscopic Infrared Coagulator, 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.

Stephen Spoonamore, chief executive officer of ABSMaterials, said: “We are excited to work with JumpStart Ventures as we continue to prove consistent remediation success with our material.”

Robert Stuba, president and CEO of MAX Endoscopy, said: “With this investment, we are beginning to lay the foundation for scalable penetration into the large, profitable, and growing gastrointestinal endoscopy market.”