Rinovum Women’s Health wins financing to back OTC conception product
PITTSBURGH — Rinovum Women’s Health, a privately held, U.S.-based women’s health company, announced Friday 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," said Steve Bollinger, Rinovum CEO. "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.”
“The PLSG Accelerator Fund is pleased to participate in this investment round for Rinovum, as they make progress in getting their products to market,” said 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.”