New World Angels, together with venture capital firm First Light Ventures and the Special Equities program of Calvert Equity Portfolio, has closed a $1.1 million investment in Bioceptive, a medical device company focusing on women’s health.
Bioceptive's CEO and president is Dr. Stewart Davis of Delray Beach, a noted medical device entrepreneur who has run several South Florida companies in the industry. Bioceptive’s scientific operations are based in New Orleans.
Bioceptive, founded in 2010, has developed a novel IUD (intrauterine device) inserter expected to significantly enhance the ease, safety and effectiveness of approximately 70 million insertion procedures done globally each year. Not only will this have an impact in major urban areas, but also in rural and poor areas of the world where physician access is limited and long-acting contraception is in high demand. “Under the capable leadership of Dr. Stewart Davis, we believe in the company’s ability to make a real difference in this market, “ said Rhys L. Williams, president of NWA.
Dr. Orin Levy, a member of New World Angels for nearly three years, first brought the investment to the attention of the group. Levy said Bioceptive has a strong management team and already has a functioning prototype ready for scale-up, and NWA was also attracted to the solution it provides. “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,” said Levy, who has joined Bioceptive’s board. “Ultimately, the hope is this will provide an opportunity for better reproductive health throughout the world.”
New World Angels, founded in 2003 and with chapters in Boca Raton and the Tampa Bay area, is a group of private investors focused on early-stage companies. It is typically a lead or co-investor in transactions from $500,000 to $3 million.