JumpStart Inc. doubles investment in Max Endoscopy Inc. and TheraVasc Inc.

By CHUCK SODER

Venture development group JumpStart Inc. has doubled its investment in two of the startups in its portfolio: Max Endoscopy Inc. of Macedonia and TheraVasc Inc. of Cleveland.

JumpStart Ventures, the investment arm of the Cleveland-based nonprofit, invested $250,000 in Max Endoscopy and another $250,000 in TheraVasc.  That’s on top of the $250,000 that the group committed to each of the companies last December.

Max Endoscopy has developed a device that uses fiber optics to guide the treatment of hemorrhoids. It plans to use the money to accelerate the commercialization process, expand its management team and evaluate other possible uses for the device.

TheraVasc plans to use its investment to support a Phase IIa clinical study to demonstrate the effectiveness of an oral formulation of a sodium nitrite drug intended to treat peripheral artery disease. The money is part of a larger financing round.

JumpStart Ventures now has made 68 investments in 49 companies.