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Editor's Eye on Charlotte|Raleigh: There’s NewHope for Investment
Posted December 17, 2010
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By Julie Armstrong
Austin Ventures was honored this week by the editors of AlwaysOn as a 2010 top 100 venture capital firm, and among the VC firm's prominent portfolio is Charlotte-based NewHope Bariatrics.
NewHope Bariatrics develops and operates -- in partnership with physicians -- ambulatory surgery centers and short-stay surgical hospitals that serve the needs of the morbidly obese. NewHope's obesity surgical centers are in The Colony, Texas, and in Overland Park, Kan. They focus on gastric banding procedures, primarily the Lap-Band system.
NewHope was co-founded by and David Crane. Kelly has been president and CEO of the company since June 2008. Before NewHope, he was COO of MedCath Corp., where he helped drive annual revenue from $237 million to more than $600 million. He also spent 15 years with Siemens Medical Systems.
According to the American Society for Bariatric Surgery, the total number of bariatric surgery procedures has grown from 20,000 in 1999 to about 175,000 in 2005. The total number of gastric banding procedures in particular has grown at a 60.9% compounded annual growth rate.
For its business, NewHope foresees an increased awareness of adjustable gastric banding, a continued rise in obesity rates and the early adoption by some insurance carriers to cover the gastric band procedure.
Do you know of a Charlotte- or Raleigh-area company or businessperson I should keep an eye on? Please e-mail me at julie@citybizlist.com.
Also at citybizlist, see:
Austin Ventures Announces Partnership With Silverback Acquisitions (11/3/2010)
TGF Management and Austin Ventures Recapitalize ENTACT (10/6/2010)
Bessemer Venture Partners and Austin Ventures Portfolio Co. WAY Systems Acquired for $9M Including Potential Payout (9/1/2010)
For the complete AlwaysOn VC100, see: http://tinyurl.com/3a4hoc5
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