Irish medical devices firm secures £2m
Galway-based medical devices company Crospon has secured £2m in investment, via Enterprise Ireland, private investors and the Wellcome Trust.
And the good news doesn't stop there. The business has also received US Food and Drugs Administration (FDA) approval for its gastroenterology product, meaning it can push on with its operations in the US. The funding round will also support the commercialisation of its recently launched EndoFLIP product in the European market.
The EndoFLIP technology enables medical teams to establish the dimensions and function of hollow organs and sphincteric regions in the gastrointestinal tract with real-time imaging, aiding diagnosis and surgery. The time and money-saving device went through rigorous testing by the Wellcome Trust in the UK and will primarily be used in the treatment of gastroesophagael reflux disease (GERD), a disorder caused by stomach acid that is reaching epidemic levels worldwide.
Crospon was started by medical devices veteran John O'Dea in 2006, who previously set up Caradyne, an Irish respiratory medical devices company that was selling products in 30 countries before its acquisition by Respironics Inc. in 2004. He has twice been a finalist in the Ernst & Young Entrepreneur of the Year.
