Galway-based medical devices firm Crospon said today it has secured €2 million in funding and received approval from the US Food and Drugs Administration (FDA) for its flagship gastroenterology product, EndoFLIP.
This latest round of funding includes continued investment from Enterprise Ireland and private investors, as well as new investment from The Wellcome Trust in the UK.
“We are in a critical phase of our development, having recently established a US operation and launched the EndoFLIP product into the European market,” said Crospon CEO, John O’Dea.
“Recognition and investment by The Wellcome Trust, after a rigorous review procedure, is a significant endorsement for Crospon and our EndoFLIP system,” he added.
Approval means US market
Obtaining FDA approval for EndoFLIP will allow Crospon to sell the product in the US market, and will also help the company to widen its use, especially in the area of bariatric surgery.
The EndoFLIP tool was designed by Crospon to provide a more physiologically relevant diagnostic test for gastroesophageal reflux disease (GERD). Chronic GERD is a prevalent disorder reaching epidemic proportions worldwide that manifests itself as severe heartburn caused by stomach acid refluxing up into the oesophagus.
The company agreed to a worldwide distribution deal last May for its EndoFLIP tool with Dutch company Medical Measurement Systems.
Crospon develops leading-edge minimally invasive medical devices for monitoring, diagnosis and therapy in the gastroenterology area.
Photo: John O’Dea, CEO, Crospon
Article courtesy of businessandleadership.com
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