Galway-based medical technology firm Crospon has raised €2.3m in a seed round led by Enterprise Ireland, the Western Development Commission and a number of private investors.
The company develops minimally invasive medical devices for monitoring, diagnosing and providing therapy in the areas of endocrinology and gastroenterology.
Crospon’s products are based on patented multiple-electrode sensing techniques, which are being applied to treat a variety of medical conditions.
This seed funding will be used for ongoing development of the company’s EndoFLIP system that is used to enhance diagnosis and assist in the surgical treatment of gastroesophageal reflux disorder (GERD).
The EndoFlip system is the first of a range of products the company plans to bring to market.
“The securing of the seed funding is significant for Crospon as we continue to develop our EndoFLIP system,” said John O’Dea, CEO of Crospon.
“GERD is a disorder reaching epidemic proportions worldwide, affecting 5-7pc of the population daily. These facts demonstrate the market need for specialist products such as ours.”
The company has an active research programme in applying its multi-electrode technology to non-invasively and continuously monitor blood glucose levels in patients with Type 1 diabetes.
The company plans to continue to broaden its technology platform, and expects to expand its staff numbers in the near future, O’Dea said.
By John Kennedy