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News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM

Irish Medical Device company Crospon secures additional €3m funding
By Finfacts Team
Apr 7, 2008 - 7:32:22 AM

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Crospon Limited is a privately held company based in Galway Ireland. It was founded in 2006 to develop leading edge minimally invasive medical devices for monitoring, diagnosis and therapy in the areas of endocrinology and gastroenterology.

Crospon Ltd., an Irish maker of medical devices, today announced the completion of a €3m round of financing. The round follows an initial €2.3m seed funding secured in June 2007 and includes investments by the Western Development Commission and a number of private investors.

Crospon Limited develops "leading edge" minimally invasive medical devices for monitoring, diagnosis and therapy in the areas of endocrinology and gastroenterology.

This additional funding will be primarily used for the completion of development, manufacturing startup, and preparation to market 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.

Commenting on the funding, John O’Dea, CEO, Crospon said, "The last twelve months have been very exciting for everybody at Crospon. The main highlight undoubtedly, has been the international attention secured from our IP agreement with HP. Today’s announcement will ensure the company is significantly structured to make the next 12 months just as memorable.

The securing of this additional funding is significant for Crospon as we continue to develop our EndoFLIP system and prepare for market. GERD is a disorder reaching epidemic proportions worldwide, affecting 5-7% of the population daily. These facts demonstrate the market need for specialist products such as ours."

Crospon’s products are based on patented multiple-electrode sensing techniques, which are being applied to treat a variety of medical conditions.

Crospon recently appointed Hugh Kavanagh and Jonathan Bouchier Hayes to its senior management team in the roles of Chief Financial Officer and Director of Business Development respectively.

In September 2007 the company announced a licensing agreement with HP Labs to create an Industry- first ‘skin patch’ for smart drug delivery.

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