Galway-based medical devices firm Crospon said today it has secured €2m in funding and received FDA approval for its flagship gastroenterology product, EndoFlip.
The latest funding round includes continued investment from Enterprise Ireland and private investors as well as from The Welcome Trust in the UK.
Established in 2006, Crospon develops minimally invasive medical devices for monitoring, diagnosis and therapy in the gastroenterology area.
Its EndoFlip tool is used for diagnostic testing of gastroesophageal reflux disease, a disorder that shows itself as severe heartburn caused by stomach acid refluxing into the oesophagus.
Obtaining clearance from the US Food and Drugs Administration (FDA) will permit the company to sell EndoFlip in the US market and assist Crospon in continuing to build the clinical evidence base to support wider indications for use of the product, particularly in the bariatric surgery area.
Last year, Crospon announced the establishment of a new facility in Carlsbad, California. It is expected to launch EndoFlip in the US later this year.
The company agreed a worldwide distribution deal with Dutch firm Medical Measurement Systems (MMS), for the product in May 2009.
