Crospon raises €3m in funding

GALWAY medical devices firm Crospon has raised €3 million in funding.

The company, set up in June 2006, said the funding will be used to help develop its treatments for diabetes and gastroesophageal reflux disorder.

Crospon said the funding follows an initial €2.3m last year, came from the Western Development Commission and a number of private investors.

Crospon has produced a skin patch which can deliver medicine directly into the body and which has been modelled directly on ink-jet cartridges. The company last year signed an intellectual property agreement with computer giant Hewlett Packard to licence its ink-jet technology.

“The past 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,” Crospon’s chief executive John O’Dea said in a statement.

“Today’s announcement will ensure the company is significantly structured to make the next 12 months just as memorable.”

Mr O’Dea is a veteran of the medical devices industry. In 2004, Mr O’Dea sold a company he set up in 1998 called Caradyne for $5.5m (€3.5m) to Nasdaq-quoted Respironics.