Crospon announce closure of seed round of financing

Crospon Ltd, today announced closure of a €2.3m seed round of financing.

The round included investments by Enterprise Ireland, 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 seed funding will be primarily 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.

Commenting on the recent funding, John O’Dea, CEO, Crospon said: "The securing of the seed funding is significant for Crospon as we continue to develop our EndoFLIP™ system. 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.

In its research pipeline, 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.