Irish medical device developer nets nearly $8.5M in financing

Crospon has completed a $4.75 million (€3 million) round of financing, which follows an initial $3.65 million (€2.3 million) seed funding, secured in June 2007.

Both rounds included investments by the Western Development Commission and a number of private investors, according the Galway, Ireland-based Crospon.

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

The company said the additional funding will be primarily used for the completion of development, manufacturing startup and preparation to market its EndoFlip system that is used to enhance diagnosis and assist in the surgical treatment of gastroesophageal reflux disorder. The EndoFlip system is the first of a range of products the company plans to bring to market.