Galway-based medical devices company Crospon has raised €3m of funding from the Western Development Commission and a number of private investors. This follows an initial €2.3m seed funding secured in June last year.
Crospon develops medical devices for monitoring, diagnosis and therapy in the areas of endocrinology and gastroenterology.
It says the new money will be used mainly to prepare for manufacturing and marketing of its EndoFLIP system, which is used in the treatment of gastroesophageal reflux disorder (GERD), a disorder that manifests itself as severe heartburn.
Crospon was founded by CEO John O'Dea in 2006. Mr O'Dea previously co-founded Caradyne, a Galway-based respiratory products company which was bought by Respironics in 2004.