Cork-based medical R&D agency Gasgon Medical has raised €2.25 million in seed funding to hurry up its growth.
That is the first fundraise for the company, which targets to reinforce the effectivity of intravenous (IV) treatment with enhanced safety for every victims and scientific practitioners.
This seed spherical funding is led by Dublin VC company, DBIC Ventures, with co-investment from Enterprise Eire, syndicates IRRUS and HBAN (every MedTech and Boole), and worldwide backing from syndicates in EU (Additio Funding Group, Spain) and private folks inside the US, along with enterprise consultants such as a result of the ex-VP of R&D at Medtronic, Cliff Emmons.
This funding spherical comes on prime of the company’s success in profitable a €3 million Quick Observe to Innovation grant from the EIC in December of ultimate 12 months. Gasgon Medical was moreover awarded the Seedcorn prime prize of €100,000 in 2021, being topped ‘Finest New Begin’ enterprise on the nationwide event.
Chief authorities and founder Vincent Forde talked about: “The funding will give us the flexibility to develop our crew as we transfer in direction of bringing our product to market. Our precedence is in accelerating growth work to realize regulatory approval, to be able to launch merchandise into hospitals, with an preliminary focus within the US.”
The money might even be used for promoting and advertising and marketing and rising into new markets, which contains veterinary and human use.
The Cork-headquartered agency at current employs six people, and has plans to see the workforce develop as soon as extra with hires in Eire and the US deliberate with this new spherical of funding.
Gasgon’s AirVault product, which is a novel machine to control the movement of bubbles with out disrupting circulation of time-sensitive drugs, affords elevated safety and effectivity for clinicians every inside the hospital and previous.
Hurt on account of Air-in-Line is a hazard associated to IV infusion, most likely essentially the most typically carried out invasive treatment in healthcare. When air bubbles appear inside the line an attending clinician ought to resolve on straightforward strategies to soundly take away the air, with risks rising every time the highway is opened. One important hazard is an an infection to the affected individual, whereas nurses might be harmed by publicity of the IV fluids, which can embrace hazardous drugs equal to antibiotics, chemotherapy or blood.
Forde added: “The sources required to trace and get rid of air from IVs is a continuing drain for nurses and well being techniques. “Usually an alarm system alerts the nurse or affected person to the presence of air, however there may be nonetheless this handbook method to eradicating the bubble. Nurses complain principally about alarm fatigue and the disruption to workflows, particularly at evening when sources are low and affected person’s sleep is affected. We offer a easy resolution that removes the air proactively, earlier than it causes a difficulty, to enhance the drug supply schedule and scale back the workload for nurses.”
The response to the patent-pending experience has been unanimously accepted as a “no-brainer” by many professionals inside the healthcare space. Gasgon Medical has signed trial plans with hospitals in Spain and Portugal, with additional hospitals in US and Eire working with the company to hurry up progress.
There will be an settlement in place with a veterinary hospital in Sweden, offering additional market options for the model new experience.
Richard Watson, managing companion of DBIC Ventures talked about: “We first engaged with Gasgon in early 2020 and have been terribly impressed with the administration workforce and their progress over the earlier two years important as a lot as this funding spherical.
“The AirVault machine addresses a big scientific want, which has been validated via very sturdy buy-in from clinicians and potential business companions in Europe and the US. We’re excited to be funding companions with the corporate look ahead to working carefully with the administration crew and board in bringing the product to market and scaling internationally.”