20th February 2024 – Founded by Vincent Forde in 2018, the company has developed a medical device that can assist healthcare providers to provide fast, accurate IV delivery
Gasgon Medical, a Cork-based medtech company, is seeking to raise €4 million in a new funding round with some of its lead investors having already committed to returning to back the start-up.
Founded by Vincent Forde in 2018, the company has developed a medical device that can assist healthcare providers to provide fast, accurate IV delivery. The device, known as AirVault, captures air bubbles during intravenous (IV) administration.
Speaking to the Business Post, Forde, the company’s chief executive, said Gasgon was making great progress.
“We expect to close this round very quickly. It will cover our planned commercial launch of the AirVault medical device in the US, where we are in advanced discussions with several leading hospitals already.
“The raise we’re focused on now is essentially being done to capitalise on the momentum we’ve built of late. Furthr VC, who led our seed round are back onboard to lead this latest raise,” he said.
IV infusion is the most common invasive procedure in healthcare globally, with over 80 per cent of all hospital patients receiving IV medicine as part of their medical treatment. But problems in IV, such as air bubbles, are among the most challenging and expensive for healthcare.
Gasgon, which previously secured €2.25 million in seed financing from backers that included Furthr VC, Enterprise Ireland, and angel investment network, Hban, is in the process of seeking regulatory approval for the device.
Once granted, it intends to license its technology to distributors. The disposable IV infusion market alone is worth $52 billion currently.
“We spent a lot of time over the last year in the US testing the product and making sure we got it in front of over 20,000 nurses and into a lot of major hospital systems. Testing and development is now complete and while we are still pre-clearance, we are just about to submit our application for FDA approval for AirVault,” Forde said.
By Charlie Taylor of Business Post.
