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Home Industry News IQ Endoscope Launches Single Use Medical Device

IQ Endoscope Launches Single Use Medical Device

1st February 2023

IQ Endoscope has recently secured investment to assist in the manufacture and market launch of their innovative medical device. Their affordable, accessible, and sustainable single-use endoscopic tool could transform initial- stage detection capabilities for a variety of cancers and gastrointestinal issues.

The business acquired finance from the Cardiff Capital Region Challenge Fund and an additional contribution from the Cardiff and Vale Health Board to develop a recycling plan alongside the endoscopic tool.

The company was founded almost 6 years ago and has so far received £5.9 million, this covers everything from initial start-up funds to further investments from backers such as the Development Bank of Wales.

Almost all of the endoscopic tools available on the market are reusable, meaning they must be cleaned and sanitised thoroughly after each of the 70 million times they are used annually. This amplifies costs, decreases patient volume, and increases the danger of cross-contamination.

Currently, the healthcare sector needs support in fulfilling patient requirements, IQ Endoscopes promises to ramp up both magnitude and adaptability.

Chief Executive Officer of the company, Matt Ginn, explained that “Regulatory bodies such as the FDA are increasingly encouraging single use endoscopes” as they “not only eliminate all threat of cross contamination, but also increase throughput of patients and allow greater access to treatment on a global scale.”

Business Growth Fund investor, Tim Rea, expressed how “this investment will enable IQ Endoscopes to complete its remaining developmental milestones against a clear roadmap towards its next stage of growth.”

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