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Axio Biosolutions, a medtech firm funded by Ratan Tata’s UC- RNT, has become the world’s largest producer of chitosan medical sponges, a promising bio-material that has potential applications in wound care management.
Recently, Axio Biosolutions, headquartered in Bengaluru, expanded its manufacturing facility at Gujarat Pharma Techno Park in Ahmedabad to one million units annually, a company statement said on Tuesday.
The first-ever Indian company to design and launch a novel haemostat to stop moderate to severe bleeding, Axio Biosolutions raised $7.4 million in a Series B funding from its existing investors, Accel Partners and IDG Ventures India, apart from the Ratan Tata firm. Its innovative wound care product, Axiostat, is capable of stopping bleeding instantly and has already received approvals from the US and European Union drug regulators, the statement said.
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