Ahmedabad-based medical device start-up Axio Biosolutions is in talks with corporates like Apollo Group and Johnson&Johnson (J&J) for co-branding of its award winning innovative product 'Axiostat'.
The product, which won the Samsung Innovation Quotient (SIQ) competition recently, is the country's first emergency dressing for controlling profuse traumatic bleeding.
"The product is being received well across major hospitals in Gujarat. We are also in talks with EMRI and Government of Gujarat for supply chain of Axiostat in the 108 emergency services," said Leo Mavely, co-founder and managing director of Axio Biosolutions. An incubatee of Nirma University, the start-up is being seed funded by the state government through Gujarat Venture Finance Ltd. (GVFL) as well as Department of Science and Technology, Government of India.
The company is in talks with corporates like Apollo and Johnson&Johnson (J&) for co-branding of Axiostat in hospital supply chain.
A dressing made from 100 per cent natural biomaterials, Axiostat has an active agent that reacts with blood and clots them instantly. With a shelf life of three years and priced between Rs 300 and Rs 500, Axiostat can be easily used by any first responder. With the application of saline, Axiostat dressing turns into a soft gel and can be easily washed away from the wound. Axiostat is currently available in the leading hospitals in Gujarat and is also being used by regiments in paramilitary forces in India.
Globally, Axio Biosolutions is awaiting regulatory approvals from Europe before marketing its flagship product in the European, African, Middle East and South East Asian countries. In order to grow distribution-wise, the company is planning to initiate talks with private equity players for funding its expansion. "We will now look to seek funding from PE players for our future expansion in terms of distribution across the country," Mavely added.
