August 3, 2018 Source: BusinessToday 181
Axiostat, the first US Food and Drug Administration (USFDA) approved wound dressing product from India is a user-friendly, compact pack of 8X8 centimeters which ceases unrestrained bleeding from wounds. When applied on a wound, the patch acts on the blood and forms a clot in a minute and turns into a very sticky adhesive patch.
Approved in February this year, the company has until now supplied the product to the Indian army and few of the military and private hospitals. "So far, we have shipped close to 450,000 units. About 18 months ago, we set up our own manufacturing unit (earlier used to outsource) in Ahmedabad with a capacity to make 850,000 units per annum and this we hope will handle demand for the next two years," says Leo Mavely, founder and CEO of Bengaluru-headquartered Axio Biosolutions.
The technology, he notes, being patented in India, is one of the first product globally to have 100 percent active element Chitosan, extracted from shellfish. "It is a novel biomaterial and we source it from shellfish. It has no protein content so is fully biocompatible for use in the human body," says Mavely.
The company collected a revenue of Rs 60 million from Ratan Tata's RNT Capital this year and previously from Accel Partners and IDG Ventures India. It aspires to aim at India and other rising markets, and then perhaps in 2019, it may also look to venture into the US market.
Mavely is zealous about med-tech innovations for underserved healthcare requirements. His present focus is on spreading awareness on the need for products like this, in India and other markets as well.By Ddu
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