The company has designed Hemogrip Patch to be used at vascular access sites, where it quickly controls bleeding that occurs when accessing veins or arteries for various medical treatments and applications.

Remedium Technologies CEO Dr Matthew Dowling said: "Hemogrip Patch is an important and cost-effective tool for hospitals to quickly halt hemorrhaging at the sites of vascular procedures, reduce treatment costs and minimize patient stays."

Remedium’s Hemogrip platform technology is based upon chitosan, which is a natural biopolymer that can be seen in the exoskeleton of crustaceans.

Hemogrip is said to create a nano-scale and three-dimensional mesh when applied to wounds, helping to coagulate blood and prevent blood loss.

Remedium Technologies investor and board member Tim Askew said: "It shows that the FDA is comfortable with this new technology platform and opens the door for us to raise money, build out the product pipeline, and enter into distribution relationships."