The revolutionary biotech firm plans to rent 60 individuals over the following 5 years.
Ovagen, the Mayo-based biotech behind the world’s first germ-free eggs for vaccine improvement has raised €2m in a Collection A fairness funding spherical led by the Western Improvement Fee (WDC).
Traders within the funding spherical included IRRUS, HBAN, Boole, DeepIE, Spark Crowdfunding and Enterprise Eire, with the corporate’s whole funding now reaching greater than €21m. It plans to make use of the most recent funding to speed up the annual manufacturing of its germ-free eggs to 4 million.
The corporate additionally shared plans to broaden its workforce from 17 to 77 expert personnel by 2029, along with which it hopes to construct further amenities in Ballina and set up satellite tv for pc operations close to main world vaccine manufacturing hubs.
Primarily based in Ballina, Co Mayo, Ovagen was based in 2000 and has developed a course of of manufacturing germ-free rooster eggs supposed to be used within the pharmaceutical business.
The manufacturing of vaccines is reliant on eggs; nonetheless, as much as 30pc of vaccine batches fail attributable to bacterial contamination, costing the pharmaceutical business lots of of tens of millions yearly, the corporate mentioned. Ovagen’s pioneering germ-free eggs remove this difficulty, lowering contamination dangers and growing vaccine yields.
The WDC, that funded the biotech firm by means of its Western Funding Fund (WIF) goals to supply important capital to companies within the area.
“Ovagen is a first-rate instance of how WIF investments can catalyse vital advances in expertise, appeal to additional personal and public funding, and create long-term financial advantages for the area,” mentioned WDC.
“We’re thrilled to have secured this funding, led by the WDC, which can permit us to scale up manufacturing and proceed working with main world vaccine producers,” mentioned Dr Catherine Caulfield, the CEO and co-founder of Ovagen.
“Our germ-free eggs are the results of years of R and D and have the potential to considerably cut back vaccine manufacturing failures and prices. This funding is an important step in realising our imaginative and prescient of remodeling vaccine manufacturing and advancing public well being.”
Early final yr, Ovagen raised €1.1m in an oversubscribed funding spherical led by the Halo Enterprise Angel Community.
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