The innovative biotech company plans to hire 60 people over the next five years.
Ovagen, the Mayo-based biotech behind the world’s first germ-free eggs for vaccine development has raised €2m in a Series A equity investment round led by the Western Development Commission (WDC).
Investors in the funding round included IRRUS, HBAN, Boole, DeepIE, Spark Crowdfunding and Enterprise Ireland, with the company’s total funding now reaching more than €21m. It plans to use the latest funding to accelerate the annual production of its germ-free eggs to four million.
The company also shared plans to expand its workforce from 17 to 77 skilled personnel by 2029, in addition to which it hopes to build additional facilities in Ballina and establish satellite operations near major global vaccine manufacturing hubs.
Based in Ballina, Co Mayo, Ovagen was founded in 2000 and has developed a process of producing germ-free chicken eggs intended for use in the pharmaceutical industry.
The production of vaccines is reliant on eggs; however, up to 30pc of vaccine batches fail due to bacterial contamination, costing the pharmaceutical industry hundreds of millions annually, the company said. Ovagen’s pioneering germ-free eggs eliminate this issue, reducing contamination risks and increasing vaccine yields.
The WDC, that funded the biotech company through its Western Investment Fund (WIF) aims to provide vital capital to businesses in the region.
“Ovagen is a prime example of how WIF investments can catalyse significant advances in technology, attract further private and public investment, and create long-term economic benefits for the region,” said WDC.
“We are thrilled to have secured this funding, led by the WDC, which will allow us to scale up production and continue working with leading global vaccine manufacturers,” said Dr Catherine Caulfield, the CEO and co-founder of Ovagen.
“Our germ-free eggs are the result of years of R and D and have the potential to significantly reduce vaccine production failures and costs. This investment is a crucial step in realising our vision of transforming vaccine manufacturing and advancing public health.”
Early last year, Ovagen raised €1.1m in an oversubscribed funding round led by the Halo Business Angel Network.
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