€2m investment in Ovagen to power innovation in vaccine manufacturing.
Ballina-based biotech business Ovagen has raised €2m in a Series A equity investment round led by the Western Development Commission and involving Enterprise Ireland, IRRUS, HBAN, Boole, DeepIE and Spark Crowdfunding.
The funding is aimed at accelerating the production of Ovagen’s groundbreaking germ-free eggs, a game-changer for vaccine production globally, and further positioning the Northwest and West of Ireland as a hub for cutting-edge biotech innovation.
“Our germ-free eggs are the result of years of R&D and have the potential to significantly reduce vaccine production failures and costs”
Ovagen’s germ-free eggs represent a transformative breakthrough in the vaccine manufacturing process. Vaccines for diseases such as influenza, measles, and yellow fever traditionally rely on eggs for production.
However, up to 30% of vaccine batches can fail due to bacterial contamination, costing the pharmaceutical industry hundreds of millions of euros annually. Ovagen’s pioneering germ-free eggs eliminate this issue, reducing contamination risks, increasing vaccine yields, and playing a significant role in combating antimicrobial resistance.
Advancing public health
“We are thrilled to have secured this funding, led by the Western Development Commission, which will allow us to scale up production and continue working with leading global vaccine manufacturers,” said Dr Catherine Caulfield, CEO and co-founder of Ovagen.
“Our germ-free eggs are the result of years of R&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.”
Ovagen’s success story reflects the WDC’s broader vision for the Northwest and West of Ireland as a thriving ecosystem for innovation, said Western Development Commission CEO Allan Mulrooney.
“In close collaboration with Enterprise Ireland and other key agencies in the region, including IRRUS, HBAN, Boole, DeepIE, and Spark Crowdfunding, the WDC works together to drive success, ensuring that we collectively create lasting impact and meaningful results for the region.”
The WDC’s Western Investment Fund (WIF) was established to provide vital capital to businesses in the region, offering both equity and debt finance to support innovative companies in sectors such as biotechnology, digital technology, and renewable energy.
Mulroone said 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.
“Enterprise Ireland is committed to supporting Irish-owned companies to start, grow and scale, and to achieve their global ambition,” said Tom Kelly, divisional manager, Enterprise Ireland.
“These companies are economic cornerstones in communities around the country, contributing greatly to regional development and national prosperity. Ovagen, with their pioneering innovation, is an example of that. Enterprise Ireland is delighted to support Dr Caulfield and all the team at Ovagen, and congratulates them on this important milestone with the Western Development Commission and other investors.”
Main image at top: (from left) Dara Calleary, TD, Minister of State for Trade Promotion, Digital Transformation and Company Regulation; Dr Catherine Caulfield, co-founder and CEO of Ovagen; Geraldine McLoughlin, Investment Executive, WDC; Allan Mulrooney, Chief Executive Officer, WDC; and Gillian Buckley, Investment Manager, WDC. Photo: Michael McLaughlin
-
Bank of Ireland is welcoming new customers every day – funding investments, working capital and expansions across multiple sectors. To learn more, click here
-
Listen to the ThinkBusiness Podcast for business insights and inspiration. All episodes are here. You can also listen to the Podcast on:
-
Spotify
-
SoundCloud
-
Apple
