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Ovagen Group Limited secures €10 million funding award from EIC Accelerator fund.

FOR IMMEDIATE RELEASE

  • Second time in 3 years Ballina-based company has received EIC Accelerator funding
  • Follows the announcement of developing the world’s first bacteria free (‘germfree’) eggs in April.
  • Positions Ovagen as a potential world-leader in the production of germ-free eggs,

22nd June 2022, Ballina, Mayo, Ireland – Biotechnology company Ovagen Group Limited has again been awarded European Innovation Council (EIC) Accelerator funding, thanks to a €10 million funding award from the European Commission supported by the European Investment Bank (EIB), putting Ovagen in the top 7% of European companies who applied in this funding round.

The firm, which has its headquarters in Ballina in the west of Ireland, has been awarded a €2.5 million grant from the Horizon EIC Accelerator Programme, and a €7.5 million equity investment supported by the European Investment Bank. 

This latest grant from the EIC follows a €2.36M EIC grant which Ovagen was awarded in 2019.

“To receive funding at this significant level is a major endorsement of the value of Ovagen’s germ free eggs to the vaccine and biopharmaceutical industry, and of our strong track record of delivery on the previous EIC Grant,” Ovagen CEO and Co-Founder Dr. Catherine Caulfield, said. “Germ free eggs have been developed and are on the market, and this funding will allow us to demonstrate all their benefits and to scale-up and commercialise the business.”

Ovagen has developed the world’s first, bacteria free (‘germ free’), eggs.  Germ free eggs will be used in the production of human and animal vaccines, biotechnology applications and in cutting edge scientific research. Ovagen’s superior quality germ free eggs will set a new gold standard in the market and the biology of germ free eggs may also allow much greater viral yield to produce certain vaccines.

 “The EU funding is a game changer for Ovagen,” Ovagen Chairman, Chief Technical Officer and Co-Founder Dr. Leonard Moran said. “It has arrived at exactly the right time to allow us to scale up rapidly to meet customer demand with commercial production volumes.”

“This validates the 10 year’s research and development it has taken to get to this point,” Ovagen Senior Project Director Dr. Martin Murphy said. “but we now have the opportunity to impact millions of patient’s lives by supporting the production of better medicines”

ENDS

About Ovagen Group Limited. Ballina, Mayo, Ireland.

Ovagen Group Limited is an innovation-based biotechnology company, led by experienced entrepreneurs, providing specialist contract products and services to the biopharmaceutical, pharmaceutical and vaccine industries. The company has developed a proprietary process of producing Germ Free chicken eggs and Germ Free birds in commercial quantities for use primarily in the pharmaceutical industry.

For more information, please contact:

Peg Connor (Administrative Office Manager):

  • Tel: + 353 (0)96 75579
  • Email: info@ovagen.com
  • Web: www.ovagen.ie

Ovagen Receives a Second European Innovation Council (EIC) Grant

On 17th June 2022 Ovagen Group Ltd. was selected by the European Commission for €10M in grant and equity funding in what was the most competitive round of European Innovation Council (EIC) Accelerator funding to date, with only 7% of the over 1,000 companies across Europe being funded.  This is the second time Ovagen has been successfully awarded funding by the European Commission.  This award comprises of €2.5M grant from the EIC and €7.5M in equity supported by the European Investment Bank (EIB).  This funding will allow Ovagen provide scientific data to support key attributes of germ free eggs and to accelerate scale up of production and commercialisation.

You can read the full article from Enterprise Ireland by clicking here