Dr Martin Murphy, project director; Dr Catherine Caulfield, co-founder and chief executive; and Dr Leonard Moran co-founder and chairman of Ovagen. The company's germ-free eggs are used primarily in the pharmaceutical industry.Mayo-based Ovagen has raised €1.1 million in funding and said it expects to add 65 jobs in the next five years as it further develops its germ-free eggs.
The funding round was led by Halso Business Angel Network through its Irrus Investments and WxNW syndicates. The round, which was oversubscribed, was also backed by the Western Development Commission and an existing shareholder. The latest round brings the total raised by Ovagen to more than €19 million to date.
The biotechnology company has developed a process of producing germ-free chicken eggs and germ-free birds, primarily for use in the pharmaceutical industry Where more than one billion eggs are used globally each year. The eggs are used to support the development of vaccines for both animals and humans, for diseases such as flu, yellow fever, mumps and measles.
The funding will be used to expand staff numbers, carry out evaluation trials on vaccine batches made using the eggs, and officially launch the eggs to pharmaceutical manufacturers.