Kinetic Labs has opened rentable lab space in Waterford city for the life sciences sector.

The facility offers single and shared wet lab space, office facilities, meeting rooms and a café.

The company said it is now available on a rental basis to start-ups and science-based companies to develop their products and processes.

The new business has been created through a combination of a REDF grant from Enterprise Ireland with additional funding from WorkLAB and Waterford City and County Council.

Patsy Carney, pharmaceutical entrepreneur and one of the directors of the project said Kinetic Labs will play an important role in building on the capability of existing life science companies in the Southeast.

"We are a region with a core cluster of life-sciences and medical device companies and we have a critical mass of talent in this sector, and I know that for start-ups finding affordable and flexible lab space can be a big challenge.

"Kinetic Labs offers the ideal space for those working in the industry who might be considering their own entrepreneurial journey along with spinouts from third-level universities and institutes plus the life-sciences sector, sciences, medical device, pharma, bio-pharma and even the higher-end functional food sector,' he said.