The Halo Business Angel Network said today that its syndicates, Irrus Investments and WxNW, have led a €1.1m oversubscribed funding round in Mayo-based Ovagen, the world's first producer of germ-free eggs.
Funding also came from the Western Development Commission and an existing shareholder.
HBAN, the all-island organisation responsible for the promotion of business angel investment, is a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland.
Ovagen addresses a problem that sees up to 20% of egg-based vaccine batches being destroyed.
Due to the significance of its product, Ovagen expects to add 65 jobs over the next five years, while it predicts its revenues will reach €42m by the end of 2027.
More than one billion eggs are used every year as "bio-reactors" to support the development of both human and animal health vaccines.
Viruses are injected into the eggs to propagate the virus, which vaccine manufacturers can then use to develop vaccines for diseases including the flu, yellow fever, mumps and measles.
But, currently, one in five eggs become contaminated, leaving the vaccines they create unfit for use.
After seven years of research and development, Ovagen now has superior quality-verified "germ-free" eggs, produced in the company's Ballina headquarters.
The company's process and technology ensures no bacteria can enter an egg through its porous shell after it is laid.
Declan MacFadden, a spokesperson for HBAN's WxNW syndicate, said that the Ovagen team had shown incredible perseverance in pursuit of an idea that many deemed was impossible.
"The global potential of the company's technology is vast and that is why this is the second time HBAN syndicates have backed Ovagen. Our investors were also impressed by the unwavering ambition and track record of the founders, who previously sold a company for €25m, giving some early investors a 68 time return on their investments," he added.
Dr Catherine Caulfield, co-founder and CEO of Ovagen, said that currently, vaccines are developed using Specific Pathogen Free (SPF) eggs.
She said that while these are free of many bacteria and viruses, they are not germ-free and a significant proportion become contaminated with bacteria.
"Our funders have been instrumental in supporting us on our long journey to make a concept a reality. At critical stages in our development, our angel investors have not only provided us with their financial backing, but they have also introduced us to other potential investors, as well as their highly influential industry contacts," Dr Caulfield said.
"Their support, along with the tireless dedication of the Ovagen team, puts us in a very strong position as we prepare to go to market with the world's first germ-free egg," she added.
