The Western Development Commission (WDC) has led a €2 million Series A equity investment round in Ovagen, a biotechnology company based in Ballina, Co Mayo.
The funding is aimed at accelerating the production of Ovagen's germ-free eggs.
"Our germ-free eggs are the result of years of R&D and have the potential to significantly reduce vaccine production failures and costs," said Dr Catherine Caulfield, CEO and co-founder of Ovagen.
"This investment is a crucial step in realising our vision of transforming vaccine manufacturing and advancing public health," she added.
The company explained how vaccines for diseases such as influenza, measles, and yellow fever traditionally rely on eggs for production.
However, it said up to 30% of vaccine batches can fail due to bacterial contamination, costing the pharmaceutical industry hundreds of millions of euros annually.
"Ovagen’s germ-free eggs eliminate this issue, reducing contamination risks, increasing vaccine yields, and playing a significant role in combating antimicrobial resistance," the company said in a statement.
Alongside WDC, other private sector investors took part in this investment round such as IRRUS, HBAN, Boole, DeepIE, Spark Crowdfunding, and Enterprise Ireland.
The WDC's Western Investment Fund was set up to provide 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.
"The investment by the Western Development Commission in Ovagen is a clear demonstration of the critical role WDC plays in supporting innovative companies that have the potential to create high-value jobs and drive economic growth in the Northwest and West of Ireland," said Dara Calleary, Minister of State for Trade Promotion, Digital, and Company Regulation.
"Ovagen’s revolutionary technology not only strengthens Ireland’s position as a global leader in biotechnology but also showcases how regional investment can lead to world-class innovation.
"The growth of companies like Ovagen, supported by WDC, is vital to the continued economic and social development of the region," he added.
