HBAN leads €1.1M investment in Mayo biotech company, Ovagen
Summary
Funding also came from the Western Development Commission (WDC) and an existing shareholder.Ovagens groundbreaking proprietary process is a world-first and addresses a problem that sees up to 20% of egg-based vaccine batches being destroyed. It is a multi-million-euro problem for the worlds vaccine manufacturing industry.Following seven years of research and development, Ovagen has now addressed this issue with its superior quality-verified germ-free eggs, produced in the companys Ballina, Co. Mayo, headquarters. The process and technology which is protected by patents and trade secrets ensures no bacteria can enter an egg through its porous shell after it is laid.The latest funding brings the total amount received by Ovagen to-date to more than 19M. 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. This investment underlines the importance of supporting innovation driven enterprises, leading the success of the existing biotechnology ecosystem in Irelands western region.
