The funding is aimed at accelerating the production of Ovagen’s germ-free eggs, which represent a "transformative breakthrough" in the vaccine manufacturing process.
Ovagen’s germ-free eggs eliminate the issue of vaccine batches failing due to bacterial contamination, which is costing the pharmaceutical industry hundreds of millions of euros annually.
The funding will allow Ovagen to scale up production and continue working with global vaccine manufacturers, as outlined by Dr Catherine Caulfield, chief executive and co-founder of Ovagen.
She said: "Our germ-free eggs are the result of years of R&D and have the potential to significantly reduce vaccine production failures and costs. This investment is a crucial step in realising our vision of transforming vaccine manufacturing and advancing public health."
Minister Dara Calleary said: "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.
"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."
Allan Mulrooney, chief executive of the Western Development Commission, said: "In close collaboration with Enterprise Ireland and other key agencies in the region, including IRRUS, HBAN, Boole, DeepIE, and Spark Crowdfunding, the WDC works together to drive success, ensuring that we collectively create lasting impact and meaningful results for the region."
Emily Ryan, managing director of Irrus Investments, said: "Irrus Investments are long term investors in Ovagen and we have been consistently impressed with this company and their ability to constantly innovate and navigate challenges along the way. "
Tom Kelly, divisional manager, industrial and life sciences, Enterprise Ireland, added: "These companies are economic cornerstones in communities around the country, contributing greatly to regional development and national prosperity.
"Ovagen, with their pioneering innovation, is an example of that. Enterprise Ireland is delighted to support Dr Caulfield and all the team at Ovagen, and congratulates them on this important milestone with the Western Development Commission and other investors."
