Major €2 million investment in Ballina company

The Western Development Commission (WDC) is pleased to announce that it has led a successful €2 million Series A equity investment round in Ovagen, an innovative biotechnology company based in Ballina.

The funding is aimed at accelerating the production of Ovagen’s groundbreaking germ-free eggs, a game-changer for vaccine production globally, and further positioning the Northwest and West of Ireland as a hub for cutting-edge biotech innovation.

Ovagen’s germ-free eggs represent a transformative breakthrough in the vaccine manufacturing process. Vaccines for diseases such as influenza, measles, and yellow fever traditionally rely on eggs for production.

However, up to 30% of vaccine batches can fail due to bacterial contamination, costing the pharmaceutical industry hundreds of millions of euros annually. Ovagen’s pioneering germ-free eggs eliminate this issue, reducing contamination risks, increasing vaccine yields, and playing a significant role in combating antimicrobial resistance.

The WDC, through its Western Investment Fund (WIF), has long been a champion of innovation and enterprise in the Northwest and West of Ireland.

The Commission’s role in this investment round, alongside private sector investors such as IRRUS, HBAN, Boole, DeepIE, Spark Crowdfunding, and Enterprise Ireland, underscores its mission to support high-potential businesses that drive economic and social development in the region.

This latest investment builds on the WDC’s long-standing support of Ovagen, bringing its total cumulative investment in the company over the past number of years to €2 million.

Through strategic investments like this, the WDC is helping to create high-skilled jobs and bolster regional competitiveness in industries with global significance.

Ovagen plans to expand its workforce from 17 to 77 highly skilled personnel by 2029 and increase production to four million germ-free eggs annually from its Mayo base, further cementing its position as a leader in vaccine manufacturing technology.

The company’s ambition to build additional facilities in Ballina and establish satellite operations near major global vaccine manufacturing hubs demonstrates the far-reaching impact of WDC’s support for indigenous innovation. By providing the necessary financial backing through the Western Investment Fund, the WDC is enabling companies like Ovagen to scale and succeed on the world stage.

Emily Ryan, Managing Director Irrus Investments, who was an investor this round said: “The Ovagen team have shown incredible strength and perseverance in bringing Germ free eggs from a concept to reality. 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. We are delighted to support Ovagen in this latest funding round, and are excited about the future with the huge global potential for Germ free egg technology.’