Western Development Commission leads €2m investment in Mayo-based company

THE Western Development Commission (WDC) 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.

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.

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

Allan Mulrooney, CEO of the Western Development Commission, highlighted the importance of this investment for both the regional economy and the global biotechnology sector: “In close collaboration with Enterprise Ireland and other key agencies in the region, the WDC works together to drive success, ensuring that we collectively create lasting impact and meaningful results for the region.”

Dr. Catherine Caulfield, CEO and co-founder of Ovagen, expressed her appreciation for the WDC’s steadfast support: “We are thrilled to have secured this funding, led by the Western Development Commission, which will allow us to scale up production and continue working with leading global vaccine manufacturers. 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.”

Emily Ryan, managing director, Irrus Investments, who was an investor in 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.”

Enterprise Ireland, who is an investor in this round and has been working with Ovagen for a number of years, echoed the importance of fostering regional innovation.

Tom Kelly, divisional manger, Industrial and Lifesciences, Enterprise Ireland, said: “Enterprise Ireland is committed to supporting Irish-owned companies to start, grow and scale, and to achieve their global ambition. 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.”

Minister Dara Calleary, Minister of State for Trade Promotion, Digital, and Company Regulation, commended the WDC’s leadership in supporting innovation and job creation: “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 worthwest 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.”