The Western Development Commission (WDC) has announced 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 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’s Western Investment Fund (WIF) was established to provide vital 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. Ovagen is a prime example of how WIF investments can catalyse significant advances in technology, attract further private and public investment, and create long-term economic benefits 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 realizing our vision of transforming vaccine manufacturing and advancing public health."
Ovagen’s success story reflects the WDC’s broader vision for the Northwest and West of Ireland as a thriving ecosystem for innovation. 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.
Minister Dara Calleary, Minister of State for Trade Promotion, Digital, and Company Regulation, commended the WDC’s leadership in supporting innovation and job creation in the Northwest and West of Ireland:
"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.
