Ireland aids new biotech projects with €15 million

The Irish Department of Enterprise has launched a new strategy designed to grow and develop Ireland’s entrepreneurial-led biotechnology and life sciences industries.

Mary Harney, Minister for Enterprise, Trade and Employment, also announced details of Ireland’s first venture capital fund dedicated solely to the biotechnology sector. The fund is a public private partnership between Enterprise Ireland and Seroba BioVentrues, which has a target size of €25 million, and has already completed a first round closing of €15 million.

“The Government is committed to developing the right long-term policies and investing in the key areas needed to sustain and grow the economy through the next generation,” said Harney. “Biotechnology is predicted to be a major basis for economic growth in the 21st Century. While the current state of the indigenous biotechnology industry is small, the medium-term objective of Enterprise Ireland is within five years to have increased the number of companies from a current base of 21 to 60 and the number of people employed in the sector from 400 presently to 1800.”

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