IrelandIreland

Ireland backs biotech

20.03.2012

While on a trip to strengthen economic ties between Ireland and California, Ireland's minister for jobs, enterprise and innovation, Richard Bruton, revealed on 15 March that two Irish government organisations have provided roughly one tenth of a life science-focused venture capital fund. The Sofinnova Ventures Partners VIII from Sofinnova Ventures Menlo Park, California, is worth $440 million. One organisation, Enterprise Ireland, invested $25 million from its €250 million Innovation Fund Ireland. Enterprise Ireland's aim is to help Irish companies in international markets. In return for the investment, Sofinnova is expected to establish operations in Ireland. The first efforts by the Innovation Fund Ireland to attract VC firms stem back to 2010. Back then it solicited the first proposals from VC firms that promised to invest in Irish companies. The other organisation is the Irish National Pensions Reserve Fund (NPRF). It contributed half the amount, $12.5 million, to the Sofinnova fund. So far, three other investments by the NPRF are known: with Polaris Ventures, Draper Fisher Jurvetson Network Funds (DFJ) and DFJ Esprit. The 8th fund raised by Sofinnova has a life science focus only - with an emphasis on Phase 2 and 3 drug development and was closed on 17 October 2011. With $440 million, it again continues to grow (2007 Sofinnova Ventures VII: $375 million). Already included in Sofinnova's portfolio is one Irish biotech firm. Amarin is a clinical-stage biopharmaceutical company from Dublin. It focuses on improving the treatment of cardiovascular disease. Bruton stressed the importance of VC funds for mentoring young companies: "That is why the Programme for Government tries to support the development of a more dynamic venture capital industry in Ireland by seeking to attract top tier venture capitalists to invest in Ireland."

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26.05.2011

Dublin – Ireland’s Elan Corporation plc has paid US$50m to access Proteostasis Therapeutics’ pipeline of proteostasis regulators, peptidomimetic compounds that regulate protein folding, protein aggregation and protein degradation...

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06.02.2011

Dublin – Irish drug maker Elan Corp. plc announced it has reduced its headcount by 130 (10%) to about 1,200. Elan said a nearly half of the 130 cuts came from the firm’s R&D department, and primarily occurred at its site in San...

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07.09.2010

Nottingham/Dublin – Irish researchers have identified a new target in S.aureus bacteria that cause progressive bone destruction. According to Tania Claro from Royal College of Surgeons, S. aureus makes use of its surface protein...

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11.08.2010

Elan Corporation plans to advance ELND005 into phase III testing, despite data indicating that it missed the co-primary endpoints in a phase II AD201 trial for Alzheimer's. According to the trial results, ELND005, a small...

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03.08.2010

Dublin/St. Paul – Irish researchers have reported that a specific gene variant may increase the severity of multiple sclerosis (MS) symptoms. For the study, which was published in Neurology (3rd August), the research team led by...

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20.04.2010

Dublin – Irish neuroscience specialist Elan Corporation plc has announced it is investigating the option of spinning out its Elan Drug Technologies business, creating two publicly listed enterprises. Elan is currently assessing...

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02.03.2010

Dublin – The Elan Corporation has established a novel biomarker, 11C-PiB PET, that can detect whether Alzheimer drug candidates can reduce pathogenic beta-amyloid plaques in the brains of patients. With the new marker, Elan...

IrelandIreland

17.12.2009

Dublin – Irish company Elan Corporation plc and its partner Transition Therapeutics have withdrawn patients from two ongoing phase II trials with the compound ELDN005 following the death of nine patients. The studies were stopped...

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