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."

Politics / Law

23.03.2012

Brussels/Strasbourg – Health claims are set to be drastically limited in the EU. On Wednesday 21 March the Environment Committee of the European Parliament confirmed a proposal of the European Commission to prohibit 1,600 health...

Politics / Law

15.03.2012

Parma/Stockholm – Foodborne bacteria such as Salmonella and Campylobacter are becoming more and more resistant to antimicrobial drugs, according to a joint report published by the European food watchdog EFSA and the European...

BioFunding

09.03.2012

In mid-February, scientists and entrepreneurs from nine EU countries met at the Center for Genomic Regulation (CRG) in Barcelona to launch the 4DCellFate project. Positioned within the FP7 Programme, the consortium will receive...

BioFunding

09.03.2012

Brussels – The EU’s Innovative Medicines Initiative (IMI) will establish the European Lead Factory, an EU-wide public-private partnership aiming to facilitate drug discovery efforts. The Lead Factory will comprise a...

Editorial

07.03.2012

T    he societal and economic challenges facing Europe and the world are complex and interconnected. The Bioeconomy Strategy and Action Plan “Innovating for Sustainable Growth: a Bioeconomy for Europe”, which was adopted by the...

Tech Review

07.03.2012

Intellectual Property (IP) is without question one of the most vital aspects of any bio­tech venture, a key and undisputed factor for success. However, most bio­tech companies are still incapable of unlocking the value of their...

Clinical Trial

07.03.2012

Schlieren – Swiss Cytos Biotechnology Ltd. has been authorised to restructure a convertible bond by Canton of Zurich authorities. The company does not have enough cash to pay it back. Negotiations with bond holders failed in a...

Clinical Trial

06.03.2012

Munich – German 4SC AG jumped 39% to €2.05/share after oncology drug candidate resminostat met the primary endpoint of at least a 20% progression-free survival rate in a Phase II trial to treat patients with hepatocellular...

Editorial

06.03.2012

The start of 2012 witnessed the tides turning in favour of small and mid-cap names in the European Life Sciences sector. Major global biotechnology indices like the NBI, BTK, and BIOTK are up over 15% year to date. The pace of...

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