Biotech firm raises €1.1m in first round

7 Sep 2004

An early stage biotech company has raised €1.1m in an investment round led by Delta Partners. Trinity College campus company Genable Technologies is developing gene-based therapies for the treatment of incurable inherited diseases.

Dr Gearóid Tuohy, CEO of Genable, commented: “Delta’s investment underscores the innovative technology and market potential of the company’s gene suppression and replacement strategy and we look forward now to generating the data required to reach the next stage of development.”

Genable is developing novel therapeutics using the emerging technologies of RNA interference which may be used to treat more than 100 diseases such as retinitis pigmentosa, brittle bone disease and Huntington’s chorea.

The company is now accelerating its development programme for the treatment of retinitis pigmentosa, an inherited disease affecting the retina at the back of the eye, causing blindness, and which is estimated to affect 345,000 people worldwide.

Dr Joey Mason of Delta explained: “The Genable team are world-leaders in their field and we are impressed with the truly innovative approach of their work. The very exciting technology has the potential to address a wide variety of incurable diseases and we are pleased to be able to support its development.

“Delta sees life sciences as a growth sector for Ireland and we anticipate a number of commercial life science companies being formed here in the next five years,” Mason said.

By John Kennedy