Irish biotech firm secures €750,000 investment

9 Jun 2010

Kerry-based biotechnology company BioAtlantis has secured a €750,000 investment from the Bank of Ireland Kernel Capital Fund.

BioAtlantis is involved in the research, development and manufacture of plant biostimulants and animal prebiotics using molecules derived from seaweeds, with scope for future development of human nutraceuticals.

The company’s lead products are biostimulants and GutCare. Biostimulants are used for promoting plant health and growth and BioAtlantis markets its biostimulant range of products in more than 22 countries.

According to BioAtlantis, an EU-wide ban on the use of growth-promoting antibiotics in animal feed has created a market for its GutCare product, which has been developed as an alternative to antibiotics in intensively farmed post-weaned piglets. GutCare trials are also expected to commence later this year in the poultry industry. 

BioAtlantis is based in the Kerry Technology Park in Tralee and has its processing facility in Kanturk, Co Cork.

Commenting on the investment announcement, BioAtlantis CEO John O’ Sullivan said: “The funding provided by the Bank of Ireland Kernel Capital Fund will allow for further research and investment in processing equipment that will bring GutCare and potential human applications to the market over the next two years.”

“BioAtlantis has undertaken a number of animal trials evaluating the anti-microbial and protective effects of their lead bioactive product produced from seaweeds with impressive outcomes. The company has set up a dedicated process facility in Kanturk, Co Cork, which allows for large scale, cost-efficient manufacturing of the bioactives. We anticipate that the BioAtlantis naturally-derived bioactive products will be welcomed both by pig producers and by consumers world-wide who are more health-conscious and demanding of high-quality food supplies,” added Daniel O’Mahony, partner at Kernel Capital.

Speaking at the investment announcement today, Minister for Enterprise, Trade and Innovation Batt O’Keeffe TD said: “The Government’s strategy on innovation is rooted in the promise of human capital and our capacity to turn ideas into commercialised products and processes so that we can create the ‘smart’ jobs for tomorrow’s workers.

“That is precisely what is happening in the case of BioAtlantis Limited’s new product with the support of Kernel Capital. The move is in line with Government policy in terms of exploiting the commercial potential of cutting-edge research in one of our higher education institutions.”

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Photo (from left): Orla Rimmington, operations manager, Kernel Capital; Minister for Enterprise, Trade & Innovation Batt O’ Keeffe TD; Lorraine Spillane, treasury manager, Global Markets, Bank of Ireland; John O’ Sullivan, CEO, BioAtlantis