A medical technology firm that began life as a Trinity College Dublin (TCD) campus company has completed an €800,000 seed capital investment round led by a group of local and international investors.
Cellix Limited, which develops technology platforms for the drug discovery and diagnostics industries, received the funding from NCB Ventures as well as French venture capital fund OTC and Enterprise Ireland.
The company said the seed capital will be used to finance the company’s continued research and development (R&D) and expansion into international markets.
Cellix was established as a spin-out from research completed in TCD. Its products combined advanced research in the areas of microfluidics and nanotechnology.
Its technology allows drug researchers to mimic conditions within human capillaries in the lab, which reduces the level of testing outside of the lab and accelerates the drug discovery process.
Independent studies have estimated that the cost of bringing a new drug to market can take 12-15 years and cost between €700m and €1.3bn.
“Cellix and its promoters have developed unique technology which we believe will revolutionise certain areas of drug discovery and diagnostics,” explained Michael Murphy, chief executive of NCB Ventures.
“We are delighted to support another Trinity College spin-out company in their efforts to create a global medical technology business,” Murphy added.
By John Kennedy