UL spin-off raises €1m

18 Oct 2005

A technology spin-off from University of Limerick (UL) has secured €1m in venture capital (VC) funding to pioneer the development of cancer diagnostic equipment, based on analysis of the human genome.

Founded by UL’s Professor Mark Davies and Dr Tara Dalton, Stokes Bio will commercialise its Micro-Fluidic Analysis System — a small scale, intelligent computer and mechanical system intended to bring all stages of cancer analysis into a single process. The first medical application of the new diagnostic system is likely to be in the area of childhood leukaemia, which constitutes a third of all children’s cancers.

The €1m VC investment in the new company has been made by the Bank of Ireland Kernel Private Equity Fund, which is also backed by Enterprise Ireland and private investors. UL is a major shareholder in Stokes Bio having transferred significant intellectual property into the company.

Stokes Bio has also linked with cancer specialist Professor Vaskar Saha at St Bart’s Hospital in London and with Professor Rajnish Gupta at the Oncology Department of Limerick Regional Hospital to advance the research.

By Brian Skelly