Trinity College spin-out Biocroí Ltd has secured €800,000 in investment from a syndicate of investors, including a €500k investment by the Bank of Ireland MedTech Accelerator Fund.
Established in 2009, Biocroí is developing a range of unique multi-well microplates for use in the high content screening of cells in modern drug discovery and advanced research. Researchers in drug discovery need to screen the widest possible range of compounds and use multi-well microplates to maximise throughput.
To save time and money, unsuitable drug candidates must be identified and eliminated as early as possible. Biocroí’s disruptive nanotechnology enables users to shorten development times, increase the quality of data and reduce costs.
The miniaturised microplates are constructed of gel-based buffering systems which also lead to better control of the microplate environment and eliminate problems that conventional multi-well plates exhibit.
Peadar MacGabhann, CEO, Biocroí Limited, said: “The European Drug Discovery market was worth €12bn in 2007. Few Irish companies participate and understand the enormity of the opportunity. We acknowledge the vision and foresight of our investors led by Kernel Capital in providing us with the necessary resources to develop and promote our products in this lucrative marketplace.”
The investment consortium was led by Kernel Capital and involved private investors, as well as Enterprise Ireland and Bank of Ireland.
Welcoming the announcement, Greg Treston, head of High Potential Start Ups at Enterprise Ireland, said: “Enterprise Ireland is delighted to be supporting Biocroí, an important spin-out company from Trinity College Dublin, where really innovative product technology combines with the commercial ambition and drive to build a leading business in this multi-billion market.
“In addition to our investment to support Biocroí’s research and development activity, the full international resources of Enterprise Ireland will be available to the company to help it grow its export customer base and create highly skilled jobs in Ireland.”
Prof Dermot Kelleher, vice-provost for Medical Affairs, Trinity College Dublin (TCD), said: “We are encouraged by Kernel Capital’s investment in Biocroí which provides vital resources to move this TCD innovation along the development roadway toward a most valuable product for new medicine development globally.”