UL spin-outs surpass €80m funding and reach 260 job-creation milestone

1 May 2014

Spin-outs from the University of Limerick (UL) have been credited with attracting more than €80m in funding and generating 260 jobs to date.

In recent years, the university has seen growth in top spin-out companies, including Stokes Bio, Crescent Diagnostics, Poly-Pico Technologies, Cauwill Technologies, Powervation, LearnOpt and Biomass Heating Solutions among others.

At the UL Innovation Awards today at Plassey House on the university campus, Stokes Bio co-founders Dr Mark Davies and Dr Tara Dalton received the Special Achievement award.

Stokes Bio was one of the biggest university spin-out acquisitions in the history of the State when it was sold for €33m.

This year’s Impact Award was presented to the collaboration between Cook Medical and the University of Limerick research team led by Dr Tofail Syed.

The UL Innovation Awards also marked the achievements of UL researchers who have been granted 10 patents and created three spin-out companies, including catalyst developer and manufacturer Neemo, analytical services for biomass Celignis, and The Rosetta Foundation, an NGO working to provide equal access to information and knowledge across the languages of the world.

“UL has long had a reputation for innovation and an excellent track record when it comes to commercialising research,” said UL’s vice-president (Research) Dr Mary Shire.

“This success in developing high-tech spin-out activity brings high-value R&D jobs to our region, keeping our best and brightest in the country.

“Partnerships such as Cook Medical are examples of the great impact translational research can have for our economy and the region.

“It is important to recognise these achievements and build on this success for the future,” Shire added.

Plassey House image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years