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Tánaiste launches "Building Biotech Businesses" Enterprise Ireland's Biotechnology Strategy
€15 million Fund to aid new Biotech projects
Employment in Indigenous Biotech Companies set to Rise to 1800 -Tánaiste
11th February 2002: Mary Harney, Tánaiste and Minister for Enterprise, Trade and Employment today (Monday February 11th 2002) launched "Building Biotech Businesses", a strategy by Enterprise Ireland to grow and develop Ireland's entrepreneurial-led biotechnology and life sciences industries.
The Tánaiste also announced details of Ireland's first venture capital fund dedicated solely to the biotechnology sector. The fund, a public private partnership between EI and Seroba BioVentures has a target size of €25 million and has already completed a first round closing of €15 million. It will be managed by Seroba BioVentures.
The Tánaiste said, "the Government is committed to developing the right long-term policies and investing in the key areas needed to sustain and grow the economy through the next generation. Biotechnology is predicted to be a major basis for economic growth in the 21st Century. While the current state of the indigenous Biotechnology Industry is small, the medium-term objective of Enterprise Ireland is within 5 years to have increased the number of companies from a current base of 21 to 60 and the number of people employed in the sector from 400 presently to 1800. The State has a pivotal role to play in bringing forward such companies but the long-term source of funding must lie with private sector markets."
"The Enterprise Ireland strategy being announced today seeks to maximise the creation and nurture the development of new commercially focused early-stage biotechnology companies in Ireland. It also seeks to target foreign origin biotechnology entrepreneurs and early-stage companies with potential to establish in Ireland, while fast tracking the development of established biotechnology companies. In addition the strategy will promote and support the development of the private sector seed and venture capital environment in Ireland", said the Tánaiste.
"A new interactive portal site has been developed to provide a single centralised source of information on biotechnology in Ireland. www.biotechnologyireland.com will be a valuable resource for the biotech community. BioResearch Ireland, EI's BioTech arm will be at the forefront of the development strategy providing business development support to biotechnology researchers throughout the University and Hospital research communities," said the Tánaiste.
"In developing the strategy, Enterprise Ireland, has identified a number of immediate objectives central to building the right support infrastructure for a fledgeing biotechnology industry, one of these is to ensure an adequate supply of wet lab incubators to support the development of early stage companies and EI is currently undertaking a review of incubation needs. The search for foreign origin biotechnology is an innovative approach, which will accelerate the development of the industry in Ireland. I am pleased to report that Enterprise Ireland is at an advanced stage of negotiation for the establishment of two companies with foreign origin entrepreneurs involved" added the Tánaiste.
"I am very pleased to announce the launch of the Seroba BioVentures Fund, the first dedicated Biotechnology and Life Sciences Fund to be set up in Ireland. The Fund is a €15million fund, of which €7.5million has been provided under Enterprise Ireland's Seed and Venture Capital Initiative. I would like to congratulate the promoters of this fund for their tremendous foresight in leading the way for this industry. This is exactly the type of partnership which will guarantee the future of the biotechnology industry in Ireland", the Tánaiste said.
"The Government is highly committed to developing this exciting new science based sector. Enterprise Ireland will be at the forefront of the indigenous sector supporting market-led research in universities, attracting back to Ireland bio-entrepreneurs with international experience, building management teams around scientific teams, assisting with development of business plans, giving pre-venture capital support to early stage companies and co-funding companies who succeed in getting venture capital support", concluded the Tánaiste.
For further information contact the Enterprise Ireland Press Office:
01-8082755/2295
Paschal McGuire- 087-2645530 - Caitriona Meehan- 087-8171339
Click here to visit www.biotechnologyireland.com
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