Cork, Ireland, 04 May 2010: Bank of Ireland Kernel Capital Equity Fund confirms that it has recently sold its 37% share holding in Stokes Bio as part of a trade sale of the firm to US based Life Technologies. Stokes Bio Limited, of which Dr. Edward Walsh has been non-executive Chairman was an Enterprise Ireland supported spin-out of the University of Limerick. It was established in 2005 by Prof. Mark Davies and Dr. Tara Dalton of the Stokes Institute U.L. with an initial investment of €300,000 from the Bank of Ireland Kernel Capital Equity Fund, an early stage equity fund supported by Bank of Ireland, Enterprise Ireland and Private Investors. Since 2005 a further seven separate investments by the Bank of Ireland Kernel Capital Equity Fund in Stokes Bio followed, committing an additional €1.6m to the Company.

Commenting on the announcement, Niall Olden, Managing Partner of Kernel Capital said: "We appreciate the contribution of all who enabled the success of Stokes Bio. Its founders Prof. Mark Davies and Dr. Tara Dalton, non- Executive Chairman Dr. Ed Walsh, independent non-Executive Director Dr. Jim Walsh and our own Kernel Capital non-Executive Director, Dr. Daniel O’Mahony. We must also acknowledge the contribution of all of the staff of Stokes Bio, the team at Kernel Capital and the significant contribution of our fellow shareholders, Enterprise Ireland, the University of Limerick and ETV Capital."

The €27m Bank of Ireland Kernel Capital Equity Fund, Kernel Capital’s first Fund, was established in 2002. This Fund has made 49 investments in a portfolio of nine companies. The trade sale of Stokes Bio to NASDAQ quoted Life Technologies is the third significant trade sale of the portfolio following the 2006 sale of Farran Technology to London Stock Exchange quoted Smiths Technologies and the 2009 sale of Straatum Processware to NASDAQ quoted Lam Technologies. A fourth Company, Merrion Pharmaceuticals of which Kernel Capital was an early investor has since floated on the Irish Stock Exchange. All three international acquirers have established a strong presence in Ireland and have become significant employers post their respective acquisitions. This Fund’s portfolio of five remaining companies continues to perform strongly and we anticipate further positive exits in due course.

Kernel Capital and its associate Life Science investment firm Seroba Kernel have in excess of €200m under management in five separate Venture Capital funds, investing in ICT, Life Science and general seed and early stage investments. These funds are supported by Enterprise Ireland, Bank of Ireland, the University of Limerick Foundation and a range of other financial institutions. They have invested in Kernel Capital’s portfolio of 32 companies which collectively employ in excess of 600 people, had a 2009 turnover of €72m and have been granted 133 scientific patents. Kernel Capital and Seroba Kernel are committed to dynamic, innovative, knowledge based companies and so far this year have lead €12.5m of investment in eight such companies. These early stage intellectual property driven companies are located in Dublin, Cork, Limerick, Tralee, Galway and Wexford. Kernel Capital believe that it is an exceptional time for investment and anticipate a significant number of transactions for the remainder of the year.


Advisers to Kernel Capital on the Trade Sale of Stokes Bio:

IBI Corporate Finance, Dublin	Donal O’Connell
JW O’Donovan, Cork	Gillian Keating
Byrne Wallace	Colin Sainsbury

For further information please contact:
Orla Rimmington, Operations Manager, Kernel Capital.
Tel: +353 21 4928974 / Fax: +353 21 4928977