Enterprise Ireland-backed companies win €18m in Horizon accelerator
Four Enterprise Ireland-backed companies have won funding approvals of up to €18 million in the latest competition under Horizon Europe’s European Innovation Council (EIC) Accelerator Programme.
The four successful companies are Luminate Medical, Hooke Bio, BioSimulytics, and Celtic Biotech.
Enterprise Ireland leads the National Support Network for Horizon Europe which helps entrepreneurs to compete and win funding in EIC competitions.
To date, Irish companies have secured approvals totalling €129 million under the EIC Programme since the beginning of Horizon Europe in 2021.
Galway-based Luminate Medical is a healthcare technology company that builds devices to prevent and control the side effects of cancer treatment.
Luminate, a University of Galway spin-out company, is pioneering the development of Lily, a device to prevent chemotherapy-induced hair loss in a comfortable and portable way.
Hooke Bio has developed a unique ultra-high-throughput screening microfluidic platform that will allow improved drug screening at the crucial early drug discovery phase. Hooke Bio spun out from University of Limerick in 2017 and is currently based in Shannon, Co. Clare, Ireland.
BioSimulytics is developing a next-generation digital platform for faster, more accurate and more predictable drug development. Biosimulytics, which is headquartered at NovaUCD in Dublin, is a University College Dublin (UCD) spin-out company that was founded in 2019.
Dublin-based Celtic Biotech is developing novel drug therapies for the treatment of solid cancers and pain in humans. These product candidates have the potential to increase survival, improve quality of life and reduce treatment costs for cancer patients.
Part of the EU’s Horizon Europe 2021-2027 Research and Innovation Programme, the EIC Accelerator Programme provides transformational funding to high-potential, high-risk start-ups, scale-ups and SMEs. Approvals include grant funding of up to €2.5 million combined with an equity investment ranging from €500,000 to €15 million in a blended finance offer.
Over 550 applications were submitted with 139 companies subsequently selected for interview resulting in a total of 51 funding awards to 17 countries. The 51 companies allocated funding will together receive up to €261 million in a combination of grants and equity investments.
While almost 30% of the 51 companies have a female CEO, CTO or CSO, half of the successful Irish companies have a female co-founder or C-level executive.
Leo Clancy, CEO, Enterprise Ireland said: “The funding allotted to these projects will allow them to continue to develop and streamline their product offering, helping to further elevate Ireland’s status as a global leader in healthcare solutions. BioSimulytics, Hooke Bio and Luminate Medical are third level spin-outs that were previously supported by Enterprise Ireland’s Commercialisation Fund. The success of the four companies in this call reflects the direct support they receive at different stages of their journey from our research commercialisation, EIC, High Potential Start-Up and sector teams.”
Aaron Hannon, co-founder & CEO, Luminate Medical said: “This funding is a clear recognition of the scale of the unmet clinical needs in the cancer care space, like hair loss, that have such an impact on the day-to-day lives of people living with cancer. Having been evaluated by expert panels at several stages, this is also a major endorsement of our team and our approach. We look forward to continued partnership with Enterprise Ireland and the EIC in our shared mission of helping patients to live through and after cancer – not just survive.”
“Hooke Bio’s Mera platform will be transformative for the drug development process,” said Mark Lyons, CEO, Hooke Bio. “Our success in the EIC accelerator will allow us to bring this to market faster enabling us to have a positive impact on the lives of patients throughout the world. Enterprise Ireland have played a key role in supporting us on this journey from its very inception.”
Dr Paul Reid, CEO at Celtic Biotech, said: “Celtic Biotech was founded, and our innovative biologic products developed, to address pain and disease progression in cancer patients with very poor prognosis. Our clinical programme is presently targeting the huge unmet need for patients suffering late-stage non-small cell lung cancer, the leading cause of cancer related deaths. The EIC Accelerator Funding will enable us to complete Phase I of the clinical trials. We’d also like to thank Enterprise Ireland for its endorsement and guiding hand and look forward to their continued support.”
TechCentral Reporters
Subscribers 0
Fans 0
Followers 0
Followers