Over €15 million for new biotech projects last year

DUBLIN:Five biotech companies were set up and nine new technologies were licenced in 2007 with support from Enterprise Ireland's Ireland's Life-sciences and Food Commercialisation arm (EI Bio).

EI Bio director Dr Paul Roben, said almost "half the licences issued last year went to indigenous companies, which has never happened before. This indicates that that indigenous sector is getting stronger".

EI Bio was set up to support the commercialisation of applied research in the sector for the formation of new companies or licences to established firms.

According to the EI Bio end-of-year statement, €8.5 million was given to third-level life-sciences and food research projects in 2007, bringing to almost €50 million the investment in this sector to date.

Dr Roben said the amount of money being given to universities was rising year-on-year and the output, in terms of licences, was also rising, as was the value of their technologies.

EI Bio funding is restricted to researchers working in an Irish third-level college or as part of a team based in Ireland. It provides researchers with two types of support: funding for the proof of concept stage and assistance with developing the technology into a commercial product.

Last year they approved more than €15 million in staff funding for nine third-level institutions to provide management and support staff to assist researchers.