Company Summary :
*** Ovagen is NOT an EIIS qualifying investment ***
Ovagen’s innovative technology has led to the development of the world’s First germ-free eggs which will be a game changer for vaccine Manufacturer and other BioPharmaceutical applications. Current best-in-class eggs for vaccine manufacture are Specific Pathogen Free (SPF) eggs. The target market for Ovagen is the SPF space which uses 70 million eggs annually. Up to 30% of vaccine batches are lost to contamination which causes serious delays to market and a loss in production cost up to $500,000 per batch.
- Company is already generating revenues from early adopters.
- Ovagen is targeting production of 4 million eggs annually by 2029.
- Initial evaluations of Ovagen's germ-free eggs by a global Animal Health vaccine manufacturing company confirmed eggs were sterile on arrival and that the vaccine tested in germ free chicks was more potent compared to SPF hatched chicks.
- The first H1N1 influenza virus yield comparative study in UK’s Pirbright Institute delivered very exciting results with Ovagen germ-free eggs replicating the H1N1 virus at yield levels 2x higher than the two main suppliers of SPF eggs.
- €19 million has already been invested in Ovagen.
- Founders have already had a successful exit in the Life Sciences sector (CRO) with a 68x return to investors.
*** Pre-Investment Quantity ***
The EIC (European Innovation Council) has already committed €2.5m to the total €5m investment amount for Ovagen. This amount is included on the Spark progress bar as this money has been firmly committed with a signed term sheet and will be invested at the same valuation as all other investors in this round. Ovagen is also expecting investment in this round from WDC (Western Development Commission), Enterprise Ireland and other HNWI (High Net Worth Individuals) who have invested in previous rounds and is in advanced discussions to secure these additional investments.