Enterprise Ireland
Annual Report and Accounts 2007
Annual Report and Accounts 2007
Supported at every stage of its research and commercialisation journey by Enterprise Ireland, spin-out company Stokes Bio Ltd is preparing to bring a revolutionary technology originated at the University of Limerick (UL) to the market.
Based in offices and laboratories in Limerick city, the Enterprise Ireland high potential start-up is pioneering microfluidics technology that could completely transform our understanding of the causes and diagnosis of genetic related diseases such as cancer.
The biotechnology company has developed instruments which have unprecedented capabilities and major competitive advantages in the multi-billion gene expression and molecular diagnostics markets.
“This is truly ‘disruptive’ technology that could change the landscape of genetic analysis,” says Stokes Bio CEO Dr Jim Walsh. In illustrating its potential he explains: “The mapping of the human genome project took many years involving many expert laboratories around the world. Using the Stokes Bio high-throughput gene analysis equipment, that project could have been completed in a fraction of that time.”
Incorporated in 2005, the company is based around the cutting-edge microfluidics work of co-founders Prof Mark Davies and Dr Tara Dalton in UL. The commercialisation project follows their earlier work at the Stokes Research Institute at UL. Having transferred significant intellectual property into the company, the University is an important shareholder in Stokes Bio.
This research-to-commercialisation project, which is set to make a major impact in its market place, is an excellent example of the innovative and commercially viable research taking place in Irish third-level institutions.
In the pre-start-up research phase Davies and Dalton raised approximately €3 million in State funding for the project, primarily from Enterprise Ireland and the European Union, enabling Stokes Bio to spin out as a high potential start-up.
In its early stage, advice and further investment support was provided via the Bank of Ireland Kernel Capital Partners Private Equity Fund in which Enterprise Ireland is a partner. This interim funding of €1.5 million has taken the company through to its second funding round, expected in 2008.
Preparations to complete site trials and product development as well as to establish a major international marketing programme are underway. The Stokes Bio team is also in discussions with potential partners in the pharma, biotechnology and diagnostics sectors.
Walsh says that Enterprise Ireland has been “very supportive” in the long-term project and that Stokes Bio products are due to hit the market in 2009.
www.stokesbio.com (link opens in a new browser window)
