Identigen, a Trinity Collegebased biotech company backed by businessman Mr Paul Coulson, has signed a multi-million pound licensing agreement for its DNA-tracing technology with the French biotech company, Silliker Biomerieux. Yeoman International, the investment company controlled by Mr Couslon, has invested €500,000 (£393,782) in the business by way of convertible loan notes.
The loan notes are due to convert into equity later this year and it will end up with a minimum 20 per cent stake.
Founded in 1996, Identigen has developed a quality assurance system for the meat industry based on DNA-testing technology. The process, called TraceBack has now been licensed to Silliker, a subsidiary of the French biotechnology group Biomerieux Pierre Fabre. Silliker will market the patented process via its network of laboratories across Europe and the US. The potential market for the product in Europe is €100 million a year and the US market is four times that size.
Identigen will receive an undisclosed royalty from Silliker which should exceed €5 million a year within three years.
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/83bde658-accc-4b0d-9b81-bcfe42f87a8c.png)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)