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TRINITY BIOTECH TO INVEST IN HIBERGEN
04-OCT-2000 13:49
Trinity Biotech, the Nasdaq-quoted diagnostics company, is close to
acquiring a substantial stake in Irish biotech start-up HiberGen,
Business & Finance magazine reports this week.
Trinity, which develops, manufactures and markets over 90
diagnostic products, is believed to be paying £1.5m to acquire more
than 30pc of the firm
Hibergen, Ireland's first genomics company, was formally set up last
year out of University College Cork when Maurice Treacy joined the
company from the US, where he spent ten years working in the
biotechnology industry.
BioResearch Ireland, Enterprise Ireland's biotechnology arm, has
granted a worldwide licence of its SNaPIT product to Hibergen.
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HiberGen is a start-up biotechnology company and represents the first indigenous Irish
genomics company.
HiberGen’s proprietary SNP genotyping technology, "SNaPIT" will underscore programmes in
‘Disease-Gene’
identification and Pharmacogenomic Analysis. Drawing on the relative genetic homogeneity of
the Irish
population, HiberGen’s knowledge -based products will result in the development of improved
techniques for
diagnosis, individualised medicine and management of selected disease.
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'SNaPIT' technology wins a National Innovation Award
14th September 2000
Hibergen Ltd. have been awarded a National Innovation Award for the 'SNaPIT'
technology on Sept. 14th. BioResearch Ireland recently completed a worldwide
licensing agreement with Hibergen Ltd covering this technology.
SNaPIT (single nucleotide polymorphism identification technology), which is
a genetic variation detection technology, was jointly developed by
BioResearch Ireland and Prof. Tommie McCarthy of University College Cork.
The technology rapidly identifies variations in gene sequences and is used
in the identification of 'disease-genes' and in the application of
individualised medicine (or pharmacogenomics).
The STI Awareness Programme, managed by Forfás on behalf of the Office of
Science & Technology, jointly sponsors the the National Innovation Awards
with Pricewaterhouse Coopers and The Irish Times. The awards give
recognition of the role of science, technology and innovation in Irish
industry.
Hibergen Ltd. won the new technology company category of the Awards. This
category covers businesses which reflect the role of technology, not only in
the product, but also in how the product is developed and traded.
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BioResearch Ireland licenses SNaPIT technology to HiberGen Limited
8th August 2000
BioResearch Ireland (BRI), the national agency commercialising biotechnology
research, has announced the worldwide licensing of its patented SNaPIT
technology to a new start-up biotechnology company, HiberGen, which will be
based in Bray, Co. Wicklow.
SNaPIT (single nucleotide polymorphism identification technology), which is
a genetic variation detection technology, was jointly developed by BRI and
Dr. Tommie McCarthy of University College Cork. The technology rapidly
identifies variations in gene sequences and is used in the identification of
'disease-genes' and in the application of individualised medicine (or
pharmacogenomics). It affords significant potential for new diagnostics and
drug development in the fight against disease. Dr Pat Vaughan, who
previously worked with BRI in the development of the technology, has joined
Hibergen as Chief Scientific Officer.
Commenting on the licensing agreement, Dr. Jim Ryan, Director, BRI, stated:
"BioResearch Ireland is delighted to have licensed the SNaPIT technology for
two reasons. Firstly, it clearly demonstrates the principle that BRI,
working with Irish research groups, can develop technology of major economic
relevance. Secondly, this technology will enable an Irish company to fully
participate in genomics, an activity which clearly will shape the future of
medicine. SNaPIT will give HiberGen a unique competitive advantage in the
international marketplace for new gene discovery."
"We are very excited to have SNaPIT as the platform technology for HiberGen,
as it will very rapidly add value to the data derived from the human genome
project in the identification of genetic variations which can impact
predisposition to disease and or an individual's response to a drug. The
knowledge that will be derived from this technology will dramatically impact
the practice of medicine in the 21st century" commented Dr. Maurice Treacy,
co-founder and CEO of HiberGen.
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Seed investment funding for HiberGen is on-going. Financing will consist of personal
investment, government
grants, entrepreneur funds, and venture and private capital.
HiberGen represents a high growth opportunity. With minimal funding, HiberGen has achieved
significant
milestones in its early development, and has emerged as the first indigenous Irish genomics
company.
HiberGen has secured broad access to selected patient groups within Irish hospitals, has
licensed world-wide
exclusive rights to a pre-eclampsia/miscarriage disease-gene, has licensed world-wide and
exclusive rights to
a proprietary mutation detection technology SNaPIT, has patented candidate disease genes for
diabetic
nephropathy, and has set-up operations in a newly constructed state-of-the-art research and
development
laboratory. These activities are in line with the business strategy for HiberGen.
MARKETING STRATEGY
HiberGen’s customers will be pharmaceutical companies, diagnostic companies and
Contract-Research
Organizations (CROs). HiberGen has focused on NICHE markets. We realise as a new
company, coming into
the very competitive genomic analysis market, despite being armed with many assets (SNaPIT
technology,
access to Irish patient population, good IP position) we still need to be smart in the choice of
disease areas in
which we focus. Thus, for our first two products within the disease areas of pre-eclampsia
and diabetic
nephropathy, there is currently no risk assessment or diagnostic tool available for these
diseases until they
become clinically evident. This unmet need is pivotal to HiberGen’s marketing and financial
success. Within
the area of Pharmacogenomics, this is the most rapidly growing area within the biotech sector,
and represents
a real opportunity for HiberGen given our expertise in this new and leading edge technology.
To achieve this, HiberGen has carried out extensive market analysis within the two disease
areas of
pre-eclampsia and diabetes (including diabetic nephropathy), and within the area of pharmaco -
genomics.
Additional market analysis in on-going in the additioanl disease areas listed. These analyses
have allowed the
formulation of a highly defined marketing strategy across all disease areas that will ensure
HiberGen’s success
in signing the correct strategic deals.