Celtic Catalysts, the award winning NovaUCD-based life sciences company, has secured €500,000 in funding from existing investor, 4th Level Ventures and private investors.

Celtic Catalysts has carved out a uniquely strong niche for itself in the specialised area of ‘P-chiral’ technology which enables global pharmaceutical companies manufacture drugs, particularly those in anti-viral and anti-cancer therapeutic areas, more cost effectively.

Celtic Catalysts was co-founded in 2000 by Professor Declan Gilheany and Dr Brian Kelly as a spin-out from UCD’s School of Chemistry and Chemical Biology. The company currently employs 17 people and is headquartered in NovaUCD the Innovation and Technology Transfer Centre at University College Dublin. Celtic Catalysts has now secured over €2.5 million in investment from 4th Level Ventures, Enterprise Ireland, Údarás na Gaeltachta and Business Expansion Scheme investors.

On securing this investment, Dr Brian Kelly, CEO, Celtic Catalysts said, “This investment will assist Celtic Catalysts in closing some very exciting near-term opportunities.” He added that “Due to further projected growth, the company will seek to raise additional capital to enable it to develop scale-up production facilities to manufacture bulk quantities of its products and to address additional high-value opportunities.”

Earlier this year Celtic Catalysts was presented with the NovaUCD 2008 Innovation Award in recognition of its successful commercialisation of chiral synthesis research which took place over many years at UCD. In addition it was the international winner of the ‘Rising Star Award’ at the BioIndustry Association (Scotland) Thistle Bioscience Forum 2008.

Ray Naughton, co-founder, 4th Level Ventures said, “Celtic Catalysts continues to perform to plan and this investment allows the company to achieve another critical milestone.”

Along with product sales, Celtic Catalysts has already signed several research alliance agreements with a number of multinational pharmaceutical companies. These research alliance agreements enable Celtic Catalysts utilise their expertise and technology to solve problems being encountered by pharmaceutical and biotech companies in the manufacture of their drugs.