Kernel et al. invest €2m in Hibergene

Kernel invested €500,000 via the Bank of Ireland MedTech Accelerator Fund, a €10m Bank of Ireland vehicle managed by Kernel.

The balance was provided by Enterprise and private investors.

Hibergene will use the funding to finance the commercialisation of two products: its molecular tests for Meningococcal Meningitis and Group-B Streptococcus (GBS).

The company also plans on bolstering its workforce over the next 12 months.

Company
Hibergene span out from the Royal Victoria Hospital in Belfast in 2009. The company, now headquartered in Dublin, is a medical diagnostics company that develops molecular diagnostics tests for infectious diseases.

The company's diagnostic tests are developed using loop mediated isothermal amplification (Lamp) technology. They are designed for use in clinical laboratories, emergency rooms and delivery wards. Hibergene claims results are produced within 10 minutes.

People
Brendan Farrell is the chairman and CEO of Hibergene. Orla Rimmington is a partner at Kernel; Brian O'Neill is head of life sciences start-ups at Enterprise Ireland. Des O'Leary, who is part of Kernel's entrepreneur-in-residence programme, has joined Hibergene's board of directors.

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