Genable raises €1.1m first round VC investment

Dateline: 6 September 2004

Genable Technologies, an early stage Irish biotechnology company, has raised €1.1 million in an investment round led by Delta Partners. Genable is developing gene-based therapies for the treatment of incurable inherited diseases. Its focus and world-leading position is in “dominant negative” diseases such as retinitis pigmentosa, which causes blindness. The company’s technology platform provides for the suppression and replacement of genes. Developed from over 10 years of research, it is now entering into pre-clinical studies.

Located at Trinity College, Dublin, Genable is developing novel therapeutics using the emerging technologies of RNA interference which may be used to treat more than 100 diseases such as RP, brittle bone disease and Huntington's chorea. The company is now accelerating its development programme for the treatment of retinitis pigmentosa, an inherited disease affecting the retina at the back of the eye, and which is estimated to affect 345,000 people worldwide.

Dr. Gearóid Tuohy, CEO of Genable commented: "We are delighted to have attracted this significant investment from Delta Partners, who bring both expertise in the life sciences sector and considerable early-stage investment experience to Genable. Our technology has arisen from the research activities of Drs. Jane Farrar, Paul Kenna and Prof. Peter Humphries at Trinity College, Dublin.  Delta's investment underscores the innovative technology and market potential of the company's gene suppression and replacement strategy and we look forward now to generating the data required to reach the next stage of development".

Dr. Joey Mason of Delta stated; “The Genable team are world-leaders in their field and we are impressed with the truly innovative approach of their work. The very exciting technology has the potential to address a wide variety of incurable diseases and we are pleased to be able to support its development.  Delta sees Life Sciences as a growth sector for Ireland and we anticipate a number of commercial Life Science companies being formed here in the next five years”

Delta Partners is an Irish venture capital firm established in 1994. With over €125 million under management and a strong focus on investing in the early stages of technology companies, the team has made over 50 investments in the following sectors: Communications, Internet, Software and Life Sciences

For further information, contact:
Joey Mason          Carlo Crighton/Dearbhaill Rossiter
Delta Partners       Evenone
+ 353-1-2940870   +353-1-214 5959