"Shedding light on novel microplates for drug discovery"
Kernel Capital announced an €800,000 syndicated investment in Biocroí Ltd led by the Bank of Ireland MedTech Accelerator Fund at The Trinity Centre, St. James Hospital, Dublin. From left: Greg Treston, Manager of the Scaling and High Potential Start-up Division, Enterprise Ireland; Peadar MacGabhann, CEO, Biocroi Limited Orla Rimmington, Operations Director, Kernel Capital and Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland.

CORK Ireland, 10 Oct 2011: Kernel Capital through the Bank of Ireland MedTech Accelerator Fund has led an €800k investment in Trinity College spin-out Biocroí Ltd, a medical technology company. The syndicated investment comprises of a €500k investment by the Bank of Ireland MedTech Accelerator Fund, with the remainder of the funds provided by Enterprise Ireland and private investors.

Established in 2009, Biocroí is developing a range of unique multi-well microplates for use in the high content screening of cells in modern drug discovery and advanced research. Researchers in drug discovery need to screen the widest possible range of compounds and use multi-well microplates to maximise throughput. To save time and money unsuitable drug candidates must be identified and eliminated as early as possible. Biocroí’s disruptive nanotechnology enables users to shorten development times, increase the quality of data and reduce costs. The miniaturised microplates are constructed of gel-based buffering systems which also lead to better control of the microplate environment and eliminate problems that conventional multi-well plates exhibit.

Commenting on the announcement, Orla Rimmington, Operations Director, Kernel Capital said: Biocroí is an excellent example of a high-potential start-up, which has made significant progress through collaborative partnerships with tier one international pharmaceutical companies and instrument suppliers. This investment will serve as a springboard to the next level of development and growth.”

Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland said: “Bank of Ireland is delighted to add Biocroí to the list of companies supported by the Bank of Ireland MedTech Accelerator Fund managed by Kernel Capital. This funding will further enable the company continue to make significant advances in the life sciences sector and bring new products to this market globally.”

Welcoming the announcement Greg Treston, Head of High Potential Start Ups at Enterprise Ireland, said: “Enterprise Ireland is delighted to be supporting Biocroí, an important spin-out company from Trinity College Dublin, where really innovative product technology combines with the commercial ambition and drive to build a leading business in this multi-billion market. In addition to our investment to support Biocroí’s research and development activity, the full international resources of Enterprise Ireland will be available to the company to help it grow its export customer base and create highly skilled jobs in Ireland.”

Peadar MacGabhann, CEO, Biocroí Limited added: “The European Drug Discovery market was worth €12 billion in 2007. Few Irish companies participate and understand the enormity of the opportunity. We acknowledge the vision and foresight of our investors led by Kernel Capital in providing us with the necessary resources to develop and promote our products in this lucrative marketplace.”

Prof. Dermot Kelleher, Vice-Provost for Medical Affairs, Trinity College Dublin (TCD) said: “We are encouraged by Kernel Capital's investment in Biocroí which provides vital resources to move this TCD innovation along the development roadway toward a most valuable product for new medicine development globally. This is a further endorsement of the value of the translational science efforts at TCD and in particular the research at the School of Medicine Institute for Molecular Medicine at St. James's Hospital and the commercialisation efforts at the Technology Transfer Office / Trinity Research & Innovation.”

Following the investment, Dr. Jim Walsh, who has been involved in a number of Kernel Capital and Seroba Kernel Investee companies, will join the board of Biocroí as a Non-Executive Director.

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For further information please contact:

Orla Rimmington, Operations Director, Kernel Capital
Tel: +353 21 4928974 / Fax: +353 21 4928977


Notes to Editors:

About Biocroí www.advancedmicroplates.com
Biocroí, established in 2009 as a spin-out from Trinity College Dublin, is a tool-based SME developing a range of proprietary, IP protected, advanced multi-well microplates and novel culture medium for the growth of cells in 3-D for use primarily in: High Content Screening and Analysis and Cell Based Assays. Our products are also being developed for the miniaturisation of: siRNA assays, in-vitro toxicology assays, micro-ELISA diagnostics and in the cultivation of difficult-to-grow Primary Cells & Stem Cells. Progress in drug screening and discovery is severely limited by the time and cost to produce sufficient cells to perform large screening experiments. By performing assays at 1,000-5,000 times less Biocroí advanced microplate technology greatly accelerates the discovery process. Biocroí products utilise a gel-based buffering systems which leads to better control of the microplate environment and eliminates problems that conventional multiwell plates exhibit. Biocroí technology is currently being developed through formal research collaborations with major pharmaceutical companies and international instrument/reagent suppliers.


About Kernel Capital www.kernelcapital.ie

Kernel Capital and its associate Life Science investment firm Seroba Kernel have in excess of €196m under management in six separate Venture Capital funds, investing in ICT, Life Science and general seed and early stage investments. These funds are supported by Enterprise Ireland, Bank of Ireland, University of Limerick Foundation, NUI Galway and a range of other financial institutions. They have invested in Kernel Capital's portfolio of 51 companies which collectively employ in excess of 800 people and have been granted over 150 scientific patents. Kernel Capital and Seroba Kernel are committed to dynamic, innovative, knowledge based companies and led in excess of €96m in syndicated investment in 2010. Kernel Capital believe that it is an exceptional time for investment.


Bank of Ireland Seed and Early Stage Equity Fund

The Bank of Ireland Seed and Early Stage Equity Fund is a €32m Fund that invests in start-up and early stage companies, with a focus on export orientated high potential start-up companies that operate in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent pending projects within Irish universities. It is managed on behalf of Bank of Ireland and the other partners by Kernel Capital. This fund comprises of an investment by Bank of Ireland, Enterprise Ireland, University of Limerick Foundation and NUI Galway. The €10m Bank of Ireland MedTech Accelerator Fund is part of this Fund.


About Enterprise Ireland www.enterprise-ireland.com

Enterprise Ireland, the Irish government agency responsible for the development and growth of Irish industry, is actively involved in supporting early stage high potential start-ups. With over 80 new direct equity investments annually in these businesses, and through its investment in 41 seed and venture capital funds, Enterprise Ireland is now the largest early stage VC investor in Europe in terms of the number of investments made. In addition, through its network of 31 international offices, Enterprise Ireland actively supports Irish companies to grow their export markets and create valuable jobs in Ireland.