Galway based medtech firm Aerogen expects to create 50 new jobs in research and manufacturing after landing €30 million from the European Investment Bank.
The loan to Aerogen was announced at an event attended by 70 medtech companies from Galway and around Ireland where the EIB highlighted the supports available for innovative research and development.
Aerogen specialises in creating aerosol based drug delivery systems that are more efficient than traditional ways of delivering medication.
“Over the last 20 years Aerogen has pioneered new medical technology based on cutting edge research to become a world leader in aerosol drug delivery,” said John Power, founder and CEO of Aerogen.
“This new financing from the European Investment Bank that reflects the specific financing needs of growing companies will enable Aerogen to continue to expand and develop next generation treatment,” he finished.
The €30 million loan will be used to strengthen research in key, specialist pharmaceutical fields and expand their manufacturing facilities in Galway, working with €60 million worth of investment already secured.
Aerogen expects to create 50 new jobs in Galway off the back of this investment.
Irish Medtech Association Director Sinead Keogh said “Ireland’s dynamic medtech community is a world leader in developing innovative technologies that save and transform lives.”
She said that the medtech sector in Ireland is “recognised internationally for its growth potential”, adding €312 million in foreign direct investment to the economy in the past 15 months, as well as creating 2,300 jobs.
The new loan to Aerogen is the first direct lending to a medtech company under the EIB’s EUR 150 million Irish corporate financing initiative.
The programme enables the European Investment Bank to provide direct loans to mid-cap companies across the country for the first time and streamline the appraisal of financing applications.
In order showcase the financing they can offer to Irish companies the EIB is holding a series workshops around the country with the support of the Irish government.
“This investment will both help to improve medical treatment by patients using Aerogen technology and create new specialist jobs in Galway,” said Andrew McDowell, EIB Vice President.
“We look forward to working with Ibec and other Irish partners to ensure that other leading companies across Ireland can benefit from financing under the initiative and expect to announce new support for leading Irish medtech firms shortly.”