Life Science Fund Launched

A new Life Science Venture Capital Fund - the Fountain Healthcare Partners I ("Fountain") headquartered in Dublin has been launched.

Fountain is the first dedicated life science fund to be established under the Enterprise Ireland Seed and Venture Capital Scheme 2007-2012. Enterprise Ireland has contributed €21.75m to the first closing of €75m.

The Fund will invest from €0.5m to €7m per company and will have an emphasis on the specialty pharmaceuticals, biotechnology, medical devices and diagnostics sectors.

Making the announcement Minister for Enterprise Trade and Employment, Micheál Martin T.D., said: "A dynamic and healthy venture capital market is a prerequisite for the growth and development of high potential start-up companies in Ireland."

"The life science, healthcare and pharmaceutical sectors are key sectors in the Irish economy employing over 40,000 people in Ireland.

"The Fountain Fund is therefore very significant given its size and its focus on the life sciences sector" he added.