Irish stem cell research firm raises €1m funding
Orbsen Therapeutics, a Galway-based stem cell technology company, has raised €1m from Irish and US investors.
The fresh funding for Orbsen comes on top of almost €1m raised by the firm last year. Based in NUI Galway, Orbsen was founded in 2006.
Founding directors include Timothy O'Brien, a professor and consultant endocrinologist at Galway University Hospital. Larry Couture is the firm's chief executive.
Last year, a new €6m research project was funded by the European Union, which will evaluate the clinical safety and efficacy of a cell therapy that was discovered by Orbsen and which helps to tackle diabetic kidney disease.
That four-year project is being headed by Mr O'Brien.
Diabetic kidney disease is complication of diabetes mellitusmellitus. That's normally treated with drugs and even transplants.
The research project hopes to show that cell therapy can be an effective treatment, and that it could slow or even halt the disease. Orbsen has also taken part in other research projects.
In 2014, it partnered with the University of Birmingham on a project to investigate the use of its technology in treating liver disease.
The same technology developed by Orbsen could also have applications in treating a number off other conditions, including cardiovascular disorders and joint disease. The latest publicly-available set of accounts for Orbsen show it had accumulated losses of €783,000 at the end of 2014. It made a €160,000 loss that year.