Life sciences startup Genomics Medicine Ireland has secured investment funding of €36m from sovereign and international investors including the Ireland Strategic Investment Fund (ISIF), Arch Venture Partners, Polaris Partners, Maveron Equity Partners in Seattle and Google Ventures, now known as GV.

Irish taxpayers are on board for $5.5 million through ISIF, according to filed allotment documents.

The funds will be used to establish a genomic R&D programme in Dublin and will create 150 jobs focused on advanced genomic research over the next three years, the company said.

Genomics Medicine plans to examine the human genome in order to better understand the role of genetics in disease and rare conditions, and to lead to new prevention strategies and treatments.

The company was founded last year by a group of life science entrepreneurs, investors and researchers, and includes Amgen among its founders. The company’s platform is based on pioneering work by Amgen’s subsidiary deCODE genetics in Iceland, whose approach has shown that population genome studies offer an effective way to elucidate the underlying biology of major diseases and identify new drug targets.

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The investment will enable the firm to undertake population-scale genome studies to improve understanding of genetic and lifestyle factors involved in disease, contributing to better diagnostics, more targeted therapies, and more effective prevention and wellness.

Acting CEO Daniel Crowley said: “We look forward to working closely with the Irish healthcare system to develop better diagnostics and new means to optimise health and patient outcomes. The size and characteristics of the Irish population can powerfully advance scientific discovery as researchers are able to pinpoint variations in DNA relevant to disease and useful for improving medicine.”

Paul Saunders of the ISIF said: “We are very proud to be able to support this exciting opportunity alongside international co-investors of the calibre of Arch, Polaris and GV. Genomics Medicine Ireland has the potential to play a significant role, in collaboration with the Irish healthcare system, in the identification of transformative treatments for a range of diseases that have eluded effective treatment to date.”

The company plans to work in collaboration with clinicians, patients, academic researchers and the biotech and pharmaceutical sectors here, to discover pathways to new treatments.

Photo: Daniel Crowley (left) with Taoiseach Enda Kenny. (Pic: Conor McCabe)