Orbsen Therapeutics, which operates on the NUI Galway campus, has raised €1 million in equity funding from private investors. Six investors in Ireland and the US chipped in €594,000 in June while another six individuals invested €407.000 in May 2016. Chairman Dr Jack Kavanagh played a leading role in sourcing the funds.

Established in 2006, the company says it has developed proprietary technologies that enable the isolation of pure and therapeutic stromal cells from human tissues. Orbsen is now led by CEO Dr Larry Couture.

Former CEO Brian Molloy organised EII funding in December 2011, when €438,000 was raised. Through 2013, three more EII funding rounds raised €339,000, for a total of €777,000.

In 2015, the company, advised by Shannon O’Connor Solicitors in Dublin and accountants are LV Hogan & Co in Limerick, tapped investors for €890,000 in two separate allotments.

The latest filed accounts are for 2014, when the Orbsen Therapeutics booked a loss of €160,000, bringing accumulated losses to €783,000.

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Photo: Professor Tim O’Brien of NUIG (left) with former Orbsen CEO Brian Molloy and Dr Stephen Elliman (right), the company's Chief Scientific Officer