Dublin's Malin Corp has another €70 million to spend on innovative life-science firms
The investment outfit has backed 16 companies already – including medical app developer 3D4Medical.
DUBLIN-BASED MALIN CORPORATION will have €70 million more to invest in life-sciences businesses – with the majority expected to flow to companies both here and in the UK.
The Irish Stock Exchange-listed company announced the funding would be made available to it over the next seven years in loans from the European Investment Bank.
It said the bank’s backing would allow it to “increase its investment in innovation and research across the dynamic and fast-growing segments of the European life-sciences industry, particularly in Ireland and the UK – where over 60% of Malin’s existing investments have been made”.
Malin plans to draw down the money in five tranches, with the first expected to be available “in the near term”.
The Dublin-headquartered company, which also has offices in the US and UK, invests in pre-IPO life-sciences businesses.
It has so far put money in 16 companies, including Blackrock-based tech outfit 3D4Medical, which designs medical apps – including the award-winning ‘Complete Anatomy’ – and earlier this year announced plans to recruit an extra 70 staff in Ireland.
Last year Malin paid nearly €15 million for a 38% stake in the firm, while earlier it paid €34.5 million for a near two-third share in Irish-headquartered pharma outfit Altan.
A unique model
Malin’s chief executive, Kelly Martin, said the loan was “further external validation” of the company’s “unique business model”.
“(Our company) embraces and enthusiastically supports the philosophy of long-term investment and lending in order to enable tangible innovation throughout the EU,” he said.
As of the end of last year, Malin had raised €380 million in capital and invested more than three-quarters of that total.
It recorded losses of €32.5 million for the 12-month period on revenue of just under €23 million, all of which came from its investment in Altan.
