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Genetic research company to create 150 Dublin jobs

Posted on 10 months ago by Laurentina Kennedy The RFT Group 012302400

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An Irish life sciences company is to create 150 jobs in Dublin over the next three years.

An Irish life sciences company is to create 150 jobs in Dublin over the next three years.

Genomics Medicine Ireland is expanding after it secured €36m in new capital to invest in the business.

The company is developing a scientific platform to analyse people's entire genetic blueprint, in order to better understand the role played by genes in particular diseases and conditions.

The firm aims to use the database of genomic information it gathers to develop new diagnostics, targeted treatments and better prevention.

GMI plans to use the €36m in Series A funding, raised from a range of investors including the State's Ireland Strategic Investment Fund, to establish a world-class genomic R&D programme.

It also intends to begin genome studies among population groups in Ireland, in collaboration with hospitals and clinical research groups.

GMI hopes to harness the expertise of the Irish pharmaceutical sector to assist with the development of its products.

The company says Ireland is a good place in which to carry out this type of research, because the size and characteristics of the population enables variations in DNA relevant to diseases to be more easily and accurately pinpointed.

GMI was founded in Ireland last year by a group of life science entrepreneurs, investors and researchers.

Among the investors to participate in this fundraising round are ARCH Venture Partners, Polaris Partners and GV (formerly Google Ventures).

The announcement has been welcomed by the Taoiseach, who met representatives of the company in Dublin this morning.