A REVISED form of the drug aspirin which may allow it to be used as a long-term preventative treatment was one of 15 new bioscience technologies unveiled by Trinity College Dublin last night.
The drug, with a working title of Safeprin, was developed by researchers in the university’s School of Pharmacy.
While aspirin can be used to prevent heart attacks and strokes, prolonged use has been linked to gastric bleeding or ulcers which has restricted its use as a preventative treatment. TCD researchers say they have dealt with this limiting side-effect, opening the possibility of a new range of long-term uses for the drug.
The technology is among those which Dr James Callaghan, associate director of Trinity Research and Innovation, says have potential as spin-out companies.
“The event is to show the level of research we have available and to get commercial people and venture capitalists to come and have a look,” he said. Other technologies on display last night included treatments for septic shock and cardiovascular disease
He said there was no point in just funding third-level research. “We have to be able to take that research and bring it into the market place and that is what we are doing.”
Dr Callaghan said TCD was hoping to replicate the success of its former spin-out technology firm Iona and drug development company Opsona, which recently secured €18 million in venture funding.
The majority of the research has been funded by Science Foundation Ireland, with approximately €3.5 million from Enterprise Ireland. Dr Keith O’Neill, lifesciences and food commercialisation director at Enterprise Ireland said the research advances will bring relief to patients suffering from life-threatening conditions and bring new jobs and revenues to the economy.
Earlier this week Enterprise Ireland showcased 71 high-potential start-up companies at an event designed to help them gain access to venture funding.
The companies have been given €21.5 million in State funding through Enterprise Ireland and are export-orientated, focusing on the software, food and industrial services sectors. These companies hope to raise a further €169 million in private sector funding.
Minister of State at the Department of Enterprise Trade and Employment John McGuinness said he was “disappointed” by the findings of a competitiveness report – the 2009 European Growth and Jobs Indicator – showing Ireland had slipped from fourth to 13th place in one year.
Ireland’s cost base in terms of wages, energy and other charges had to be dealt with and he said the supplementary budget would include measures to support small businesses.
Mr McGuinness also called on local authorities to reduce charges.
“Costs in the wider economy are coming down so why shouldn’t there be a reduction in planning charges and planning fees this year?”
SMEs were also facing pressure from banks, including AIB and Bank of Ireland, which are being recapitalised by the Government.
Banks were seeking either “higher fees or shorter loan terms” and there was plenty of “evidence that the main banks are engaged with this type of activity with the small business sector,” he said.
