DIT Hothouse Alumnus Closing a ?30 million Funding Round
DIT Hothouse alumnus, Sigmoid Pharma, a biotech company, is finalising an investment of €30m with further plans for a listing on the Nasdaq Stock Exchange.
Founded in 2003 by Ivan Coulter, the current CEO, it completed the Hothouse ‘Venture Programme’ shortly afterward. The company specialises in treatments for gastro-intestinal disorders and has raised €40 million to date. It is expected the new funds will be used to progress the clinical trials of a treatment for ulcerative colitis, called CyCol.
He commented, “We are very positive in our expectation that we will raise a transformational amount of investment in the next [financial] quarter,”. “There is a lot of interest in us, and we expect to easily exceed our target.”
The current ‘Venture Programme’ equivalent is the ‘New Frontiers’ programme. This runs at DIT Hothouse, in partnership with IADT, on behalf of Enterprise Ireland. It comprises 3 phases and offers successful entrepreneurs a combination of training, incubator space and a €15,000 tax / equity free stipend. Recruitment takes place circa every 3 months.