University of Tartu's spin-off Icosagen Cell Factory is Estonia's Company of the Year 2023

On Saturday, 4 November, the Estonian entrepreneurship awards of 2023 were presented. University of Tartu's spin-off Icosagen Cell Factory won the titles of the Innovator of the Year and the Company of the Year.  

Icosagen Cell Factory operates in the field of biotechnology and develops biological medicines. Last year, the company had more than 100 customers worldwide, for whom it created more than 500 projects and produced more than 3,000 molecules. Among other products, Icosagen Cell Factory has developed the BioBlock nasal spray with coronavirus antibodies. 

"Icosagen Cell Factory operates in a highly influential field, generating more than four times the average added value. But most importantly, their work helps solve societal challenges and improve people's lives. They come up with new solutions that are needed around the world. Scientific innovation is at the heart of what they do," said President Alar Karis when presenting the Company of the Year award. 

According to Mart Ustav, founder and CEO of the company, Icosagen Cell Factory's ambition is to be the best in Europe and – why not – in the world. "I believe this is possible thanks to my colleagues. We started from scratch when we were told that drug development was not possible in Estonia because it was too expensive. My day-to-day work is a balm for the soul because I see young scientists coming to us every day to fulfil their potential. I am very happy that our work has received such recognition. I believe that one day we will be able to say that a new industry has emerged in Estonia – the pharmaceutical industry," said Ustav in his acceptance speech. 

When presenting the Innovator of the Year Award, Ruth Oltjer, Chair of the University of Tartu Council, said that Estonia may be small, but this is not an obstacle but an opportunity to work together. "BioBlock, a collaboration between Chemi-Pharm, Icosagen, the University of Tartu and the Estonian University of Life Sciences, is a good example of what happens when researchers and entrepreneurs join forces. On behalf of the University of Tartu, I would like to congratulate Professor Mart Ustav and his team for this great recognition," Oltjer added. 

The Company of the Year was selected from among the best companies in the "Entrepreneurship Award" competition organised by the Estonian Business and Innovation Agency and the Estonian Employers' Confederation and the "Competitiveness Ranking" competition organised by the Estonian Chamber of Commerce and Industry.