The third round of the Biomedical Catalyst has £25.9 million to invest in 29 companies and five universities in the UK.
Alongside £38 million for the new National Biologics Manufacturing Centre in Darlington and £29.3 million for the third round of the Biomedical Catalyst, the government’s Spending Review has allocated £29.3 million for investment into innovative health companies.
According to a statement, the £29.3 million of investment in healthcare innovation will be made through three Technology Strategy Board-led funding competitions.
David Willetts, universities and science minister, comments, ‘By investing in new technologies, now we are maintaining the UK’s position as a world leader for innovation.
‘The biomedical industry is a fast moving, high growth sector and the Catalyst has proven to be extremely successful in supporting new business ideas.’
The £180 million Biomedical Catalyst was launched in December 2011 to, as prime minister David Cameron put it, target the funding gap that exists, known as the ‘valley of death’, between the development of an idea in the laboratory and the point when the market is ready to invest in it.
A breakdown of the Technology Strategy Board investments reveals that £7.3 million will be injected into four companies looking to develop personalised approaches to healthcare, known as stratified medicine. A further £5.6 million is going towards five business-led collaborative projects investigating new diagnostic tests for Tuberculosis.
Healthcare developments in regenerative medicine and cell therapy are receiving £8.4 million, with the aim being for seven companies to produce treatments for a range of conditions including strokes and surgical procedures.
The Department of Business, Innovations & Skills has also highlighted that a number of the investments are set to be matched by private sector capital.
More on the Biomedical Catalyst:
Darlington’s new £38 million National Biologics Manufacturing Centre will be a national base for the manufacturing of biological medicines such as antibodies and vaccines.
Iain Gray, chief executive of the Technology Strategy Board, adds, ‘The Biomedical Catalyst programme has already proved a significant success, providing the support companies need to develop their innovations and solve healthcare challenges.
‘The projects funded through this latest round of the programme demonstrate both the innovative nature of the UK’s health R&D sector and the success of the programme in identifying projects with strong commercial potential.’