11 March 2013 -- The next generation of UK bioscience companies is taking forward exciting new innovations quicker than they otherwise might have as a result of the Biomedical Catalyst. A new report published today shows that in its first year of operation the government's Biomedical Catalyst is leveraging private finance into the UK bioscience sector and accelerating medical research to benefit patients.
In its report the BioIndustry Association (BIA) highlights the successes of the Biomedical Catalyst programme, which has leveraged more than £20 million of new funds into the sector. The report also showcases a number of companies that have received funding and offers advice from award winners, application reviewers and the awarding bodies to companies considering applying for Biomedical Catalyst awards.
Steve Bates, BIA Chief Executive Officer, said:
"The Biomedical Catalyst is successfully leveraging additional private sector investment in to UK biotech companies. This enables them to do more research and grow faster in a strategically vital sector for the UK economy."
The BIA report shows the different ways in which the Biomedical Catalyst is helping to leverage significant inward investment into the UK. For example, Creabilis leveraged additional capital alongside its award to fund a large clinical trial in atopic dermatitis. Elsewhere, a feasibility award helped BioMoti spin-out its technology from the lab bench and work towards validating its clinical development plan.
Steve Bates added:
"BIA member companies have told me that engaging with government-led schemes can be complicated and time consuming for businesses. However, the Biomedical Catalyst has been a success because it has a short and straightforward application process, a speedy response and decision on the application and expert scrutiny that is seen as de-risking the project and driving investor interest."
The BIA report also highlights many other exciting success stories that demonstrate the strength of science underpinning the UK's medical research community. In particular individuals have praised the ability of the Biomedical Catalyst fund to open up new investment opportunities and add a 'stamp of approval' through its rigorous assessment process.
The report will be launched at the Innovate UK conference in London today.
For further information, please contact Robert Winder, Head of Communications, firstname.lastname@example.org, 020 7630 2191; mobile 07825 942 934.
Biomedical Catalyst report
The BIA Biomedical Catalyst report was produced in association with Bionow, BioPartner, OBN and One Nucleus with support from Pinsent Masons and Neusentis, a R&D division of Pfizer. The report is available from the BIA website: http://bit.ly/BIA_bmcreport
The Biomedical Catalyst is a £180 million funding programme, jointly managed by the Technology Strategy Board and the Medical Research Council, announced by the Prime Minister in December 2011. To date more than £50 million has been allocated to small- and medium-sized enterprises in the sector.
Innovate UK conference
The Innovate UK 2013 conference is held in London on 11-13 March 2013.
Founded over 20 years ago at the infancy of biotechnology, the BioIndustry Association (BIA) is the trade association for innovative enterprises involved in UK bioscience. Members include emerging and more established bioscience companies; pharmaceutical companies; academic, research and philanthropic organisations; and service providers to the bioscience sector. The BIA represents the interests of its members to a broad section of stakeholders, from government and regulators to patient groups and the media. Our goal is to secure the UK's position as a global hub and as the best location for innovative research and commercialisation, enabling our world-leading research base to deliver healthcare solutions that can truly make a difference to people's lives. For further information, please go to www.bioindustry.org