29 March 2012 -- The BioIndustry Association (BIA) welcomes today's launch by Cancer Research Technology and the European Investment Fund of the £50 million CRT Pioneer Fund aimed at bridging the translation gap in the UK between cancer drug discovery and early clinical development.
Glyn Edwards, BIA Interim Chief Executive, said:
"The launch of the CRT Pioneer Fund will provide another financing option for companies and academics in the UK looking to translate their cancer drug discoveries into clinical development.
"The fund arrives at a particularly good time for life sciences in the UK following the launch last week by the Wellcome Trust of a £200 million venture fund and GlaxoSmithKline's decision to invest £500 million in biopharmaceutical manufacturing in the UK.
"These actions by charitable foundations and companies are to be applauded and provide a launch pad from which government could further stimulate private investment into medical research. At the BIA, we believe that the government can become an enabler rather than a provider of investment in innovative companies by introducing Citizens Innovation Funds."
For further information, please contact Robert Winder, Communications Manager, 020 7630 2191; mobile 07825 942 934.
BIA position paper on Citizens Innovation Funds: http://bit.ly/BiaCIFpp
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