20 March 2012 -- The BioIndustry Association (BIA) welcomes today's announcement by the Wellcome Trust that it is to launch a £200 million fund to invest in biotechnology start-up companies in the UK and Europe.
Glyn Edwards, BIA Interim Chief Executive, said:
"The Wellcome Trust's decision to launch a fund focussed on long-term investment in biotechnology start-ups should provide a significant boost to companies developing new medicines. Given the time required to bring innovative healthcare developments to market, it is especially pleasing to see that the fund will take a long term view and provide companies with the support they need to reach their full potential.
"The announcement comes just one day before the Budget, which will give the government the opportunity to take additional measures to improve the funding of innovative companies. We believe the government should introduce Citizens Innovation Funds which would make the government an enabler, rather than a provider of much needed investment in biotech, and other innovative sectors, as well as encouraging investment in innovation by the general public."
For further information, please contact Robert Winder, Communications Manager, 020 7630 2191; mobile 07825 942 934.
Wellcome Trust announcement: http://bit.ly/GBzTso
BIA Budget representations on the Citizens Innovation Fund: http://bit.ly/bia_cif
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