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.