GBP30 Million Biomedical Catalyst to Launch Following Successful BioIndustry Association Campaign

LONDON, England, June 12 -- The BioIndustry Association issued the following news release on June 11:

Innovative biotech companies will be able to access a share of GBP30 million in grant funding through a relaunched Biomedical Catalyst, Innovate UK's CEO Ian Campbell confirmed.

The announcement, made on a BIA webinar, follows the BIA's consistent campaigning for the funding competition, which is proven to leverage over GBP4 of private investment for every GBP1 of public money invested.

Steve Bates OBE, Chief Executive of the BioIndustry Association said: "I'm delighted that Innovate UK has announced new funding for a tried and tested success story of British industrial policy.

"The Biomedical Catalyst has provided entrepreneurs and SMEs access to crucial capital to grow and scale, and its light bureaucracy approach means innovators can focus on business development, not red tape.

"COVID-19 has thrown the importance of a vibrant and strong UK life sciences sector into sharp focus. The Biomedical Catalyst is a key part of the Government's efforts to ensure the UK is resilient to future threats to public health, as well as supporting the development of new life-changing medical treatments, diagnostics and devices, and building an innovation-led economy for our future prosperity."

The Biomedical Catalyst has been a leading campaign focus of the BIA for over a decade and since its launch in 2012 has been used by many BIA member companies to build world-leading British life science companies.

A recent report from Ipsos Mori showed that companies in receipt of Biomedical Catalyst grants increased their R&D investment by 93%, which will help the Government reach its target of raising UK R&D investment to at least 2.4% of GDP by 2027.

BIA member companies who have received funding from the Biomedical Catalyst have welcomed today's news:

Dr Sarah Howell, CEO of Arecor said: "The Biomedical Catalyst has been fundamental in providing a secure framework to grow our business. We have made great progress supported by the funding from the Biomedical Catalyst and continued to grow our business. In the past year we have secured further commercial collaborations with both large pharma and biotech companies to provide new innovative formulations for our partners. We have also been able to successfully complete our first Phase 1 clinical study in diabetes, our first clinical programme from our proprietary portfolio."

Key findings from the Ipsos Mori report included:

* The programme generates GBP4.72 in public and business value for every GBP1 invested by the Government.

* Companies in receipt of BMC grants increased their R&D investment by 93%, which will help the Government reach its target of raising UK R&D investment to at least 2.4% of GDP by 2027.

* Grants increased employment in companies by 11-15% over three-five years, equivalent to creation of up to 330 jobs

* The 150 companies funded by the BMC raised as much as GBP710m in additional VC after receiving the grant. This suggests the grants leveraged GBP3.99 to GBP5.09 private investment per GBP1 of public grant

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About the BIA

Established over 25 years ago at the infancy of biotechnology, the BioIndustry Association (BIA) is the trade association for innovative life sciences in the UK. 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.