More than £16 million Innovate UK and private equity investment into companies across the UK developing new precision medicine technologies has been confirmed today.
Precision medicine uses information about a person’s genes, proteins, and environment (including their lifestyle) as well as from medical images to prevent, early diagnose, and treat diseases including cancer and heart disease.
Through this Precision Medicine Investment Accelerator competition, Innovate UK has teamed up with private equity investors to support innovative proposals that offer a disruptive change to the way that we accurately diagnose, monitor and treat disease.
Nearly £7m of Innovate UK investment backed by over £10 million from private equity – to be awarded simultaneously alongside the government grants – investment firms will now help companies located across the UK seek successful commercial breakthrough.
“Precision medicine is the future of healthcare,” said Dr Kath Mackay, Director of Ageing Society, Health and Nutrition at Innovate UK, “so by working with equity investors in this way we increase the likelihood of game-changing medical innovations coming to market as soon as possible.
“Our shared national challenge is to gain a deeper understanding of human physiology using genetic insights and advances in technology. This will treat more diseases more effectively, reduce suffering arising from unintended side effects of a one-size-fits-all approach, and also reduce costs of treatments for many people.”
The 13 projects currently supported through the Precision Medicine Investment Accelerator will be up and running this summer and are planned to last for two years.
Article sourced from: https://www.ukri.org/news/more-than-16-million-innovate-uk-and-private-equity-investment-into-companies-confirmed/
Published on: 7th August 2019.
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