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More than £16 million Innovate UK and private equity investment into companies confirmed

09/08/2019

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.

Examples include:

  • MSCTrail Theraputics, St Albans, for a novel cell-based therapy and companion diagnostic to treat a currently incurable form of cancer: £1.64 million
  • Clincspec Diagnostics, Glasgow, for a blood test (or ‘liquid biopsy’) for early detection of brain cancer: £1.24 million
  • Ibex Innovations, Sedgefield, for an imaging system to improve image quality, using a reduced dose and greater sensitivity to tissue variations in X-Ray mammography: £1.7 million
  • Microbiosensor Ltd, Manchester, for a novel low-cost diagnostic same-day test for Urinary Tract Infections, ensuring appropriate antibiotics prescription: £1.53 million
  • Closed Loop Medicine, Cambridge, providing a dynamic, personalised regime for treatment of high blood pressure combining monitoring, drug treatment and digital therapeutics: £1.32 million

“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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