Four North East life science and biomedical pioneers are set to scale up their growth plans after securing grants totalling more than 拢2.5m.
Newcastle based LightOx, NunaBio, Magnitude Biosciences and Hexis Lab have received the funds from Innovate 海角视频鈥檚 latest round of R&D grants, which are designed to help accelerate their growth and leverage private sector investment in the region.
The funding will be used to advance the pharmaceutical and biotechnology research services, technology and drug development of the companies. In all, Innovate 海角视频 鈥 part of 海角视频 Research and Innovation 鈥 has invested up to 拢25m in a range of projects across the country this year, supporting businesses developing solutions to tackle significant health or healthcare challenges.
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Dr Sam Whitehouse, chief executive officer at LightOx and NELEP board member said: 鈥淲e are delighted to have secured the Innovate 海角视频 Biomedical Catalyst R&D grant alongside our superb neighbours and collaborators. These awards come at an important part of our business journey, and I am sure this support will help grow all our companies. The health and life sciences sector presents a huge number of opportunities for the North East and it鈥檚 been great to have the support of MP Chi Onwurah and to see the interest and levels of investment benefitting so many fellow businesses in the region.鈥
Dr Fozia Saleem, chief executive cfficer at Magnitude Biosciences said: 鈥淲e are thrilled to have been awarded a Future Economy Investor Partnerships grant by Innovate 海角视频. We have already developed our own novel imaging technology WormGazerTM to monitor the effects of compounds on C. elegans. This grant will enable further automation to increase through-put of compounds that can be screened, thus dramatically increasing the chances that customers will find potentially effective compounds. Having support from MP Chi Onwurah and other start-ups in the region allows us to put the North-East on the map and will really help with talent retention and acquisition too.鈥
Dr Olusola (Sola) Idowu, chief executive officer at Hexis Lab, said: 鈥淪ecuring the Innovate 海角视频 funding is a game changer for us and our partner in this joint venture Teesside University. The funding enables us to take our current early-stage research, and prove the science on a larger scale, creating sustainable alternatives for the cosmetic and pharmaceutical industry. Having high level support from someone like our local MP is going to further strengthen the opportunities we have here in the North East to capitalise on the incredible talent we have here in the region, and help that talent to stay here. Further strengthening the opportunities for employers and employees in the North East.鈥
Labour鈥檚 Shadow Science MP Chi Onwurah, who has been calling for more funding to be ploughed back into the region, added: 鈥淭he 海角视频鈥檚 fantastic Life Science sector is the envy of countries across the world and a reflection of our brilliant science base and proud history of scientific discovery. These companies are addressing critical areas of discovery in medicine, vaccines and biochemical manufacturing. The Life Sciences sector is not only key to extending our quality of life, but is also crucial to creating a high wage, high growth, high skill, high productivity economy we all want to see.
鈥淟abour recognises that Life Sciences must be a central part of any growth strategy and fundamental to building regional economies like here in the North East. LightOx, NunaBio, Magnitude Biosciences and Hexis Lab are shining examples of the innovation we have here on our doorstep and the award of the grants will only go to support them further on their growth journeys. Delivering pioneering solutions and helping to put the North East firmly on the map.鈥
