£10 million boost for synthetic biology
pharmafile | November 6, 2013 | News story | Research and Development, Sales and Marketing | Biological, Synthetic, biotech
The Biotechnology and Biological Science Research Council (BBSRC) has put up £10 million which can be accessed by small companies seeking to develop projects in synthetic biology.
This branch of science deals with the design and construction of novel biologically-based parts, devices and systems – and is an area which the government is keen to harness, setting out a Synthetic Biology Roadmap last year.
“Business-led innovation in this sector will ensure that the UK remains at the forefront of the global science race,” said science minister David Willetts. “It is imperative we do all we can to ensure businesses don’t just survive, but thrive.”
The raison d’etre of the fund is to help small businesses negotiate the so-called ‘valley of death’ – the gap between having a good idea and getting hold of the money to develop it further and establish themselves in their market.
“For synthetic biology to deliver benefits to society we need to translate basic research into useful products, tools and services,” said Dr Celia Caulcott, BBSRC’s executive director, innovation & skills.
“It is notoriously hard for early-stage companies to do this because of difficulties moving from an establishment phase towards sustainability,” she went on. “The first round of finance is always the hardest to find and this new fund provides a solution.”
The synthetic biology fund will be managed by private investment specialist Midven, which has also been associated with the Rainbow Seed Fund, which provides finance to technology start-ups which spin out from publicly-funded research.
These sorts of initiatives were exactly what the Strategy for Life Sciences, launched by the prime minister nearly two years ago, was in part set out to stimulate.
Last year’s announcement of a new innovation and knowledge centre for synthetic biology – part of a new industrial strategy unveiled by business secretary Vince Cable – was welcomed by pharma groups.
Other government initiatives on translational research include the £180 million biomedical catalyst fund, which has made its first payouts to small businesses and academics to help them come up with healthcare solutions.
Adam Hill
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