Investment accelerator: innovation in precision medicine
Fund Name: innovation in precision medicine
Project Length: Projects must start by 1 May 2019 and last up to 24 months.
Project Value: Share of £6m
This competition will support the commercial development of significant innovation in precision medicine.
Up to £6 million of grant funding and a comparable amount of private equity investment is available to support business-led innovation in precision medicine technologies. Proposals must offer a disruptive change to the way that we accurately diagnose, monitor and treat disease.
Innovate UK will only fund projects that include at least one of the following:
1.Next generation diagnostics that enable an early and accurate diagnosis to inform patient management and/or selection of therapy. This includes new molecular and cellular diagnostics, advanced medtech devices, imaging or clinical pathology technologies.
2.Breakthrough point-of-care, wearable or implantable devices. For example biosensor tattoos or contact lenses that enable accurate and/or early diagnosis. This will immediately inform treatment options for the patient outside of the hospital.
3.Tailor-made therapies or medicines designed according to each patient’s molecular diagnosis. For example, gene therapy, regenerative cell therapy, next generation immunotherapy, synthetic biology or combination therapies.
4.Bioinformatic or artificial intelligence (AI) applications to extract digital data from medtech devices, imaging systems and/or clinical pathology platforms to rapidly inform clinical decisions.
The competition is open to single SMEs who are looking for grant funding and who want to establish an equity relationship with a UK venture capital firm.
Projects’ total costs can be between £500,000 and £1.5 million with up to 50% funded by Innovate UK. 100% of project costs will be provided, split between Innovate UK and the investor partner. Projects must start by 1 May 2019 and last up to 24 months.
To be eligible for funding you must:
- be a UK based SME or have registered as a UK business before the grant is awarded
- carry out your project in the UK
- work alone; that is, the grant funding and investment cannot be split with partners
Research and technology organisations and universities cannot apply, but spin-out UK companies can apply.
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