UK businesses can apply for a share of up to £6 million of grant funding to match private equity investment and fund innovations in precision medicine.
Programme: Innovate UK
Award: Share of up to £6 million
Opens: 23rd Jul 2018
Closes: 26th Sep 2018
This is an investment accelerator competition providing simultaneous grant funding and private investment for early stage projects led by UK companies.
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 define precision medicine as ‘technology that enables early and accurate diagnosis to inform patient treatment, as well as the availability of targeted therapies’.
They will only fund projects that include at least one of the following:
To be eligible for funding you must:
Research and technology organisations and universities cannot apply, but spin-out UK companies can apply.
Projects must start by 1 May 2019 and last up to 24 months.
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.
For industrial research projects, Innovate UK will fund 50% of project costs and the investor partner will provide the remaining 50%. This funding will support the development and de-risking of new product ideas, as well as business model development, laboratory prototypes and human clinical trials.
For experimental development projects Innovate UK will fund 45% of project costs for small companies and 35% of costs for medium companies. The investor partner provides the remaining funding. The funding will support commercially usable prototypes, validation trials, experimental production processes and supply chain development.
Innovate UK will not fund projects that cover:
Read Dr Emma Richardson’s blog featuring more information regarding precision medicine and how we could help you with this competition.