Up to £6m of grant funding and a comparable amount of private equity investment is available to support business-led innovation in precision medicine.

The competition which opened for registrations yesterday (23rd July) will support the commercial development of significant innovation in precision medicine. The aim is to:

  • bring private investors into Innovate UK grant-funded companies earlier, giving companies greater confidence that investment will continue after the project funding
  • give management teams more time to run the business rather than continually chasing investment
  • remove the need to find match funding
  • give companies direct access to commercial skills and knowledge and market opportunities

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’. This includes combining clinical biomarker knowledge with advances in diagnostic technologies, data analysis and tailor-made therapeutics.

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.

Find out more about the funding available here.

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