WIREDGOV

Economy and Science Minister, Edwina Hart has announced a new £3m fund to turn life science research projects into businesses, stimulating further growth in the sector.

Speaking at the Bio Wales 2015 conference in Cardiff, Mrs Hart said the Bridging Fund would be managed by the Life Sciences Hub Wales and support up to 20 research projects over two years. The life sciences sector in Wales employs around 11,000 people in over 350 companies.

She said:

“This fund will enable some of the most promising life sciences research in Wales to become commercially viable businesses. Wales already has a worldwide reputation for excellence in research and a thriving life sciences industry. There is potential for further economic growth and the creation of highly skilled jobs which this new fund will help exploit.”

The Life Sciences Hub Wales will appoint a Scientific Advisory Board, made of people with commercial and academic experience of the life sciences sector to manage the fund. They will support and guide grant recipients through the process of turning their research into businesses. They will also seek matched funding from other sources to increase the money available.

Chair of the Life Sciences Hub Wales, Prof Chris McGuigan said:

“On behalf of the life sciences Hub we are delighted with the support of Welsh Government for this venture, which joins the dots between excellent lab science, supported by the Sêr Cymru programme, and commercialisation. This will bring health and wealth benefits for Wales.”

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