North West biomedical industry receives £5 million boost

The North West Fund for Biomedical, managed by SPARK Impact, has received a £5 million top up taking its fund allocation to £30 million.

Since it started in January 2011, the fund has invested more than £22 million in more than 50 SMEs based in the North West across sectors ranging from pharmaceuticals, diagnostics, clinical research, healthcare technologies and medical devices.

SPARK will now be able to use the additional capital to provide top up funding to existing investee companies and new companies.

Investment from the fund has also led to the creation of more than 170 jobs and has safeguarded over 140 jobs across the North West.

There has also been more than £11 million of co-investment from across academia, the NHS, the private sector and angels. Investee companies have attracted more than £5m in additional grant funding.

Dr Andy Round, investment director at SPARK Impact said: “The North West healthcare innovations scene is strong and since the fund became live in 2011 we have been impressed by the quality and potential of so many SMEs.

“With so many technologies ripe for investment, we’re delighted to receive the £5m top up funding from the North West Fund.

“These very technologies will be the lifeblood to delivering better healthcare in the UK and worldwide.

“Many of the early stage businesses we invested in are now excelling - turning over millions of pounds, exporting overseas, selling products globally and being used right across the NHS.

“The injection of cash has been integral to the success of many of these companies and it is great news that we now have more available to invest into the thriving life sciences community.”

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