London, UK, 5th June, 2008 – MRC Technology (MRCT) (London, UK) today announced that the MRC has approved a further £6 million of funding for a continuation of the MRCT Development Gap Fund (DGF).
DGF is an innovative and successful pre-seed fund established to help exploit the cutting edge science of the MRC which could have a significant impact on the health as well as the competiveness and growth of the UK economy.
The fund, first launched in November 2003 with a budget of £4.5 million, has so far funded 51 applied research projects covering a spectrum of biomedical research including cancer, infectious diseases, genomics and drug discovery. DGF has already demonstrated a positive impact on the commercialisation of MRC discoveries and has engendered change towards translational research.
“We are excited to have been given this extra funding – MRC Technology will once again help lead the way in developing positive scientific discoveries, not only to benefit the market place but also for the health of the nation” said Dave Tapolczay, CEO of MRC Technology
Notable outputs of the fund include the formation of new companies to work on disease targets where there remains high medical need, medical devices to diagnose cancer and the creation of specialised jobs. Investment totalling £5.7 million has been generated including funding from Pfizer, the world’s largest private biomedical research organisation.