From leading edge technology to economic growth
Academic spinouts are key to unlocking economic growth. I’m delighted to report this month on some Imperial spinouts that are leading the way on using the UK’s world-leading science to create growth, jobs, and a healthier, flourishing society.
Major funding to develop cancer drugs
Myricx Bio, a spinout from Imperial and the Crick Institute, this month completed a massive £90 million Series A round – one of the largest ever for a European biotech startup – to develop new treatments for breast, lung and gastric cancers.
Building on decades of research into molecules that inhibit NMT, an enzyme that cancers use to stay alive, the investment is a vote of confidence by investors from Europe, the US and Australia in the quality of our institutions’ capacities for science and innovation. We hope that this investment could enable Myricx to deliver transformative new treatment options for cancer patients.
Transforming industrial chemistry
We also announced this month the formation of a joint venture with the German-headquartered global chemical company BASF.
We’re delighted to have BASF as a strategic partner on research to make chemical production more efficient and sustainable. The spinout, SOLVE, will use advanced hardware and software to help customers from the pharmaceutical and chemical industries optimise their manufacturing processes. It marks the first time that BASF has formed a spinout jointly with a university.
Assisted by significant public funding from UKRI to support collaborative research, the formation reflects a recognition by BASF of the excellent environment provided by the UK for innovation in chemistry, and we’re delighted they have chosen to work with Imperial on this pioneering venture.
Up-skilling venture capitalists
We offer a range of infrastructure and support to maximise the success of all our spinout companies, such as the Imperial Incubator, which has just celebrated its 18th birthday. And as part of our evolving offer, we are now offering the Science and Technology Venture Capital (VC) Fellowship.
This training programme from Imperial and the Royal Academy of Engineering, delivered through Imperial Projects, will help mid-level VCs gain the skills they need to identify high potential life sciences and deep tech startups, a high risk area of investment that requires specific kinds of specialist knowledge.
By bringing together a range of partners, our ecosystem is creating the innovators and investors who will build the blockbuster companies that deliver on the promise of our world-leading science base.
