Cell Therapy Centre to receive £50m funding
Will support the development of cell therapies and advanced therapeutics
The UK’s Technology Strategy Board has announced that its Technology and Innovation Centre in Cell Therapy will receive up to £50m in funding over the next five years.
The centre will support the development and commercialisation of cell therapies and advanced therapeutics, as well as the technologies for manufacturing, quality control, safety and efficiency. It will receive £10m per annum from the Technology Strategy Board in collaboration with the Department for Business, Innovation and Skills.
The Technology Strategy Board has decided that London would be the most suitable location for the centre owing to its rich cluster of hospitals and clinical infrastructure, logistics, universities, talent and its reputation as an international business hub.
The centre will also draw out and integrate the contributions of leading academic researchers in Universities including Cambridge, Edinburgh, Newcastle, Loughborough and University College London.
Iain Gray, chief executive of the Technology Strategy Board, said the cell therapy industry is expected to be worth £3.1bn by 2014 with even greater growth predicted beyond that.