St Andrews scoops share of biotech award

Three Scottish Universities have welcomed a joint £2.25 million boost to commercial spin-out activity with the success of their triple consortium bid to the University Challenge Fund.

The new fund will help make the north east a hatchery of new biotechnology enterprise.

The Universities of St Andrews, Dundee and Aberdeen scooped almost half of the £4.6 million in awards announced yesterday to Scotland’s universities and colleges with their plans to establish a seed fund of venture capital to springboard technology transfer, mainly in the biomedical and life sciences.

The award will help create a £3 million technology seed fund, NES Tech, based on contributions of £200K from each partner and £150K collectively from the local enterprise companies of Fife, Tayside and Grampian. An independent fund manager will be appointed to whom each of the three universities can make applications to the fund to support spin-out initiatives.

One immediate benefit of the funding success is the creation of three new posts – one at each university – of managers dedicated to easing the complex path of technology transfer.

ENDS

Contact:

Claire Grainger Press Officer, University of St Andrews Tel 01334 462529 Fax 01334 467458 [email protected]

Carol Pope Press Officer, University of Dundee Tel 01382 344021 Fax 01382 345515 [email protected]

Angela Begg Press Officer, University of Aberdeen Tel 01224 272960 Fax 01224 272086 [email protected]