03 Nov MediCity Glasgow celebrates £26m success
MediCity Glasgow, a medical science business with the aim of generating £5 million has raised £26m and seen the creation of 201 new jobs.
Since it was set up five years ago, MediCity Glasgow has helped create 70 new life science and med-tech companies
The company supports medical science entrepreneurs and new businesses to allow them to test new ideas without needing significant investment.
It also gives the skills needed to take scientific research from the lab to commercial business.
Colin Roberts is venture development director of BioCity Group, pioneers of the MediCity project.
He said: “The MediCity project and its accelerator programme has provided a supportive and exciting environment for companies to commercialise opportunities in MedTech, HealthTech, Digital Health, Healthcare and Wellness since its launch in 2015.
“The success of the new companies in raising significant private investment funding and creating new high value jobs across Scotland demonstrates the value of its collaborative approach which has far exceeded many of its original targets.”
UK Government Minister for Scotland, Iain Stewart, said: “Five years ago the UK Government provided MediCity £1m as part of our £523m investment in the Glasgow City Region Deal, as a result more than 200 jobs and £26m of further investment have been created today.
“This is a fantastic example of how transformative City Region and Growth Deal projects can be.”
The company’s research has the potential to make insulin cheaper and more readily available, among multiple other applications.
Sara ten Have, founder and director of Origin Peptides, said: “Science is a very expensive field and it can be incredibly difficult to secure the funds required for equipment, lab space and skilled personnel to produce the results you need.
“MediCity has been phenomenal for us.
“Not only did it provide us with a suitable base from which to operate and a supporting infrastructure that was ready to go, but it introduced us to the right people, who were able to give us the right advice at the right time as part of the accelerator.
“The wider BioCity community is really inspiring, and a great example of how Scotland’s life science community works well and collaborates together for the greater good.”
MediCity Glasgow is based in Motherwell, North Lanarkshire.
Yvonne Weir, Enterprise Manager at North Lanarkshire Council, said: “The partnership between BioCity Group, North Lanarkshire Council and Scottish Enterprise has been hugely successful in creating a centre of excellence and innovation at MediCity in North Lanarkshire.
“It has established itself across Scotland as the leading location for med-tech and life sciences businesses, and these new figures highlighting the success of MediCity are testament to the business model developed to support those early stage growth businesses.
“It is making a significant contribution to the local and national economy, and giving a bright new future to this North Lanarkshire landmark building located on the M8, at the heart of Scotland.
“We have no doubt that it will continue to pave the way for exciting new innovations, product development and growth businesses in the life science and med-tech industry in North Lanarkshire and across Scotland.”