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Government urged to back life sciences

Emerging life sciences companies in the UK are finding it increasingly difficult to secure capital, according to the Bioindustry Association

Emerging life sciences companies in the UK are finding it increasingly difficult to secure capital, according to the Bioindustry Association (BIA). A survey of 295 companies revealed that the majority had found accessing finance a challenge during the past year and most of those seeking to raise equity had not obtained all the funds they required.

Clive Dix, chairman of the BIA, said: "In the current economic climate investors' risk appetite has declined dramatically even for relatively small sums of finance. This is having a significant impact on many of the small- and medium-sized enterprises in the life sciences sector."

According to Dix, government funding of up to £10m is needed to ensure the survival of therapeutic, diagnostic and devices companies. He believes that this would prove a worthwhile investment as the sector will play a significant role in helping the UK economy to grow post recession.

31st March 2009

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