Pharmatimes have reported that a £50 million pound fund has been created by Cancer Research Technology (which is Cancer Research’s commercial section) and the European Investment Fund. This funding is to bridge the gap in the UK between cancer drug discovery and early development.
CRT and the EIF will make equal contributions to the CRT Pioneer Fund, which has launched with a first contribution of £25 million. This may be doubled by the founders to reach the total £50 million, they note.
The aim is to address the so-called “valley of death” funding crisis facing early-stage drug development, which is caused by investors not investing in high-risk projects like drug research in the wake of the financial crisis.
Dr Harpal Kumar, chief executive of Cancer Research UK said ”This vital investment will nurture world-class innovation in drug development to bring potential new treatments to patients as quickly as possible”
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