BIA Welcomes Cell Therapy Manufacturing Centre Announcement

The BioIndustry Association (BIA) ha s warmly welcomed the Chancellor of the Exchequer's Budget 2014 announcement that government will invest £55 million in a UK cell therapy manufacturing centre to be managed by the Cell Therapy Catapult. The Chancellor also announced a number of other measures that should benefit companies in the bioscience sector. These included an increase in the R&D Tax Credit for loss making SME’s.

Steve Bates, BIA Chief Executive Officer said that the Chancellor’s announcement of “will help establish the UK as global centre for cell therapy manufacturing. This will ensure that this high value manufacturing industry of the future will reside in the UK and so will the value and jobs created by it. "For innovative equity backed bioscience companies access to finance remains key and the R&D Tax Credit regime is the bedrock of government support. Increasing the rate of payable credit under the scheme from 11% to 14.5% for such companies is commendable and shows serious support for innovators."
 

Keith Thompson, CEO of the Cell Therapy Catapult added: "The decision to build the Cell Therapy Manufacturing Centre is recognition of the quality and growth potential of the UK cell therapy industry. It will be accessible to firms scaling up for Phase III trials and market supply, bridging the gap between early manufacturing and commercialisation. We are delighted to be managing this initiative, which addresses one of the industry's main barriers to growth, as recognised by the recent House Lords Science and Technology Committee report. Thanks are due to the cell therapy community, which contributed to our manufacturing analysis, and we continue to work together to generate UK health and wealth."