Molecular Profiles provides pharmaceutical and biotechnology clients all over the world with specialist contract research in pharmaceutical formulation and small-scale manufacture. The company was founded in 1997 by an academic group from the University of Nottingham.
The funding from the Regional Growth Fund (RGF), alongside a further £7.2 million from the company, will be used to purchase land, build a 30,000 square-foot Research and Development facility and equip the new laboratory to significantly increase the company’s capacity. The project, from round one of the fund, has now successfully completed legal checks and can access government support.
Business Secretary Vince Cable said:
“This is a significant boost to the economy in Nottingham, an area which boasts a notable pharmaceutical and biotechnology sector. Support of this kind is vital if we are to help businesses create jobs where they are most needed and attract important private sector investment.
“The Regional Growth Fund is helping businesses find new and creative ways of modernising and expanding their operations and the technologies they use. We said that the fund would start paying out in the autumn and that’s exactly what is happening.
“I’m looking forward to making more announcements of this kind in the coming weeks.”
Dr Nikin Patel, Chief Executive Officer of Molecular Profiles, said:
“This RGF grant is a significant milestone in the growth plan for our company. We are excited by the opportunity this grant has created, which will allow us to create a new state-of-the art pharmaceutical development facility and significantly expand our team. We are eager to commence the expansion as soon as possible.”
The £1.4 billion Regional Growth Fund uses public money to fund projects which will create long term jobs, sustainable growth and boost the local economy. The first round of the fund has provisionally awarded £450 million to 50 projects across the country, leading to the creation of 27,000 jobs and more than 100,000 additional supply chain jobs.
Successful projects go through a process of due diligence, which is led by the individual organisations, to make sure the projects deliver value for money for the taxpayer. Once this process is complete, contracts can be signed and the organisations can begin to access funding.
Applications for money for the second round of the fund closed on 1 July. Bids are currently being considered by ministers. An announcement on the successful bids in the second round is expected shortly.
Already this week the Government has announced that more than 100 new jobs will be created in Stoke-on-Trent thanks to RGF funding. A project to save Middleport Pottery -the last working Victorian pottery in the UK - secured commitments to receive £5 million of government and private funding. The project will benefit from £1.7 million of investment from the RGF. This will help refurbish the site into a centre maintaining traditional manufacturing skills, a space for artists and a visitor centre. The project is expected to help drive wider regeneration of the Burslem area.
The Molecular Profiles project requires planning permission before work can commence.**
Notes to editors:
- The details of the bids received in the second round are commercially sensitive and we will not release details of these bids. Summary details of the bids received in both rounds are available here: http://www.bis.gov.uk/policies/regional-economic-development/regional-growth-fund
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Notes to Editors
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