A Nottingham based pharmaceuticals research and manufacturing company is to receive a cash injection of £1.6 million from the government creating 62 jobs.
Molecular Profiles, founded in 1997 by an academic group from the University of Nottingham, provides pharmaceutical and biotechnology specialist contract research in pharmaceutical formulation and small-scale manufacture.
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.
Commenting on the allocation of this government funding 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.”
The regional growth fund was devoloped by government to provide a public-private platform for growth. Despite some criticism recently for the slow delivery of finance in the scheme Dr Cable said “The Regional Growth Fund is helping businesses find new and creative ways of modernising and expanding their operations and the technologies they use.”
The Regional Growth fund has a total allocation of £1.4 billion for the funding of projects for creating long term jobs and sustainable growth in local economies.
The first round of the fund provisionally awarded £450 million to 50 projects across the country.
The successful projects go through a process, which is led by the individual organisations, to ensure value for money for the taxpayer. Once the process is complete, contracts can be signed and the organisations can start accessing funding.
Dr Nikin Patel, chief executive officer of Molecular Profiles, added: “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.”
This week the Government also announced a new project to save Middleport Pottery, the last working Victorian pottery in the UK – providing more than 100 new jobs in Stoke-on-Trent and helping to revive the struggling pottery industry which is so integral to the area’s economic heritage.
The project will benefit from £1.7 million of investment from the RGF to help refurbish the site and drive wider regeneration of the Burslem area.