LONDON ¿ Angle Technology Ltd., focused on the formation of high-tech start-ups, has been awarded a #400,000 (US$636,124) government grant to assist in setting up ten biotechnology companies over the next three years.
Angle, based in Guildford, Surrey, will work with the University of Bristol and other research organizations to evaluate the commercial potential of research carried out at the university in cell signaling, neuroscience, cardiovascular sciences, infection and immunity, and cancer and transplantation.
Andrew Newland, managing director of Angle, told BioWorld International, ¿It is acknowledged there is no shortage of good research with commercial potential in the U.K. The limiting factor is the management needed to run start-ups. We have a collective approach of establishing several companies at the same time, and then recruiting managers who have the security of being employed by Angle, alongside the usual share options that are offered as inducements to join start-ups.
¿Joining start-ups is a huge risk for the sort of people we are looking for, who will be in senior roles elsewhere,¿ he added. ¿But, with this approach, they join our payroll, then, if the start-up does not develop as expected they won¿t be out of work.¿
Newland said that once the companies have ¿heavyweight¿ management and a business plan, Angle will help source first-stage funding. He is committed to raising #3.2 million in venture capital during the next three years. The grant is being made under the government¿s Biotechnology Mentoring and Incubator Scheme, set up to encourage the development of business services to support biotechnology start-ups.