Scotland's flagship life sciences project, Edinburgh BioQuarter, has been given a massive financial boost with the announcement of a multi million pound commercialisation initiative funded by Scottish Enterprise and the University of Edinburgh.

Edinburgh BioQuarter, which will position Scotland as one of the world's top ten hubs for life sciences research and development, is set to benefit from a £12m injection of funds to drive its innovative commercialisation strategy.

The commercialisation strategy will help increase commercial activity at the University's College of Medicine and Veterinary Medicine and translate its world-leading research into new therapies for patients.

The scheme will help support the creation of companies spun out of the university's world class research to locate to the new Edinburgh BioQuarter campus based next to the new Royal Infirmary of Edinburgh and the University of Edinburgh’s Medical School and Queen's Medical Research Institute.

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The University of Edinburgh has one of the UK's most renowned medical schools which was rated top in the UK in the Government's 2008 Research Assessment Exercise under the hospital-based clinical subjects category. Its research expertise spans heart disease and cancer to new areas such as genetics and regenerative medicine, with all of the work rated at international level and 40 per cent at the very highest "world leading".

The partners hope the funding will capitalise on this research excellence and lead to many new spin-out companies from the University over the next seven years as well a major expansion of clinical trials of new treatments and the forging of new links with leading international biotech and pharmaceutical companies.

Companies that are formed as a result of the strategy will also be able to benefit from the wide range of high growth business and equity support available from Scottish Enterprise to help them become successful new businesses.

Jack Perry, chief executive of Scottish Enterprise, commented: "Edinburgh BioQuarter is one of our flagship projects and despite the economic downturn, still offers huge potential to transform Scotland’s economy.

"As well as providing space for large international life science firms to locate alongside the University of Edinburgh and NHS Lothian's Royal Infirmary of Edinburgh, we want Edinburgh BioQuarter to be a hub for indigenous life sciences businesses."

(GK/JM)