Medicity in £1.4 million expansion in boost for life sciences
pharmafile | December 13, 2016 | News story | Manufacturing and Production | BioCity, Boots, medicity
Medicity has announced that it has managed to raise the funds to refurbish an additional 29,800 square feet of space, which will be made available to life sciences companies. The site is based in the Nottingham Enterprise Zone, an area designed to attract innovative companies to work within close proximity.
The funding for the expansion projects comes from joint funding between Medicity and Boots, combined they will raise half of the required sum of the expansion. While D2N2 LEP, a private sector-led partnership to promote economic and job stimulus around the Midlands in the UK, will provide the other half of the investment. The total cost of the expansion runs to £1,496,000.
The expansion is expected to be completed sometime in spring of 2017 and will create more than 150 jobs. Medicity has been based in the site since its opening in 2013 and this further expansion displays a confidence in the area to warrant such investment.
David Browning, director of MediCity, explained its decision by explainng that: “This funding will enable us to provide facilities to support the establishment and growth of additional ventures, developing high impact innovation across healthcare. The expansion of MediCity will also play a key role in helping us to provide further support, through our successful Accelerator programme.”
David Ralph, CEO of the D2N2 Local Enterprise Partnership, explained his partnership’s decision to fund the expansion: “Life Sciences is one of our eight key business sectors and a growth industry in the D2N2 LEP area. With the current MediCity building at more than 90% occupancy, space for new companies or for existing ones to expand is urgently needed to meet demand. Funding refurbishment of this building through the Local Growth Fund will enable a new cluster of life sciences companies to develop their business, adding to the sector’s strength.”
Ben Hargreaves
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