London, 3rd March 2022 A 2-year life sciences entrepreneurship project part funded  by Lambeth Council’s Economic Resilience Fund is projected to contribute more than  £8 million GVA to the borough and advance breakthrough healthcare technologies. 

Capital Enterprise, which connects and energises a world class entrepreneur ecosystem,  and London’s life sciences cluster organisation, MedCity, are uniting to help expand the life  sciences cluster in Lambeth. The non-profits have partnered to deliver a 2-year project  attracting healthcare start-ups to locate in the borough, supporting the growth of incoming  and existing early-stage companies in the cluster, and developing soft infrastructure to  stimulate a vibrant life sciences community. 

The project comprises two accelerator programmes — the P4 Precision Medicine  Accelerator and the Cancer Tech Accelerator (CTA) for researchers and innovators in the  cancer space — coupled with strategic support activities. Both programmes bring their track  record of creating and supporting successful life science companies. The objective is to  cultivate a thriving life sciences cluster in Lambeth – as part of the wider SC1 innovation  district, delivering jobs, and inward investment while fostering viable new healthcare  technologies. 

The P4 Precision Medicine accelerator will support 40 to 50 early-stage businesses in  progressing precision medicine technologies and is projected to create 50 jobs, stimulating  £15 million of private investment in the borough within 2 to 3 years. The CTA will support 45  to 50 business teams and is projected to create 30 jobs, train 100 researchers to  commercialise their IP, and attract £5 million in private investment within 3 years. 

Capital Enterprise has worked in London for several years, initiating entrepreneurship  programmes across several tech sectors, including health and life sciences. The P4  accelerator launched in 2019, and the CTA in 2021. The CTA — a collaboration with Cancer  Research UK and Roche — is focused on supporting researchers who are working up ideas  centred on early-stage technologies relying on data, AI or MedTech to advance the early  detection, diagnosis, monitoring or treatment of cancer.  

The addition of MedCity as a joint delivery partner is expected to expand international reach,  deepen investor networks, and contribute to community building together with Capital  Enterprise, its programmes, and its existing network. The new project builds on MedCity’s  work advising on cluster growth in London, in particular the real estate infrastructure required  to support the life sciences sector. 

SC1 Co-Chair, Professor Sir Robert Lechler, says: “As the home of world-leading academic  and clinical research institutions, we have a track record of inspiring collaboration,  connection and challenge in nurturing the minds of the future. We wish to continue this  through the objectives of Lambeth and SC1 to deliver better health through innovation.

We are excited to be working with Capital Enterprise, supported by MedCity, to foster life  science entrepreneurs in the area, and to stimulate growth across our district. This in turn  will deliver new employment opportunities at every level, develop innovation that meets local  needs, and build a globally recognised home for life sciences.” 

Cllr Matthew Bennett, Deputy Leader at Lambeth Council says, “The SC1 partnership is an  exciting opportunity to accelerate the growth of south London’s life science district here in  the heart of Lambeth. Within SC1 there are ambitious plans underway that will create  significant new spaces for health and life sciences, increase employment opportunities,  support new innovative business, develop cultural programmes, and build a world  recognised home for life science innovation. We’re delighted to be supporting Capital  Enterprise and Med City, backing a new generation of entrepreneurs to deliver better health  through innovation.” 

Capital Enterprise Health & Life Science director, Nathan McNally commented, “We are  thrilled to be working with Lambeth to foster their life science district objectives to create a  preeminent life science and medical technology cluster. We believe the ecosystem is already  strong with the presence of King’s College London and Guy’s & St Thomas’ as well as other  health tech companies within the borough. In bringing our established P4 Precision Medicine  programme, as well as the Cancer Tech Accelerator to the area we will continue to develop  and attract the world’s leading health companies of today and the future.” 

MedCity CEO Neelam Patel comments, “Not only is this is an exciting opportunity to grow  the life sciences cluster in Lambeth, but also to build a wider community around it, boosted  by the GVA that life sciences jobs contribute to the economy – at £104,000 per employee  that’s over twice the UK average.”  

ABOUT CAPITAL ENTERPRISE: A membership association comprising the UK’s leading  universities and colleges, accelerators, co-working spaces, enterprise agencies, innovation  institutes and public sector organisations, Capital Enterprise enables entrepreneurship by  supporting member organisations to initiate, develop, promote and deliver services directly  to support the growth of start-up companies. 

ABOUT MEDCITY: The cluster organisation for the health and life sciences sector in London, MedCity works in partnership with London’s world-leading universities, connecting  life science companies with partners in academia, industry, the NHS, charity sector and  research institutes to catalyse new opportunities that advance cutting-edge R&D in areas  such as diagnostics, AI and cell and gene therapy. MedCity builds collaborations to  accelerate the uptake of medical innovation and growth across the UK, and provides  industry insight to policymakers and regulatory authorities. 

ABOUT LAMBETH: Lambeth Council’s economic response to the pandemic has involved  distributing more than £100m of emergency support to over 4,000 businesses, in addition to  developing sector focussed programmes of support for high growth, high-value sectors  including creative and digital, low carbon, health and life science sectors. With King’s  College London, King’s College Hospital and St Thomas’ hospital, Lambeth is already home  to Europe’s largest medical school, training 10,000 students each year. And with 600 clinical trials running at any one time across the SC1 area, Lambeth is home to world-leading R&D  activity across the clinical and academic campuses in Waterloo and Denmark Hill. 

ABOUT SC1: SC1 is a life’s science district in south central London. It aims to transform  healthcare, accelerate innovation, and tackle big problems in order to make a healthier future a reality for all of us. Founded by King’s Health Partners, Guy’s & St Thomas’  Foundation, Lambeth and Southwark councils, SC1 is born from the unique diversity of  London. It is part of a thriving community at the heart of the city, bringing together local  services with leading institutions and innovative businesses in a world renowned location.  Within SC1 there are ambitious plans underway that will create significant new spaces for  health and life sciences, increase employment opportunities, support new innovative  business, develop cultural programmes, and build a world recognised home for life science  innovation. 

[GVA calculated at £104,000 per job x 80 jobs created, according to an industry report by  Pwc] 

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