UMI3 Ltd, the innovation company of The University of Manchester and the University’s Faculty of Medical and Human Sciences, have announced that they will work collaboratively with the Isle of Man’s Department of Economic Development to attract business angel investment finance into its early stage biomedical spin-out companies. 
 
The collaboration will involve twice yearly network events on the Island where a selection of the University’s biomedical spin-out companies and enterprising academics will present to an invited audience of high net wealth private investors.
 
It is anticipated that one of the events annually will be a satellite to the successful Manx Biomed Conference, which was launched in December 2013.
 
John Shimmin MHK, Minister for Economic Development commented:
 
‘The Isle of Man has established itself as one of the most successful small international business centres in the world.  We have done so by creating an environment where businesses can access the capital and the professional services expertise they need to flourish on a global scale.  My Department fully supports this initiative with UMI3.’
 
Dr Rich Ferrie, Director of Operations of UMIP, UMI3’s intellectual property division, commented:
 
‘We are very excited by this initiative which looks to broaden the investment opportunities for our biomedical spin-out companies and strengthen our ties with the developing biomedical cluster on the Island.
 
‘We look forward to working closely with Courtenay Heading and his colleagues to make a success of this collaboration for mutual benefit with a view to rolling it out to other sectors as appropriate.’
 
Courtenay Heading, Biomed, Inward Investment Consultant to the Isle of Man Government commented:
 
‘I’m delighted to be working with UMI3 and UMIP which has a proven track record with creating new spin-out companies from The University of Manchester’s world class research.  As near neighbours this initiative builds on trusted relationships between our people.
 
‘With existing data hosting and precision manufacture sectors we offer complementary skills to the biomed market.  With an accessible Government we’re also capable of writing our own legislation, to support such an important initiative to improve patient health and create local jobs.’
 
To complement the funding initiative, the University and Biomed will be working strategically on a number of research themes.
 
Professor Paul Townsend, Associate Dean for Business Engagement & Theme Lead for Personalised Therapy at the University’s Faculty Institute for Cancer Sciences, commented:
 
‘This is an opportune time for all of us in the region to synergise and strive forward in harnessing relationships of biomedical need, with mutual investment benefit and critically, patient benefit. The Isle of Man has a stellar track record in precision engineering; combined with our spin outs and enterprising scientists and clinicians one can only see a very bright future.’