U.K. biomedical fund announces first awards

The U.K.'s three-year, L180 million ($285.8 million) Biomedical Catalyst fund awarded L9.9 million ($15.6 million) across 14 U.K. universities and 18 small and medium sized enterprises (SMEs) for early stage life science research. Each university received up to L750,000 ($1.2 million), while each company received up to L150,000 ($235,710). Companies receiving funding include infectious disease company Absynth Biologics Ltd. (Sheffield, U.K.), cancer company PhotoBiotics Ltd. (London, U.K.), and Summit Corp. plc. (LSE:SUMM), which is focused on muscular dystrophy and infectious and neurodegenerative diseases. Summit was unchanged at 2.38p on Wednesday. ...