Survey: U.K. biotechs confident in fund-raising ability, unlikely to turn to government money
Survey: U.K. biotechs confident they can raise the funds they need, COVID-19 notwithstanding
U.K. biotechs are abundantly confident that they can raise their next target level of financing, but there is an urgency to raise funds sooner rather than later, according to a survey conducted by BioCentury in partnership with the U.K. BioIndustry Association. Despite the economic crisis, the majority are turning to private funding as they make their way through the pandemic, with few tapping government assistance programs.
The picture in the U.K. is still one of an emerging ecosystem, with the majority of the 40 respondents having raised money in the last two years but still having less than two years of runway left.
Still, there are signs the sector is on solid ground: COVID-19 has caused disruptions but has not dampened positive sentiment.
More than 90% were confident that they would be able to secure their target level of funding, and almost all the private companies will have U.K. investors as a port of call.
Only one third say they are seeking financial support from the U.K. government, which offers multiple packages for companies struggling financially due