A Cheshire company is to benefit from a £23 million investment in the region, announced by the Deputy Prime Minister today.
The government’s Regional Growth Fund will invest £300 million in 50 projects across the country to create thousands of jobs and fuel business expansion. Absynth Biologics Ltd in Alderley Park near Macclesfield is among those benefitting from the funding.
A total of £23 million has been given to seven projects in the North West in Round 5 of the Regional Growth Fund (RGF). This is expected to raise £140 million of private investment and create and safeguard thousands of jobs.
When added to the success of the first four rounds, this represents a total of £420 million of RGF funding for 79 North West projects. This has raised £2.3 billion of private sector investment and will create tens of thousands of jobs in the long-term.
Absynth Biologics Ltd will use the funding for the next phases of its research and development activity in developing innovative vaccines to treat bacterial infections, most notably the Clostridium difficile (C.diff) and Streptococcus pyogenes infections.
This will enable the firm, which recently relocated to the BioHub facility at Alderley Park in Cheshire from Sheffield, to create an additional 18 new jobs and bring in significant private sector investment.