A pharmaceutical firm located in Northumbria has been
awarded funding to expand, which will create more than 30 new jobs.
Arcinova – located in Alnwick – has received a £750,000 loan
from the North-East Growth Plus fund to expand its business and subsequently
take on more staff.
The North-East Growth Plus fund – controlled by FW Capital –
has invested £24.4 million to date and has created 1,185 jobs since it was
first launched in 2010.
Arcinova, a research and development company, also recently
received approval for a £60,000 grant from the North East Rural Growth Network
fund, who allocate money to companies to stimulate economic growth.
The company has faced uncertainty over recent years, and was
taken over by new owners in February last year, saving around 50 jobs.
Currently, the business employs 63 staff, but plans are in
place to hire an extra 31 employees following the investment.
Deliver plans for
Ian Shott, Managing Director of Arcinova, said: “This
funding will help us deliver our plans for significant growth as we aim to
offer best-in-class technology services for contract research, development and
small-scale manufacturing of drug substances.”
The £60,000 grant will be added to the investment that is
set to be used to develop a new suite for drug research and development –
construction of the new suite will create at least four new graduate-level
Arcinova were made aware of the possibility of finding
investment so they could expand their site during regular meetings with local
companies, who thought the development would significantly add to
Northumberland’s life-science and pharmaceutical sector.
The Rural Growth Network has secured enough funding to be
able to support businesses in the rural areas of Durham, Gateshead and
Northumberland up until 2020.
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