Life sciences firm invests in Cambridge with help from Growth Works
A leading Spanish-owned life sciences company has chosen Cambridge for its first expansion to the UK following support from the Combined Authority and Business Board’s dedicated business growth service Growth Works and other partners.
Quibim, a global leader in whole-body medical imaging, has located to the Bradfield Centre at Cambridge Science Park, with a commitment to create more than 10 jobs over the next few years.
Last summer, the Growth Works Business Growth Service launched an international market access programme for life sciences companies around the world that were looking to scale and grow into new markets. This was run through its international inward investment brand, Locate Cambridge. This programme was oversubscribed, and 10 companies out of more than 30 applicants were shortlisted to pitch to a panel of experts to facilitate and accelerate the companies’ journey into the region.
Quibim was one of the successful participants in the programme and pitched to a panel consisting of Start Codon, Illumina, Eastern Academic Health Science Network (AHSN) and a dealmaker and mentor from the Department of International Trade’s Global Entrepreneurship Programme.
Quibim’s advanced whole-body medical imaging is done through the use of AI-guided image analysis to discover critical and evasive health indicators. The company works with top biopharma players to develop new imaging based diagnostic algorithms in a value-based, long-term model of partnership. Once the new AI models are validated, they are regulatory cleared as a medical device and marketed to providers.
Collectively, the Growth Works programme through its Locate Cambridge Brand and its strategic partner, Eastern AHSN, which is funded by the NHS and the Government’s Office for Life Sciences, supported Quibim in its decision to locate in Cambridge rather than other parts of the UK. The access to skills, innovation partners and access to capital also contributed to their decision to invest.
Quibim began their supportive partnership with Eastern AHSN after being selected to present their innovation at their Innovation Review Panel. Quibim’s flagship product, QP-Prostate was identified as having a strategic fit to the region’s health and care priorities with prostate cancer being part of the NHS operational and delivery plan priorities for the current year.
Quibim was further accepted into the 3rd annual scale-up academy cohort run by Eastern AHSN in partnership with the Triple Chasm Company. This prestigious programme provides companies evidence based tools and coaching. Over the 6-week programme Quibim was able to identify the key drivers for growth that they needed to focus on and were able to draw up an approach to achieve their desired sprint past the development chasms often faced by innovators to progress an accelerated scale-up journey.
Overall, Eastern AHSN has helped Quibim access their wide network and brokered independent engagement meetings where NHS Trusts are keen to trial the QP-Prostate product. This support is helping establish Quibim as a high-quality solution provider of world class imaging services in our region.
Dr Angel Alberich, CEO of Quibim said: “We are excited on starting our operations in UK and have been really motivated by the support received from Eastern AHSN as well as the British embassy in Spain. Cambridge was definitely our choice because of the life sciences ecosystem as well as the balance between the excellent research environment and quality of life.”
Austen Adams, chair of the Business Board, said: “Growing our globally competitive Life Sciences industry is a key aim of the Business Board. It is fantastic news that our dedicated inward investment service through Growth Works has been able to help support such an innovative and pioneering company to invest in our region.
“I look forward to working with the Quibim team and hearing more about their plans for future growth and job creation.”
Rebecca Bekkenutte, Managing Director of Growth Works said: “This is the outcome that makes the Growth Works and its International Locate Cambridge Programme such a positive outcome for the entire region. It also showcases how the wider support mechanism of the wider Cambridgeshire and Peterborough ecosystem come together to attract high growth and innovative companies into the area. We all have our part to play to ensure a smooth transition and set up for the companies with which we work.
Dr. Louise Jopling, Commercial Director at the Eastern AHSN (Academic Health Science Network) said: “As a trusted partner to the NHS who understands their priorities and pressures, we have helped Quibim introduce their innovations in a way that resonates and have enjoyed helping establish them as a provider of leading imaging services in our region.”