Edinburgh BioQuarter, Scotland’s leading life sciences project, has been given a financial boost with a £12m commercialisation initiative funded by Scottish Enterprise and the University of Edinburgh.

The funding will help increase commercial activity at the University’s College of Medicine and Veterinary Medicine and translate its world-leading research into new therapies for patients.

The scheme will help support the creation of companies spun out of the university’s research to locate on the new Edinburgh BioQuarter campus next to the new Royal Infirmary of Edinburgh and the University of Edinburgh’s Medical School and Queen’s Medical Research Institute.

Edinburgh BioQuarter is a partnership between Scottish Enterprise, the University of Edinburgh, NHS Lothian and Alexandria Real Estates Equities, a leading life sciences property specialist.

The University of Edinburgh’s research expertise spans heart disease and cancer, as well as new areas such as genetics and regenerative medicine.

The partners hope the funding will capitalise on this and lead to many new spin-out companies from the University over the next seven years, as well as a major expansion of clinical trials and the forging of new links with international biotech and pharmaceutical companies.

Companies that are formed as a result of the strategy will also be able to benefit from the wide range of high growth business and equity support available from Scottish Enterprise.

Jack Perry, chief executive of Scottish Enterprise, said: “Edinburgh BioQuarter is one of our flagship projects and despite the economic downturn, still offers huge potential to transform Scotland’s economy. We want Edinburgh BioQuarter to be a hub for indigenous life sciences businesses.’

Scottish Enterprise and the University of Edinburgh are recruiting a programme director to spearhead the strategy.