BioAscent picks up the Business Leadership Award at Scotland’s Life Sciences Awards

Published: 25 March 2021

The virtual awards ceremony recognised businesses and achievements from across Scotland’s life sciences sector. Originally planned for March 2020, the ceremony was held virtually on the evening of March 24th 2021.

BioAscent was awarded the Business Leadership Award in recognition of its world-class management team and shared vision to significantly advance the business in the period 2018-2019.

After securing £1.6m in funding from Maven Capital Partners back in 2018, BioAscent spent the following twelve months utilising this investment to drive its ambitious growth plans, through the implementation of a fully integrated drug discovery service. This has led to ongoing revenue growth and commensurate growth in Scottish employment of highly skilled employees in the strategic drug discovery industry, with BioAscent growing from 7 staff in January 2018 to over fifty today.

Commenting on the win, Paul Smith, CEO, says: “We are delighted to have received this award. We have assembled a world-class management team with a strong reputation. The team shares a common strategy and vision for the business and has the capabilities and track record in medicinal chemistry, in vitro biosciences, compound management and library screening all on one site at Newhouse.”

BioAscent works closely with its customers, getting involved early in the process, allowing its scientists to influence drug discovery projects, ensuring the right decisions are made to maximise chances of success.

This approach, and the importance of understanding customer needs from the outset, has played a key role in its growth and success to date, driving substantial commercial contract wins for both BioAscent’s established compound management services and for the integrated drug discovery offering.

Paul adds: “This approach and our strategy is working. BioAscent attracts customers who are looking for an expert, advisory CRO with a consultative approach. In response to the increasing demand for our integrated expertise, we continue to attract highly-skilled scientists to join the team. This is an exciting time for BioAscent. Watch this space, there is more to come!”

BioAscent continues to make a truly meaningful contribution to the growth of Scotland’s life sciences sector. It has been integral in preventing the loss of a state-of-the-art drug discovery and research facility which is an important asset to the global life sciences industry, and has also helped retain and attract skills and expertise. BioAscent also values the importance of giving back to the community, working with Scotland’s university students as well as offering internships through the ScotGrad programme.

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