An Australian life sciences company has announced a £3 million investment in Wales.
Melbourne-based life science research and development company, Medical Ethics, has announced a direct investment of over £3 million in Wales over the next three years, making Cardiff its new base in the northern hemisphere.
Medical Ethics develop products that alleviate pain and minimise suffering associated with wounds and surgical procedures in animals.
As a UK hub for life sciences expertise, Wales will provide the company with the ideal base to progress the development of its technology for humans.
Medical Ethics chose to invest in the UK for its expertise in a number of fields required for the commercialisation of the company's technology - including regulatory affairs, manufacturing and clinical studies, tax subsidies and patent box incentives.
Allan Giffard, Managing Director, Medical Ethics said Wales was the 'obvious choice':
Secretary of State for Wales Alun Cairns said Wales is becoming a 'hotbed' of life science expertise:
Medical Ethics has worked with the Department for International Trade (DIT) for two years. It received advice and introductions to key UK stakeholders including the Wales Wound Institute in Cardiff and Cardiff University - both of which the company now collaborates with.