IP commercialisation company Fusion IP (LSE: FIP) noted the University of Sheffield’s last week’s announcement regarding its 22% owned modelling and simulation company Simcyp, which was ranked among the top 50 fast-growing UK companies by the Business XL magazine.
The full year turnover at the company, which makes simulators that allow pharmaceutical companies to evaluate medicines in virtual people, amounted to £3.1 million last year, up 56% year on year, while pre-tax profits reached £1 million.
This success earned Simcyp the 15th spot among the 50 companies in Business XL magazine’s annual Rising Stars research, which have combined sales of £1.3 billion and profits of £147 million.
The University of Sheffield said the company, which spun out of its School of Medicine and Biomedical Sciences in 2001, has “soared through the economic downturn and was recognised for doing its fair share to revive the nation’s flagging economy.”
“For a university spin-out to be recognised as one of the fastest growing companies in the UK is fantastic and an achievement of which we are very proud... Simcyp continues to go from strength to strength, investing heavily in researching, developing and expanding the team to ensure future growth,” said Director of Scientific Research and Development at Simcyp Amin Rostami-Hodjegan.
Fusion IP owns the rights to 100% of the university-owned research generated at the University of Sheffield as long as Cardiff University.