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03.11.2017 17:33

8.4 Million-Euro Boost for PTS Foundation Funding

The Autonomous Government of Andalusia has increased its funding allocation for the Granada Health Science Technological Park (PTS) Foundation by 8.4 million euros, making it the majority contributor to the organisation. The PTS Foundation will be renamed the PTS Andalusian Public Foundation. The additional funding will guarantee the viability of the PTS, which is now home to around a hundred companies and organisations specialising in the biotechnology, healthcare and pharmaceutical sectors.

The Autonomous Government of Andalusia is increasing its funding allocation for the PTS.

As a result of the agreed funding increase, the Andalusian government's stake in the organisation will rise from 53.7% to 97%, and the PTS Foundation will meet the region's criteria to be categorised as a public-sector foundation. The Regional Ministry of Finance and Knowledge will appoint the board members who will represent the regional government on the PTS Andalusian Public Foundation Board.

The PTS is located in an area straddling the municipalities of Granada and Armilla and currently employs around 5,000 people, 2,200 of whom are working in the new hospital there. More than 3,000 students and lecturers study and work at the University of Granada's departments in the Park. R&D&I is the primary focus of 46% of the companies and organisations with facilities in the PTS, while 70% conduct at least some R&D&I activities.

According to PTS managing director Jesús Quero, the funds received will be put towards various costs set out in the PTS viability plan, such as loan repayments and settling the debt owed to the Spanish Ministry of Finance and Competitiveness. Many of the measures in the viability plan have already been taken, including the renegotiation of the debt owed to energy company Endesa, the contributions of the Foundation's sponsors and the sale of the PTS's stake in the University of Granada's Biomedical Research Centre.