A venture capital firm based in the county has announced plans to invest £50 million in life sciences companies across the UK with the potential to bring more jobs to Kent.

NCL Technology Ventures, based at Discovery Park in Sandwich, will fund small and medium-sized businesses which are developing "either game-changing medical technologies or specific areas of advanced therapeutics".

It will use £5 million provided by Kent County Council, drawn from the government's regional growth fund, with the rest raised from private investors secured by NCL, which will manage the fund.

This will be the firm's second investment pot using public money.

Its Discovery Park Fund invested £5 million into eight UK-based firms, using cash provided by Kent County Council.

Following investment, every one of the companies opened a base at Discovery Park, which has more than 1.4m sq ft of advanced labs, manufacturing space and testing facilities.

The new fund will aim to attract high-growth companies around the world wanting to establish a UK operating base.

"Britain is an innovation nation - supporting and growing the UK life sciences sector is vital if we want to thrive after Brexit..." - Jonathan Synett, NCL

NCL will work with the Institute of Pharmaceutical Science, King’s College London and the University of Kent, who will provide clinical support and be early adopters of the work which has received investment from the fund.

Investment director Jonathan Synett said: “Britain is an innovation nation - supporting and growing the UK life sciences sector is vital if we want to thrive after Brexit.

“We are delighted to launch our second fund, cementing our position as one of the UK’s premier emerging life science fund managers.

"The opportunities for investing at the forefront of the life sciences sector are immense.”

Kent County Council leader Paul Carter said: “Kent offers some of the most exciting economic growth prospects in the South East, and I’m delighted to see our region at the forefront of international business particularly around life-changing medical technologies.

“The county is an attractive place for business and I’m delighted that Kent County Council can continue to help and support local businesses grow stronger and more prosperous.”

The fund is a welcome boost for the sector in the county, following the announcement of proposals by Thermo Fisher Scientfic in Ashford to exit the county by 2019, with the loss of 170 jobs.

The UK's life sciences sector generates £64 billion of turnover every year and employs more than 233,000 scientists and staff.