Wellcome Trust: Seeding Drug Discovery

The aim of Seeding Drug Discovery is to develop drug-like, small molecules that will be the springboard for further research and development by the biotechnology and pharmaceutical industry in areas of unmet medical need. A two-point entry system has been introduced to enable projects at an earlier stage in development to be competitive for funding as well as to progress later-stage projects further towards clinical trials. Organisations located outside of the UK should contact Innovations staff regarding their proposed project. Proposals will be taken forward by invitation only. Uninvited applications will not be considered. UK organisations may contract or collaborate with overseas organisations.
http://www.wellcome.ac.uk/Funding/Innovations/Awards/Seeding-Drug-Discovery/index.htm