The UCL Department of Mechanical Engineering will receive proceeds from the new e-money current account app that enables users to support research projects in areas such as healthcare, climate change and computing.
Science Card, Britain’s first e-money current accounts dedicated to accelerating science and innovation, announced the launch of the research project led by Professor Emad Moeendarbary (UCL Mechanical Engineering). The project will be showcased for funding on Science Card’s platform, enabling people in the UK to directly contribute to scientific research through everyday spending.
In the UK, over 1 million people are living with a neurodegenerative condition, including demyelinating diseases such as multiple sclerosis, Alzheimer's, and Parkinson's. Demyelinating diseases occur when the protective covering around nerve fibres, called the myelin sheath, is damaged. While progress has been made in understanding neurodegenerative diseases, there are currently few approved treatments and government commitments to double the level of funding to dementia have been recognised as being essential to helping address the scale of these diseases and the challenges they place upon our health system and economy.
The research project will focus on developing a new technology that uses artificial fibres to mimic neuronal extensions, enabling researchers to test potential treatments more effectively. In the long term, the research project has the capacity to significantly reduce clinical trial costs and expedite study timelines, and it has the potential to become an integral part of healthcare diagnostics around the world.
Professor Moeendarbary said: “Neurodegenerative diseases pose an unprecedented challenge to our society, affecting millions of lives and placing an immense burden on families and healthcare systems. Despite advances in neurodegenerative research, a substantial gap in translational funding persists, resulting in numerous therapeutic strategies stalling at the drug development stage and failing to reach the clinic.
With the aid of Science Card, funds will be directly allocated to our research project, which will not only fuel new levels of innovation but will also instil a newfound sense of confidence within our team, knowing that our research will be completed without any interruptions or delays that are usually caused by funding concerns.
“This streamlined approach expedites the financial support we need and allows us to focus more efficiently on our research endeavours, driving progress and innovation while fostering breakthroughs that hold the potential to transform lives and address pressing global challenges.”
Science Card is aiming to contribute £499,955 to this specific research project. Customers signed up to Science Card’s free e-money current account and Mastercard debit card will be able to support the project within its app, through direct contributions as well as round-ups from their everyday spending.
Daniel Baeriswyl, CEO and Founder of Science Card, said: “While studying for my PhD I witnessed first-hand the missed opportunity to have an impact on people’s everyday lives due to academic funding constraints, which is why I created Science Card in the first place; to bridge the worlds of finance and innovation and ensure a more efficient flow of funds to groundbreaking research.
“This particular field of research is something I’m extremely passionate about, and I can’t wait to showcase the project to our UK customers when we launch in just a matter of weeks. With Professor Moeendarbary's pioneering research in mechanobiology, I’m confident the project is in the best possible hands to drive real progress in neurodegenerative research and unveil cures and treatments that can halt the progression of these diseases.”
By bridging scientific research’s funding gap, Science Card aims to boost technological advancements, retain talented scientists in the country, and transform the current challenges around funding into an urgent opportunity for progress and growth. Initially launching in the UK with a targeted 30,000 customers, Science Card’s starting goal is to fund a £300,000+ research project in the first year before expanding to Europe and the US.
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Media contact
Matt Midgley
Tel: +44 (0)20 7679 9064
Email: m.midgley [at] ucl.ac.uk
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