ITI Life Sciences commits £30 million to new R&D programme

New company - Stirling Medical Innovations - established to develop near-patient and home use diagnostic tests based on novel biomarker technologies

02-Mar-2005

ITI Life Sciences announced it has committed £30 million as part of a new three-year R&D programme focused on the development of new near-patient and home use diagnostic tests. Initially, the programme will focus on developing near-patient tests based on novel biomarkers (indicators) for cardiovascular disease, which is a major cause of ill-health in Scotland, and where Scotland has acknowledged clinical expertise.

The programme resulted from ITI Life Sciences' Market and Technology Analysis of the healthcare market. This identified opportunities for commercialisation with the aim of stimulating the growth of Scotland's life sciences sector. To deliver the programme, ITI Life Sciences, together with Scottish Development International and Scottish Enterprise, has succeeded in attracting Inverness Medical Innovations Inc. (IMI) to Scotland. IMI is a leading global developer, manufacturer and marketer of rapid diagnostic tests for both the home use and professional markets.

As part of the programme, IMI has set up Stirling Medical Innovations Ltd, a new Scottish research, development and manufacturing company to be based in Stirling. Over the next three years IMI plans to invest £37.5 million in the R&D programme and following completion, a further £30 million in manufacturing and the commercialisation of new products.

The programme is aimed identifying novel biomarkers and technologies to develop near-patient and home use tests, both of which have been identified as growing markets by ITI Life Sciences in its Market and Technology Analysis foresighting activity. In the programme, Stirling Medical Innovations plans to develop a new diagnostic platform for use in human health tests. ITI Life Sciences, in conjunction with other companies, will then leverage the technology underpinning this platform in other areas, such as bio-defence, veterinary care, environmental monitoring and food testing.

https://www.bionity.com/en/news/43866/iti-life-sciences-commits-30-million-to-new-r-d-programme.html