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Oneida beats biotech doldrums
June 08, 2004Oneida TheraDiagnostics Ltd, a new life sciences company specialising in molecular diagnostic and virology services is establishing laboratories at the London BioScience Innovation Centre (LBIC) this month. The recent funding dearth for biotechnology has meant that this is the first new laboratory client for nearly a year, at LBIC, which provides fully serviced laboratories and offices for new and growing businesses.
"We take this as a positive sign of economic upturn for young bioscience businesses." Said Professor Colin Howard, CEO of LBIC, "New companies have struggled to find investment, and are now adapting their business models to confront this."
Oneida is offering testing services to provide individual patient management and detailed diagnostic/therapeutic information in clinical trial settings. Initially, this is in the antiviral area, with a focus on drug resistance, and will provide an income stream that will help finance its own R&D activities, to broaden the diagnostic portfolio and to initiate drug discovery programmes.
Dr Stanley Tyms, Chief Operating Officer, said: "Oneida has exciting intellectual property and technology for the management of chronic viral disease and a strong management team with a track record of success in the industry. In the longer term, we plan to expand the business through global companies looking for a European outlet for their molecular diagnostic technologies. We see major value in launching the Oneida service activities at LBIC, with our longer term plan to develop a pan-European business. We believe the generation of income in the early stages will, in turn, attract investment for our expansion plans." Dr Tyms commented: "LBIC is ideal for us - the Centre gives business credibility, excellent infrastructure, services, contact with the research community and flexibility for Oneida to grow over time."
Royal Veterinary College, The
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