NORTHERN IRELAND DIAGNOSTICS COMPANY INVESTS £123M IN LEADING-EDGE BIOTECHNOLOGY

17 June 2003. Northern Ireland based clinical diagnostic specialist, Randox Laboratories, has announced a £123 million investment in next generation biochip technology. The technology aims to help doctors diagnose a wider range of medical conditions (including cancer, heart disease and hormone disorders) more accurately and faster than is currently possible.

Ian Pearson MP, Northern Ireland Minister for Enterprise, Trade and Investment announced the new investment, which is expected to provide 810 new jobs over the next three years, with Dr Peter Fitzgerald, Managing Director of Randox Laboratories. The company has four plants in Northern Ireland engaged in R&D activities and in the manufacture of diagnostic testing products for almost 30,000 clients, mostly hospital laboratories, in 130 countries.

The importance of the company’s technology was endorsed recently in the Royal Academy of Engineering’s choice of Randox for the prestigious MacRobert Award, the UK’s biggest engineering award.

The latest investment is backed by Northern Ireland’s economic development agency, Invest Northern Ireland (Invest NI) and is focused on the development of an automated analyser machine and unique biochips that enable clinicians to diagnose many diseases from a single sample, for example, of blood or urine from a patient.

Almost 180 scientists have been involved in the development of the new equipment, which is called ‘Evidence’, at Randox. Using the new technology hospital laboratories will be able to do 25 or more simultaneous tests on single samples on a one-centimetre biochip from 180 patients per hour.

Mr Pearson said: “Randox is a first class example of an entrepreneurial Northern Ireland business that has achieved major international success through continuous investment in innovation in R&D, product development and global marketing.

“The new diagnostic system pioneered by Randox represents world class technology that will establish this company as an industry leader and will raise Northern Ireland’s profile as an international biotechnology research centre,” added Mr Pearson.

Dr Fitzgerald, commenting on the new investment, said: “We believe that the ‘Evidence’ system has the potential to revolutionise healthcare worldwide by providing greater information from patient samples than is currently possible. It will also enable clinicians to harness the enormous potential of genomics research using DNA markers to pinpoint potentially life-threatening conditions earlier.

“It is a strategically important investment for the company because it positions us at the forefront of the development of complete diagnostic systems that enable clinicians to interpret a broader range of data from biochip tests,” he added.

The ‘Evidence’ system has taken nine years to develop and represents a £55 million investment by the family-run business. Randox has worked with Queen’s University, Belfast in the development of the biochip technology and has sub-contracted engineering work on the analyser to Langford Lodge, another company based in Crumlin, Northern Ireland.

Notes to Editors

Invest Northern Ireland is driving the development of the region’s fast-growing, knowledge-based economy. Through its support for innovation and entrepreneurs, it is working to create a larger base of world-class companies in Northern Ireland – both locally and externally owned. Invest NI provides a responsive, efficient and comprehensive service to businesses seeking profitable locations, creating solutions that enable companies to stay ahead of their competitors. To find out more about the competitive advantage of Northern Ireland, go to www.investni.com/invest

Northern Ireland’s Biotechnology Sector:

Northern Ireland is developing as a prime location for Biotechnology companies, thanks to a unique combination of fresh talent and world-class research. Under the banner of Bio Northern Ireland, the region’s economic development agency, Invest Northern Ireland has joined with other stakeholders to aggressively develop the Biotechnology sector.

In the past four years numbers employed within the sector in Northern Ireland have increased by more than 40%, while annual sales have risen by more than 90%. The development of a major science park and incubator unit programme has been fundamental in Northern Ireland establishing itself as a leading centre for biotech start-ups. The combination of such infrastructure with world-class research at the University of Ulster and Queen’s University has allowed Northern Ireland to develop into a centre of excellence.

Randox Laboratories & assistance from Invest NI:

Randox Laboratories has been offered Selective Financial Assistance of £16.2 million including employment grants and repayable finance in terms of preference shares and loans by Invest NI towards the costs of this investment.  In addition, the company has been offered £1.74 million towards the costs of establishing a Centre of Excellence under the Research and Technology Development Programme.  This is funded by the European Union's Programme for Peace & Reconciliation in Northern Ireland and the Border Region of Ireland (PEACE II)

The basic objective of the RTD Centres of Excellence programme is to support major proposals for the establishment of R&D Centres that will enhance the market driven technological capability within Northern Ireland industry and the universities to further stimulate the restructuring of the economy and, in particular, grasp the opportunities offered by new technologies.

Randox, currently employs around 400 people in Northern Ireland.

For further information please contact Garry Webb or Alan Watson, Citigate, phone 02890 395500 or visit www.investni.com/invest