A medical research company has become the latest tenant of the Northern Ireland Science Park in Belfast's Titanic Quarter.
LifeScienceHub (LSH), aims to identify, develop and commercialise products in the life science sector, offering the resources and expertise required for the conversion of ideas into wealth.
The firm has already licensed two new projects from the University of Ulster, Visidose for asthma sufferers and Easy Seating System, an adjustable seating system for disabled adults.
LSH has now identified and financed its next technology - Wound pHase, a diagnostic to help health practitioners assess the effectiveness of their treatment for chronic wounds which currently cost the NHS approximately £8bn per year. Wound pHase will aid in determining the state of a wound and give an indication if current treatment is working or needs to be modified, resulting in better managed treatment and overall savings to the health service.
Founder of LifeScienceHub, Declan Service, said that too many innovations are stopped in their tracks when money, expertise and enthusiasm run out.
"Our objective is to give these products that have commercial potential the support they need to get to market and deliver profits," he said.
"Wound pHase is the first of what will hopefully become a critical mass of life science opportunities to be driven through LSH."
Director of corporate real estate and facilities at the Northern Ireland Science Park, Mervyn Watley added: "At the Science Park we aim to provide a flexible innovation ecosystem conducive to growth and collaboration.
"As the knowledge economy hub in Northern Ireland I have no doubt that LSH will prosper at the park and I wish them every success as they aim to become a focal point for entrepreneurs, technology transfer offices, companies, venture capitalists and investors looking to progress their innovations in the life science sector."