A nanotechnology company based in the North East of the UK has entered into a joint venture with a Japanese company which could bring new investment and jobs to the region.
OJ-Bio is a joint venture between Newcastle based Orla Protein Technologies and Japanese electronics company Japan Radio.
The new venture will see a collaboration of biotechnology and electronic manufacturing expertise, aiming to develop and market breakthrough technologies in hand-held diagnostic equipment.
Orla’s development has been supported by a series of investments from NEL Capital, the venture capital division of regional fund management firm NEL Fund Managers, the most recent being a GBP140,000 investment helping Orla to continue the commercialisation of the diagnostic device with Japan Radio.
NEL chief executive Barrie Hensby says: “Orla has benefited from having ongoing access to investment finance throughout its different stages of development, and reaching this important milestone is a real vindication of all the market-leading work that the team has successfully undertaken.”
Orla and Japan Radio have been working together since November 2007 to develop a range of handheld wireless diagnostic devices, and last month cut the ribbon in Tokyo, Japan on the establishment of a joint venture to manufacture, promote and sell these devices across the world.
OJ-Bio will initially be based at Newcastle’s Centre for Life. Capital sharing for Orla is 80 per cent and Japan Radio 20 per cent, and the company has the potential to create a number of highly skilled jobs from the outset.
Dale Athey, chief executive officer, Orla Protein Technologies, says: “The devices may be made in Japan but we plan to design and make the bio components in the North East and perform all our research and development here too. We plan to sell the devices worldwide and keep Orla moving forward, developing our technology and product platform in the North East.
“This sort of device will open up new opportunities in the GBP10bn diagnostics marketplace. It’s a multi-million pound opportunity and will bring significant returns to Orla, its stakeholders and the North East economy.”
The technology will see new diagnostic devices used by doctors and paramedics to identify, diagnose and monitor patients at the point of care.
The technology aims to allow rapid test results for viruses and bacteria, for example infectious diseases such as flu, bacterial infections such as super-bug MRSA and protein markers of conditions such as heart attacks.
One North East has provided substantial business support to help the company to get to this stage.
One North East chairman Margaret Fay says: “The launch of OJ-Bio is a demonstration of how North East companies are developing world-leading technologies in areas like healthcare and life sciences.
“It’s also rewarding to know that One North East has been able to support Orla Protein’s investment in R&D and help them build relationships overseas with partners like Japan Radio to help bring this project to fruition.”
Picture left to right: Dale Athey (Orla Protein Technologies), Margaret Fay (chairman of One NorthEast), Masataka Tarahara (Consul General of Japan), Tatsuro Massamura (Japan Radio).
