The University of Portsmouth has received a financial contribution of £2620,000 from globally important research into anti-cancer medication, which was established at the University.
Spirogen Ltd, a spin-out drugs company co-founded in 2000 by Professor David Thurston, a former pharmacist at the University, was sold to AstraZeneca for $200m in 2013. The University agreed to sell its share in the company and as part of the deal, the University would receive payments when various stages of successful clinical trials took place.
Recent developments have seen successful clinical trials for the treatment of ovarian cancer and leukaemia, which have triggered the payment.
In supporting areas of current and emerging excellence in research, we can build on our ability to commercialise our research activities and increase the contribution to income that comes from research and commercial activities.
This is the second payment that the University has received, along with an initial lump sum. The money will be reinvested back into the University to support further impactful research and innovation activities.
The payment is a recognition of University's ability to successfully translate globally impactful research through to commercial success and societal impact. This results in the University being able to reinvest its profits into creating and supporting an environment that delivers more research and education in the field of health.
It is a great example of our excellent research and innovation environment where creativity, innovation and success are encouraged and celebrated. With a focus on globally important research as one of the University's four strategic imperatives, the ability to commercialise knowledge and develop collaborations will build our international impact and reputation.
This funding can be an incentive to show how to extend knowledge and impact in interdisciplinary research, innovation and education, which address global challenges and bring recognised benefits to society and enhance our civic role.
Professor Graham Galbraith, Vice-Chancellor of the University of Portsmouth, said: "In supporting areas of current and emerging excellence in research, we can build on our ability to commercialise our research activities and increase the contribution to income that comes from research and commercial activities.
"By investing in research, we can also embed research and innovation expertise within undergraduate and taught postgraduate curriculums wherever appropriate, and develop channels for student input into research and innovation activities and culture. It will also allow us to enhance our postgraduate research culture and grow our supervision capacity to support increased numbers of postgraduate researchers."
Sarah Duckering, Director of Research and Innovation Services at the University of Portsmouth, said: "We actively encourage enterprise and innovation throughout our research activities. This funding can be an incentive to show how to extend knowledge and impact in interdisciplinary research, innovation and education, which address global challenges and bring recognised benefits to society and enhance our civic role."
