Belfast-based Exploristics is targeting £1 million worth of export sales by 2015 with a new drug development software product.
Exploristics, which offers a statistical analysis and reporting service to pharmaceutical and healthcare firms across the UK, US and Europe, is investing over £180,000 with support from Invest Northern Ireland, towards the product development.
The new software product will act as a virtual simulation tool for clinical research trials, enabling all processes to be tested and refined in advance before research is undertaken. It will reduce the cost and duration of clinical trials and also the time taken to bring new drugs to market.
The company has appointed two new statisticians to help undertake its research project. Invest NI offered Exploristics over £63,000 of support, part funded by the European Regional Development Fund (ERDF).
Carol Keery, Invest NI Director of Innovation, Research and Technology, said: “Exploristics has identified a niche opening in the global pharmaceutical industry, and this research and development project will be central to the company’s growth in export markets.
“The innovative software Exploristics is aiming to create will significantly enhance its market position and enable the business to exploit the lucrative commercial opportunities available.”
Dr Aiden Flynn, Managing Director of Exploristics, said: “With this R&D investment, we intend to create a new clinical diagnostic tool that no other company worldwide is currently able to offer. Support from Invest NI will play a central role in the completion of this project, which has the potential to give us a distinct competitive advantage and make Exploristics the world leader in analytical methods for personalised medicines.”