Oxford University has signed an agreement with two companies that will see up to £1.5 million invested into healthcare research.
In the memorandum of understanding signed in London on Wednesday evening, China Construction Bank International (CCBI) agreed to provide £1.5 million to create a new technology centre in a partnership between the University's Institute of Biomedical Engineering and biotechnology firm China Regenerative Medicine International.
The CCBI-CRMI Technology Centre will be part of Oxford's Institute of Biomedical Engineering and will focus on regenerative medicine, taking cutting edge research and developing it into effective treatments for use in clinics and hospitals.
Professor Andrew Hamilton, Vice Chancellor of the University of Oxford, said: 'This agreement will build on the existing partnership between CRMI and the University, helping to accelerate research in this developing area of medical science.
'It also reinforces the strength of Oxford’s ties in China. Partnerships such as this one support the international interchange of ideas, enhancing humanity’s knowledge, developing our technology and improving lives worldwide.'
Mr Zhanghong Hu, President of China Construction Bank International, said: 'CCBI’s participation can catalyse the collaborations between research and development institutions and industry in the biomedical field in China, and accelerate the translation and industrialisation of leading research achievements. We value the technological strength and successful experience in regenerative medicine in CRMI and their established link with the University of Oxford. With the financial strength of CCBI, we expect this new platform will bring many important scientific advances to clinical applications and benefit to human society.'
Mr. Zhengkang Shao, Chief Executive of CRMI, said: 'The cooperation with the University of Oxford not only constructs an international research and development network for China Regenerative Medicine International Limited, but also provides training opportunities to scientific researchers in China. Meanwhile, the cooperation is a bridge for scientific exchanges between China and the UK, becoming a new momentum for the development in the course of human life health.'
Professor Zhanfeng Cui, FREng, the Director of the Centre, said: 'The UK has always occupied a leading position in the field of stem cell research. We are always keen to translate the leading scientific research into clinical applications. The cooperation among China Regenerative Medicine International, China Construction Bank International and the University of Oxford provides a good opportunity to combine the leading position in research and development of the University of Oxford, the industrialisation and commercialisation platforms of CRMI, and the financial strength of CCBI. The outcome will benefit both the UK and China.'