MediCity Scotland incubator secures first tenant

Medical image analysis company OracleBio has become the first tenant to move into MediCity Scotland, the technology incubator on the BioCity Scotland campus in Lanarkshire.

The firm, founded in 2010 by former Merck employees Lorcan Sherry and John Waller, employs eight staff and is making the short move to its new home from its current base at BioCity.

BioCity received more than £1 million from the Glasgow and Clyde Valley City Deal, with funding from the UK Department of Business Innovation & Skills, to set up MediCity, with additional funding from North Lanarkshire Council and Scottish Enterprise.

MediCity will bring together entrepreneurs, clinicians and investors and is expected to help nurture more than 50 new healthcare businesses over the next five years, creating some 350 jobs as a result.

Sherry, OracleBio’s chief scientific officer, said: “We have experienced a significant upturn in the demand for our histopathology image analysis services from the pharmaceutical industry over the last two years, especially in the field of oncology clinical trials. We attribute this success to the combination of our expert image analysis capabilities and our pharmaceutical research background, which has resulted in increased and repeat business from our clients.

“Consequently, OracleBio has experienced substantial growth and we now require more office space to accommodate our current and future expansion. We chose MediCity not just for the excellent facilities present there but also to allow OracleBio the opportunity to work alongside and collaborate with other Scottish medical companies in what will be a highly innovative and scientifically-focused environment.”

Diane Harbison, managing director at BioCity Scotland, said: “I’m delighted that Medicity’s first tenant company is one I already know very well, as they’ve been with us at BioCity Scotland since just after we opened in 2012. I hope that many more exciting companies will follow their lead.”

She added: “MediCity Scotland will also have the advantage of being included in Scotland’s fifth enterprise area, a status which was announced recently by the Scottish Government. Having enterprise area Status means that businesses based at MediCity Scotland will be able to take advantage of business rates relief, faster planning applications, skills support and assistance in accessing international markets.”