An Oxford 51¹ú²úÊÓƵ spin-off that develops treatments for cancer has been shortlisted for a prestigious new award, writes Jessica Shepherd.

Avidex Ltd is one of six spin-offs among the nine finalists vying for the inaugural Martin and Audrey Wood Enterprise Award.

The award, named after the founders of Oxford Instruments plc, hopes to recognise innovation in Oxfordshire.

Avidex employs about 40 staff - of whom three quarters are scientists - to research treatments for cancer and arthritis.

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The winner of the award will be announced on November 9 and will receive Pounds ,000 in business, marketing and accountancy advice.

Other university spin-offs shortlisted for the prize include Oxonica plc, the first nanotechnology company to float on the London Stock Exchange; Siemens Molecular Imaging, which develops medical imaging software; and Oxitec Ltd, which develops technology to control insect-borne diseases.

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The award has been organised by Oxford Innovation, which provides business advice to start-up companies in Oxfordshire.