UK-based Redx Pharma has applied for a £5.9m grant from the UK Government to establish a cancer treatment research centre.

The project has received backing from Cancer Research UK and Royal Liverpool University Hospital.

The grant will help the company fund a two-year research project that hopes to pace the way for shareholders and investors to contribute £33.2m over five years.

Should the funding bid be successful, the new centre would be operational by 2012 and be equipped with the latest chemistry, biochemistry and testing resources.

Redx Pharma and hopes to conduct early-stage research into new drugs once the £39m centre is complete.

Liverpool Vision chief executive Max Steinberg told the BBC: “In addition to the pure economic and employment benefits, the project will help to ensure that a more effective supply of anti-cancer drugs will be brought to market much more quickly because of the drive and expertise of a UK-based company.”