Victoria University wins PM's top Science Award

Scientists who have turned world-leading research into a multi-million dollar technology company have won the top award at the Prime Minister's Science Prizes, New Zealand's most prestigious and valuable science awards.

Prime Minister John Key today announced the prizes, which have total prize money of $1 million, at the Royal New Zealand Yacht Squadron Clubrooms in Auckland.

The top award, the Prime Minister's Science Prize, went to the Magnetic Resonance Innovation team of Victoria University of Wellington and spin-off company Magritek.

Magnetic resonance uses radio waves and magnetic fields to find out information about molecules.  Discoveries by the team are widely used in medicine and science, and have applications in agriculture and industry.

Magritek are selling products based on magnetic resonance around the world, with the company rapidly growing and generating millions in export revenues.

"The Magnetic Resonance team is led by one of New Zealand's best scientists, Professor Sir Paul Callaghan, and is an excellent example of superb science being successfully commercialised," says Mr Key.

"New Zealand needs more export-oriented, high-value product companies like Magritek, whose work delivers economic and social benefits to the country."

Other prizes were awarded to a top science teacher, a student starting out in science, an emerging scientist and a science communicator.

"These prizes recognise and reward them, and also publicly highlight the importance of science to this country," says Mr Key.

For more information go to www.pmscienceprizes.org.nz