A world-beating magnetic system that could help scientists develop new drugs has been unveiled by Oxford Instruments.

Researchers from all over the world are being invited to try out the £3m Nuclear Magnetic Resonance (NMR) spectrometer.

It is housed in a new laboratory that was opened at Eynsham by Oxford Instruments founder Sir Martin Wood and Prof Iain Campbell, from Oxford University's department of biochemistry.

Prof Campbell's lab hopes to be the first in the world to own one of the magnetic systems, built jointly with US company Varian. The Oxford scientists are eager to use it to search for new compounds to treat diseases and to analyse the structure of genes and proteins.

Dr Alan Street, Oxford Instruments Superconductivity's technical director, said: "Potential customers will benefit from early access to leading-edge NMR technology and will be able to assess the scientific benefits before committing to such a major purchase."

Oxford Instruments Superconductivity and Varian will use the laboratory to test new NMR theories and techniques. Oxford Instruments Superconductivity will be looking at ways to further develop the magnet and facility.

Dr Street said: "Being intimately involved in the operation of these systems will enable us to explore the performance limits of the magnet and to evaluate the ergonomics of our revolutionary design."

NMR is a valuable tool for biomolecular scientists, such as those working on the human genome project, collecting data on the structure, dynamics and function of proteins and other biological molecules.

Scientists have eagerly awaited the 900MHz spectrometer for its increased sensitivity. In August, a joint effort between Oxford Instruments and Varian resulted in the world's first NMR spectrometer to operate at a magnetic field of 900 MHz.

The two companies are looking to develop even more powerful tools in the future.

Rival company, multinational Bruker, has yet to announce a result.

Dr Street said: "Setting up the first 900MHz magnet in an applications facility represents a major investment by Oxford Instruments and Varian, in developing and marketing this exciting new product.