North East biosciences firm receives £250k funding to grow facilities

A North East biosciences firm has announced that it has received £250k in funding to help grow its workforce and facilities.

Magnitude Biosciences, a specialist contract research organisation based in County Durham, received funding from the government’s Coronavirus Future Fund.

Current investors in Magnitude Biosciences, Saker Capital and North East Innovation Fund run by Northstar Ventures Capital, have matched the government funds, bringing the total to £250k.

The funds will be used to grow the company’s workforce and facilities at NETPark, a technology hub in Sedgefield.

David Weinkove, the chief executive of Magnitude Biosciences, commented: “Our automated methods allow us to run many experiments remotely.

“This investment allows us to work at full speed while staying COVID-safe in our new lab at NETPark, Sedgefield. We are really happy to employ new people at this difficult time for the local economy.’’

Sean Nicolson from Saker Capital said: “Since its formation Magnitude has expanded the range of services offered and now supports drug discovery in the anti-ageing and neurodegenerative disease fields as well as environmental toxicity testing.

“Magnitude’s technology provides rich insights into drug efficacy and mode of action.”

Alex Buchan from Northstar Ventures Capital added: ’’Magnitude has demonstrated high agility and resilience during the pandemic and has proven to be a fast growing business in trying times.

“Our investment will consolidate its position as a rising contract research services provider to the UK’s biotech sector.’’