Biosciences firm boosted by £700,000 backing

A healthcare firm says it will “accelerate its mission to revolutionise drug discovery” after securing more than £700,000 support.

Magnitude Biosciences has been backed to expand work on potential therapies for “tough-to-treat” diseases and age-related conditions.

Bosses say the funding will boost a technology platform capable of identifying compounds potentially able to support healthier ageing.

They add it will also create robotics, software engineering and biological science jobs at the firm, which operates from NETPark, in Sedgefield, County Durham.

The company was backed by Maven-managed regional funds including NPIF II - Maven Equity Finance and the Finance Durham Fund, and existing investor Northstar Ventures.

Further grant funding was provided by Innovate UK.

Dr Fozia Saleem, Magnitude Biosciences’ chief executive, said: “We’re incredibly grateful for the support.

“This funding accelerates our mission to bring life-changing therapies to patients faster, cutting costs and timelines, and transforming how we tackle the world’s toughest-to-treat diseases, while reducing dependence on traditional animal models.

Michael Dickens, Maven Capital Partners’ investment manager, said: “Magnitude Biosciences is building scalable, high-impact technology.

“We are delighted to support Fozia and her team on their exciting journey.”

Magnitude Biosciences’ funding tranche included backing from the Finance Durham Fund, which is led by Business Durham – the commercial arm of Durham County Council – and provides support from £150,000 to £2 million for early-stage and established firms.

Kerry Walker, Business Durham’s business growth director, said: “Magnitude Biosciences is a fantastic example of the type of innovative, high-growth business that the Finance Durham Fund was established to support.

“We’re proud to back their continued development at NETPark, where they are playing a vital role in the strength and vibrancy of the science park community.”

Alex Buchan, Northstar Ventures’ investment director, added: “We’re proud to continue supporting Magnitude Biosciences alongside Innovate UK as they bring their next-generation screening platform to market.

“The North East is fast becoming a hub for digital and life sciences innovation, and this project adds to that momentum.”

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