Biosciences firm secures £1.3 million growth boost

A healthcare firm says it is primed to “enter the next stage of its evolution” after securing £1.3 million funding.

Magnitude Biosciences has been backed to expand its VivoScan screening platform.

Bosses say the seven-figure support will bolster the development of its technology, which supports pharma and biotech operators to identify new remedies for ageing, longevity and neurodegenerative diseases.

They add the cash will also create jobs, buy new equipment and expand commercial activity with global pharma companies.

The business, which is based at NETPark, in Sedgefield, County Durham, was backed in a funding round led by Northstar Ventures, with capital from the North East Spinout Inspire Fund, the North East Innovation Fund and the Northstar EIS Growth Fund.

Officials add the backing will allow Magnitude Biosciences – which last year secured more than £700,000 support – to access a £217,000 Innovate UK Investor Partnership grant. 

Dr Fozia Saleem, chief executive at Durham University spin-out Magnitude Biosciences, said: “Our ambition is to become the first company to provide a platform to screen millions of compounds in a whole organism. 

“This investment in VivoScan gives us the opportunity to turn that ambition into reality and fundamentally change the scale and speed at which drug discovery can be done.

“By making data generation faster and more cost effective, we will be able to help pharma and biotech companies identify better drug candidates earlier and accelerate the development of new treatments.”

Dr Will Cousins, investment manager at Newcastle and Sunderland-based Northstar Ventures, added: “The North East continues to generate world-class innovations with the potential to compete on the global stage. 

“Having worked closely with Magnitude Biosciences throughout its journey, we have seen first-hand the strength of the team, the technology and the opportunity ahead.

“We are proud to continue backing a business that is helping to shape the future of drug discovery.”

Maven’s managed regional funds including NPIF II-Maven Equity Finance – managed by Maven as part of the Northern Powerhouse Investment Fund II – the Finance Durham Fund, established by Durham County Council and overseen by Business Durham, also invested in the funding round, alongside new angel investors. 

Sarah Newbould, senior investment manager at British Business Bank, said: “We’re continuing to back the businesses that are driving innovation across the UK economy, with this new funding round helping to bring Magnitude Biosciences’ new technology to market.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.