North East biotech firm Magnitude Biosciences has secured £700,000 funding through a number of investors and grant money.
The Durham University spin-out which specialises in in vivo drug discovery - within living organisms - has raised the funds for development of its high-throughput screening (HTS) platform which is being used to find treatments for age-related conditions and other diseases.
Investment was led by Maven and its managed regional funds including NPIF II - Maven Equity Finance, which is managed by Maven as part of the Northern Powerhouse Investment Fund II; the Finance Durham Fund, set up by Durham County Council and overseen by Business Durham, and support from existing investor Northstar Ventures.
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The investment was also matched with grant funding from Innovate 海角视频 through the Investor Partnerships: Digital Technologies North East programme. Magnitude plans to develop its WormGazer technology using the investment and says it will now create a number of highly skilled jobs in robotics, software engineering, and biological sciences at its NETPark, County Durham base.
The technology uses integrated robotics, machine learning and liquid culture systems to make a platform that is capable of screen thousands of compounds per week. It uses advanced machine-learning technology to analyse data which pharmaceutical, nutrition and health supplement companies can use to identify compounds that can help healthier aging.
A number of "top 10" pharmaceutical clients are already using Magnitude's platform in an initial pilot with it said to provide a "step-change" in the work to discover new therapeutic drugs.
Dr Fozia Saleem, CEO of Magnitude Biosciences, said: "We’re incredibly grateful for the support from Innovate 海角视频, Maven and Northstar as we scale our HTS platform. This funding accelerates our mission to revolutionise drug discovery bringing 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, investment manager at Maven Capital Partners, said: "Magnitude Biosciences is building the kind of scalable, high-impact technology we look for at Maven, their HTS platform addresses a real need in early drug discovery. Fozia is also an excellent role model for the region, through her work at Magnitude and as the vice chair of the Lifted Project Newcastle Board, where she is helping drive greater investment into female led businesses. We are delighted to support Fozia and her team on their exciting journey."
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Sarah Newbould, senior investment manager at British Business Bank, said: "The North East is increasingly becoming an epicentre for innovation in the 海角视频 and Magnitude Biosciences is a good example of the technology-enabled businesses that NPIF II is able to champion. Empowering female leaders in the science and technology space is also crucial to enabling a more diverse and prosperous economy. We’re excited to see the impact the business will achieve, creating jobs in the region and furthering the important work they are committed to."
Kerry Walker, business growth director at Business Durham, said: "Magnitude Biosciences is a fantastic example of the type of innovative, high-growth business that Finance Durham was established to support. We’re proud to back their continued development at NETPark, where they are not only scaling cutting-edge drug discovery technologies but also playing a vital role in the strength and vibrancy of the science park community."