Magnitude Biosciences secures £250k from the Future Fund and existing backers to expand facilities and workforce.
The seed follow-on round was led by the Government Future Fund with matching contributions from Saker Capital and North East Innovation Fund.
Magnitude Biosciences is a contract research organisation based in County Durham that uses nematode worms to accelerate preclinical drug discovery. The company spun out from Durham University to provide specialised research services in ageing and neurodegenerative diseases.
Magnitude Biosciences has secured £250k in seed follow-on funding backed by the UK government Future Fund alongside existing investors Saker Capital and North East Innovation Fund managed by Northstar Ventures. The company will use the capital to expand its workforce and upgrade its facilities at the NETPark technology hub in Sedgefield.
The business employs automated methods using nematode worms to conduct remote experiments, allowing research to continue safely during pandemic restrictions. The injection of capital helps the contract research provider maintain full operational speed while supporting the local economy through new hires.
Investor perspective
"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."
Alex Buchan
Northstar Ventures
Use of funds
- 01Grow the team
- 02Build out infrastructure
Investors
Categories
About the company
Magnitude Biosciences
Magnitude Biosciences provides nematode worm testing services to accelerate preclinical drug discovery for biotech firms.