Magnitude Biosciences has raised £1.3m to scale its drug discovery platform and expand its existing work with pharmaceutical companies.
The life sciences company, which was initially spun out from Durham University, has developed VivoScan™, a screening platform that uses tiny, transparent free-living roundworms called C. elegans nematode worms to test drug candidates in a whole organism.
Magnitude uses the worms, that measure 1mm in length, in conjunction with imaging, machine learning, AI, automation and robotics to generate biological data on treatments.
The company said the technology allows pharmaceutical and biotechnology companies to screen drug candidates quicker and cheaper than conventional approaches. The initial focus is on ageing, longevity and neurodegenerative diseases.
The £1.3m funding round was led by Northstar Ventures, with investing through the North East Spinout Inspire Fund, North East Innovation Fund and Northstar EIS Growth Fund. Maven-managed regional funds also participated, including NPIF II – Maven Equity Finance and the Finance Durham Fund, alongside new angel investors.
The investment allows Magnitude to access a £217,000 grant from Innovate UK Investor Partnership.
Magnitude will use the capital to expand VivoScan™ and increase its commercial activity with global pharmaceutical companies, as well as recruiting additional staff and investing in equipment. The ultimate goal is for VivoScan™ to be capable of screening millions of compounds using its whole-organism models.
Dr Fozia Saleem, CEO of 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.
“We are building a platform that can move beyond simply screening more compounds. VivoScan™ generates rich, whole-organism biological data that can help researchers understand how potential therapies affect health, ageing and disease.”
Dr Will Cousins, investment manager at Northstar Ventures, said: “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.”
Sarah Newbould, senior investment manager at the British Business Bank, added: “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.”
