Magnitude Biosciences Secures £1.3m to Speed Up Drug Discovery
The Sedgefield-based Durham spinout uses tiny worms, AI and automated imaging to help pharma companies test treatments for ageing and neurodegenerative disease.
- Northstar Ventures led the £1.3m round, with Maven-managed funds and angel investors.
- The investment is expected to unlock a further £217k Innovate UK grant.
- The money will fund new equipment, hiring and commercial expansion.
Sedgefield-based Magnitude Biosciences has secured a £1.3m investment to accelerate the commercialisation of its drug discovery platform, VivoScan.
Northstar Ventures led the round, with Maven-managed funds and angel investors also taking part. The investment is expected to unlock a further £217k grant from Innovate UK.
How VivoScan works
The Durham University spinout uses tiny nematode worms, combined with AI, advanced imaging and automation, to help pharmaceutical companies identify promising treatments for ageing and diseases such as Alzheimer’s more quickly and cheaply.
What the money is for
The funding will pay for new equipment, recruitment and commercial expansion. The business is led by chief executive Dr Fozia Saleem and chief technology officer Dr Chris Saunter.
