Magnitude Biosciences Limited, a Durham University spin-out and specialist provider of C. elegans research services to the longevity, nutraceuticals, and pharmaceutical industries based in the North East of England, has been awarded a Future Economy Investor Partnerships grant of nearly £250,000 by Innovate UK.
The grant will be matched by an investment from the North East (ERDF) Innovation Fund Limited Partnership, supported by the European Regional Development Fund and managed by Northstar Ventures Limited. The North East (ERDF) Innovation Fund Limited Partnership is currently an investor in Magnitude Biosciences.
Magnitude Biosciences uses C. elegans, a nematode worm to identify compounds that could slow ageing or prevent age-related diseases. C. elegans has physiological similarities to humans and has been used by scientists investigating the mechanism of ageing for over 40 years. It has a very short lifespan so compounds can be assessed in just 7 days.
Magnitude Biosciences has already developed its own novel imaging technology to monitor the effects of compounds on C. elegans. This grant will enable further automation to be introduced to increase the number of compounds that can be screened. This will dramatically increase the chances that customers will find potentially effective compounds and ensure that Magnitude Biosciences remains competitive.
Magnitude Biosciences spun out of Durham University in 2018 with support from Northern Accelerator’s Executives into Business programme.
