Magnitude Biosciences Limited has closed a fourth round of investment to accelerate the scaling of its business. The Durham University spin-out specialises in providing C. elegans research services to the longevity, nutraceuticals and pharmaceutical industries.
The investment has been made in response to rapidly growing customer demand for Magnitude Biosciences’ services. The new funding will enable the company to expand its research facilities, invest in the automation of key processes and grow the scientific, sales and operational teams.
A total investment of £500,000 will be made by longstanding investors the North East (ERDF) Innovation Fund Limited Partnership, supported by the European Regional Development Fund and managed by Northstar Ventures Limited, and Saker Capital LLP. The company’s earlier loans totalling £250,000 from the Coronavirus Future Fund (UK FF Nominees Limited), Saker Capital and Northstar Ventures have also been converted as part of this investment round.
Magnitude Biosciences is poised to benefit from the growth and significant investment in anti-ageing and longevity companies and the growing recognition that C. elegans (a nematode worm) is an ideal organism in which to rapidly identify compounds that could extend life.
The testing services are very cost effective and the output from experiments can be provided in as little as two weeks, providing a wealth of experimental data that provide rich insights including not just a compound’s efficacy, but also its mode of action and potential toxicity.
The company’s co-founder and CSO, Dr David Weinkove, is internationally known for his expertise in this field and provides invaluable scientific input to customers wishing to screen their compounds.
The investment follows the appointment of Dr Fozia Saleem as CEO of Magnitude Biosciences in October 2022. She brings with her a wealth of management experience in the global life sciences sector in R&D, CRO and GTM environments.
Magnitude Biosciences’ Chair, Dr Sally Waterman, commented: ‘This further investment from Northstar Ventures and Saker Capital will enable us to increase our capacity to work with companies who are developing new therapies and health supplements which could help us have a longer and healthier life. The success of the company so far is a testament to the commitment and expertise of our team and would not have happened without the continued support of our investors’.
Northern Accelerator supported Magnitude Biosciences as it developed and spun out of Durham University, with the company accessing support from the executives into business programme.