Magnitude Biosciences secures £1.3 million to scale drug discovery platform
NETPark-based Magnitude Biosciences has secured £1.3 million to accelerate the commercialisation of VivoScan™, its whole-organism drug screening platform.
The investment will help the Durham University spinout expand its work with pharmaceutical companies, increase automation and recruit new members of staff.
Supporting faster drug discovery
Magnitude Biosciences is a specialist contract research organisation that helps pharmaceutical and biotechnology companies identify promising treatments for ageing, longevity and neurodegenerative diseases.
Its VivoScan™ platform uses C. elegans, a microscopic nematode worm, to study how potential treatments affect an entire living organism. By combining this biological model with imaging, machine learning, artificial intelligence and automation, the company can generate detailed data in weeks rather than years.
This allows researchers to screen thousands of compounds rapidly and assess their efficacy, toxicity and mechanisms of action earlier in the drug development process. It also supports the pharmaceutical industry’s growing interest in non-mammalian research 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. By making data generation faster and more cost effective, we will be able to help pharmaceutical and biotechnology companies identify better drug candidates earlier and ultimately accelerate the development of new treatments.
Investment supports the company’s next stage of growth
The funding round was led by Northstar Ventures, with investment from the North East Spinout Inspire Fund, North East Innovation Fund and Northstar EIS Growth Fund.
Maven-managed funds also invested, including NPIF II – Maven Equity Finance and the Finance Durham Fund, established by Durham County Council and overseen by Business Durham. Further backing came from new angel investors.
The funding will be used to scale Magnitude Bioscience's VivoScanTM platform, expand commercial activity with global pharmaceutical companies, invest in additional equipment and automation, as well as recruit new staff as the business enters the next stage of its evolution. The investment will support Magnitude's ambition to become a leading provider of next-generation drug screening services, reinforcing the North East's growing reputation as a centre for life sciences innovation.
Cllr Joe Quinn, Durham County Council Cabinet member for planning, investment and assets, said:
“Magnitude Biosciences is a strong example of the ambitious, science-led businesses the Finance Durham Fund was established to support. This investment will help the company scale its technology, reach more customers and create skilled jobs in County Durham. We are particularly pleased to see that growth taking place at NETPark, where Magnitude Biosciences is part of a growing life sciences community and has access to the specialist space, facilities and connections it needs for its next stage of development.”
Growing a life sciences business at NETPark
Based at NETPark in Sedgefield, Magnitude Biosciences has completed more than 120 projects for organisations working across drug discovery, health and nutrition, and ageing biology.
The company’s progress demonstrates how university research, specialist facilities, investment and business support can come together in County Durham to help life sciences businesses commercialise new technologies and reach international markets.
Magnitude Biosciences is part of NETPark’s growing life sciences community, alongside companies working in biotechnology, pharmaceuticals, diagnostics, medical technology and preclinical research.
Find out more about Magnitude Biosciences and discover the laboratory, cleanroom and office space available at NETPark for life sciences businesses
