Magnitude Biosciences has received �250k in funding to help grow its workforce and facilities.
The Durham University spin-out which recently moved into new premises at NETPark, has received funding from the government�s Coronavirus Future Fund. And current investors in Magnitude Biosciences, Saker Capital and North East Innovation Fund run by Northstar Ventures, have matched the government funds, bringing the total to �250k.
The funds will be used to grow the company�s workforce and facilities at NETPark.
David Weinkove, chief executive of Magnitude Biosciences, commented: �This investment allows us to work at full speed while staying COVID-safe in our new lab at NETPark, Sedgefield. We are really happy to employ new people at this difficult time for the local economy.��
Sean Nicolson from Saker Capital said: �Since its formation Magnitude has expanded the range of services offered and now supports drug discovery in the anti-ageing and neurodegenerative disease fields as well as environmental toxicity testing.
Alex Buchan from Northstar Ventures Capital added: “Magnitude has demonstrated high agility and resilience during the pandemic and has proven to be a fast growing business in trying times.
�Our investment will consolidate its position as a rising contract research services provider to the UK�s biotech sector.��
During it’s formation, Magnitude Biosciences benefitted from Northern Accelerator’s Executives into Business programme, bringing on board John O’Brien as Chief Operating Offier.
