A North East biotech company that spun out of Durham University has sealed a six-figure funding deal to ramp up its work.
Magnitude Biosciences Ltd, based at NETPark in Sedgefield, uses nematode worms as a faster and cheaper way to carry out early pre-clinical drug development and academic research. The company, which was founded in 2018 by biosciences expert Dr David Weinkove and physicist Dr Christopher Saunters, has now secured £500,000 to accelerate its research, which could slow ageing or treat age-related diseases.
It has secured a Future Economy Investor Partnerships grant of nearly £250,000 from Innovate UK, which 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.
