Magnitude Biosciences has closed a fourth round of investment to accelerate the scaling of its business providing C. elegans research services.
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, and Saker Capital.
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.
This new funding will enable Magnitude to expand its research facilities, invest in the automation of key processes and grow its scientific, sales and operational teams.
The investment follows the appointment of Dr Fozia Saleem as CEO of Magnitude Biosciences in October 2022. Dr Saleem commented: “The benefits of using C. elegans to screen compounds for their effects on ageing, age-related diseases, and for toxicity, is becoming recognised across a range of industries.”