A Durham University spinout has secured £1.3 million to expand a drug-discovery platform that uses microscopic worms to help identify potential treatments for ageing, longevity and neurodegenerative diseases.
Magnitude Biosciences, based in Sedgefield, said the investment will support the growth of its VivoScan™ platform, increased work with pharmaceutical and biotechnology companies, new equipment and automation, and staff recruitment.
How the Sedgefield company’s technology works
Magnitude is a contract research organisation using nematode worms, known as C. elegans, to test drug compounds in a living organism. Its VivoScan™ system combines the worms with advanced imaging, machine learning, artificial intelligence and automation.
The company says the approach can test thousands of compounds and produce information about how treatments affect health and disease in weeks rather than years. Its work focuses on ageing, longevity and neurodegenerative diseases, while its wider client base includes organisations working in drug discovery, health and nutrition, and ageing biology.
The latest funding round was led by Northstar Ventures. Other investors were the North East Spinout Inspire Fund, the North East Innovation Fund and the Northstar EIS Growth Fund. Maven Capital Partners’ NPIF II Fund and Finance Durham Fund also took part, alongside angel investors.
Investment to support expansion
The funding is intended to increase the scale of the VivoScan™ platform and enable Magnitude to invest in laboratory equipment and automation. It will also support the company’s commercial expansion with pharmaceutical companies and the recruitment of additional staff.
Magnitude expects to access a further £217,000 through an Innovate UK Investor Partnership grant. Together, the investment and grant support are aimed at helping the company develop its platform and grow its services for drug-discovery clients.
Dr Fozia Saleem, Magnitude Biosciences’ chief executive, said the company wants to screen millions of compounds in a whole organism using worms. She said the platform’s potential was not limited to testing more compounds, because it could also generate biological information showing how possible therapies affect health, ageing and disease.
Durham research behind the spinout
The company’s development is being presented by Durham University as an example of research being turned into commercial impact through industry collaboration and spinout creation.
Magnitude says it has delivered more than 140 projects across 15 countries. It aims to become a leading provider of next-generation drug-screening services, helping researchers identify stronger drug candidates earlier and speed up the search for new treatments.
The investment also adds to the North East’s profile as a centre for life-sciences innovation. Magnitude’s work links Durham University research with a Sedgefield-based business seeking to expand its technology and relationships with pharmaceutical and biotechnology companies.