Magnitude Biosciences, a specialist contract research organisation (CRO) in County Durham that offers in vivo discovery of treatments for age-related conditions and other diseases, has secured over £700,000 in combined funding to scale up its high-throughput screening platform.
The investment was led by Maven’s managed regional funds including NPIF II – Maven Equity Finance, which is managed by Maven as part of the Northern Powerhouse Investment Fund II, the Finance Durham Fund, established by Durham County Council and overseen by Business Durham, as well as continued support from existing investors Northstar Ventures. The investment was matched with grant funding from Innovate UK through the Investor Partnerships: Digital Technologies North East programme.
This funding will enable Magnitude Biosciences to enhance its proprietary WormGazer® technology, integrating robotics, machine learning, and liquid culture systems to create a novel HTS platform capable of screening thousands of compounds per week. By rapidly analysing whole-organism data with advanced machine-learning technology, this platform enables pharmaceutical, nutrition, and health supplement companies to quickly identify compounds that may support healthier agingaccelerating discovery, lowering costs, and reducing reliance on traditional animal models.
The expansion will create high-skilled jobs in robotics, software engineering, and biological sciences at the company’s base in NETPark (Sedgefield) strengthening the North East’s reputation as a growing hub for digital and life science innovation
We’re incredibly grateful for the support from Innovate UK, Maven and Northstar as we scale our HTS platform,” said Dr Fozia Saleem, CEO of Magnitude Biosciences. “This funding accelerates our mission to revolutionise drug discovery bringing life-changing therapies to patients faster, cutting costs and timelines, and transforming how we tackle the world’s toughest-to-treat diseases while reducing dependence on traditional animal models.”
“Magnitude Biosciences is building the kind of scalable, highimpact technology we look for at Maven. Their HTS platform addresses a real need in early drug discovery,” said Rebecca Minchella, Investment Manager at Maven Capital Partners. “Fozia is also an excellent role model for the region, through her work at Magnitude and commitment to supporting female entrepreneurs via the Lifted Project, and also her passion to help showcase the talent and expertise we have in the North East.”
“The North East is increasingly becoming an epicentre for innovation in the UK and Magnitude Biosciences is a good example of the technology-enabled businesses that NPIF II is able to champion.”, added Sarah Newbould, Senior Investment Manager at British Business Bank. “Empowering female leaders in the science and technology space is also crucial to enabling a more diverse and prosperous economy. We’re excited to see the impact the business will achieve, creating jobs in the region and furthering the important work they are committed to.”
“Magnitude Biosciences is a fantastic example of the type of innovative, high-growth business that Finance Durham was established to support,” said Kerry Walker, Business Growth Director at Business Durham: “We’re proud to back their continued development at NETPark, where they are not only scaling cutting-edge drug discovery technologies but also playing a vital role in the strength and vibrancy of the science park community.”
Magnitude’s HTS platform will allow companies to test large compound libraries at speed and scale, creating a step-change in the generation of preclinical in vivo data for the selection of compounds for discovering new therapeutic drugs. With initial pilot work already underway with top-10 pharma clients, the new funding will help Magnitude Biosciences scale delivery, grow its team, and expand its impact on drug development.
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