Northstar Ventures back vital drug development research as part of a £700,000 plus funding boost into Magnitude Biosciences
Slowing down and mitigating the effects of the ageing process is an area of significant global investment. Northstar Ventures has continued the company’s commitment to backing essential life sciences and healthy ageing work by participating in a further round of investment into Durham-based contract research specialist, Magnitude Biosciences.
Maven Capital Partners led the round with £350,000 of investment alongside a further investment of £150,000 from Northstar from the North East Innovation Fund, supported by the European Regional Development Fund. The company has also received grant funding of over £200,000 from Innovate UK.
Magnitude Biosciences has gained a reputation as a reliable, reputable research partner, operating a fast, economic service. They provide customised drug and other compound screening and testing services. This is achieved using the C. elegans worm partnered with the company’s own patented imaging technology. Magnitude produce high-calibre, reproducible research, providing essential data for new drug therapy development. Across spheres as diverse as biotech, health, nutrition, pharma and academia, the company’s services support vital R&D research. They cover a broad range of sectors, from ageing and longevity to neurodegeneration, toxicity and microbiome to companies worldwide.
Alex Buchan, Investment Director, Northstar Ventures, says: “Magnitude provide a unique platform for analysis of efficacy of drug candidates across a spectrum of complex indications. The company is generating whole organism data at a price point compatible with high throughput screening. We are very pleased to continue to support them in their endeavours.”
Notes To Editors
Press contacts – Northstar Ventures Limited
Deborah Nixon Carr
Marketing / Investment Support
M: 07754 800 749
[email protected]
Emma O’Rourke
Finance Director
M: 07715 366 434
[email protected]
About Northstar Ventures
