Durham University spin-out Magnitude Biosciences has secured £700,000 in funding to advance its innovative high-throughput screening platform designed to accelerate drug discovery for age-related conditions and other challenging diseases. The investment combines venture capital from multiple regional funds with government grant support, positioning the North East biotech firm to expand its cutting-edge WormGazer technology.
Breakthrough Technology Platform
The company's WormGazer platform represents a significant advancement in drug discovery methodology, utilizing integrated robotics, machine learning, and liquid culture systems to screen thousands of compounds per week. This high-throughput approach enables pharmaceutical, nutrition, and health supplement companies to identify compounds that could support healthier aging more efficiently than traditional methods.
The technology employs advanced machine-learning algorithms to analyze screening data, providing what the company describes as a "step-change" in therapeutic drug discovery capabilities. Several "top 10" pharmaceutical clients are already utilizing Magnitude's platform in initial pilot programs, demonstrating early commercial validation of the technology.
Investment Structure and Growth Plans
Investment was led by Maven and its managed regional funds, including NPIF II - Maven Equity Finance, which operates as part of the Northern Powerhouse Investment Fund II. Additional backing came from the Finance Durham Fund, established by Durham County Council and overseen by Business Durham, along with continued support from existing investor Northstar Ventures.
The investment package was enhanced with matched grant funding from Innovate UK through the Investor Partnerships: Digital Technologies North East programme, reflecting government recognition of the technology's potential impact on the pharmaceutical industry.
Job Creation and Regional Impact
Magnitude plans to use the funding to create highly skilled positions in robotics, software engineering, and biological sciences at its NETPark facility in County Durham. The expansion supports the North East's growing reputation as a hub for life sciences and digital innovation.
Dr. Fozia Saleem, CEO of Magnitude Biosciences, emphasized the funding's significance for the company's mission: "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."
Industry Recognition and Future Outlook
Michael Dickens, investment manager at Maven Capital Partners, highlighted the scalable nature of Magnitude's technology: "Magnitude Biosciences is building the kind of scalable, high-impact technology we look for at Maven, their HTS platform addresses a real need in early drug discovery."
The investment reflects broader trends in pharmaceutical R&D, where companies are increasingly seeking more efficient and cost-effective methods for compound screening and drug development. By reducing reliance on traditional animal models while accelerating the identification of promising therapeutic compounds, Magnitude's platform addresses key industry challenges around speed, cost, and ethical considerations in drug discovery.
Sarah Newbould, senior investment manager at British Business Bank, noted the strategic importance of the investment: "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."
