Magnitude Biosciences raises £1.3M to scale in-vivo drug screening
What's the deal? Magnitude BiosciencesDealroom has a profile for this one. Try Dealroom →, a contract research organisation (CRO) and Durham University spinout, has raised £1.3 million in an early-stage round led by Northstar VenturesDealroom has a profile for this one. Try Dealroom →. The money will fund the commercialisation of VivoScan, its in vivo high-throughput screening platform.
What does it do? Magnitude's technology supports pharma and biotech companies as they identify new drug candidates. The company describes itself as a specialist CRO built around VivoScan, its proprietary screening system.
Who's backing it? Northstar Ventures led the round through three vehicles: the North East Spinout Inspire Fund, the North East Innovation FundDealroom has a profile for this one. Try Dealroom →, and the Northstar EIS Growth Fund. Maven Capital PartnersDealroom has a profile for this one. Try Dealroom →' managed regional funds — including NPIF II - Maven Equity Finance — and the Finance Durham FundDealroom has a profile for this one. Try Dealroom → also invested, alongside new angel investors. The funding also gives Magnitude access to a £217,000 Innovate UK Investor Partnership grant.
Why now? Bosses say the seven-figure backing will let the company "enter the next stage of its evolution," bolstering development of a platform that helps operators screen drug candidates faster.
The signal: At £1.3 million, the round sits in the lower band of early-stage venture financing — a modest raise typical of university spinouts converting research into commercial CRO services. For Magnitude, it is a step toward turning academic work at Durham into a repeatable revenue model.
Read more: Magnitude Biosciences · ground.news
Image credit: Magnitude Biosciences
