Nanotechnology business, MIP Diagnostics, has completed a £5.1m funding round to accelerate its global expansion.
Calculus VCT is an existing investor, and is delighted to support the company with further funding in the round led by Downing Ventures, with BGF and Mercia also taking part.
Bedfordshire-based MIP Diagnostics has developed a proprietary process for the manufacture of synthetic polymer alternatives to antibodies, known as Molecularly Imprinted Polymers (MIPs) and nanoMIPs. The company develops and manufactures synthetic affinity reagents – small molecules that are designed to bind to specific target molecules for detection, purification or extraction purposes.
The robust nature of the MIPs allows for a range of applications including point-of-care diagnostics, clinical and non-clinical in-vitro diagnostics (IVD), healthcare and bioprocessing. MIPs are also well suited to enhance sensor detection in a wide range of applications. Given their synthetic nature, MIPs can withstand harsh chemical environments such as extremes of pH, seawater, or high concentrations of organic solvents. In addition, MIPs are temperature resistant and have a very long shelf life at room temperature, making them ideal when the cold chain cannot be guaranteed.
The global market for antibodies and antibody alternatives is growing rapidly (value is c.£85bn) and has been accelerated by the current COVID19 pandemic, creating a sizeable demand for MIP Diagnostics to apply its innovative approach and depth of expertise within the IVD and life sciences industry.
MIP Diagnostics was originally founded in 2015 as a spin out from the University of Leicester Chemistry Department to commercialise the ground-breaking advancements in nanoMIP technology from Prof. Piletsky’s research team. Since then, the company has experienced rapid growth, having now also secured a number of development contracts to licence the company’s technology for commercial use. The fundraise will support the business as it continues to build its in-house R&D team as well as invest in commercial resource and scaling-up of manufacturing capacity.