A BIOSCIENCES firm has secured thousands of pounds in funding to help grow its workforce and facilities.

Magnitude Biosciences, based at NetPark, in Sedgefield, has been awarded £250,000 from the Government’s Coronavirus Future Fund and investors.

The Covid-19 fund invests in companies to boost their activity during the pandemic.

Investors in Magnitude Biosciences, Saker Capital and North East Innovation Fund run by Northstar Ventures Capital, matched the Government's funds.

In total, £250,000 will be used to grow the company’s workforce and

facilities at NetPark.

Magnitude Biosciences chief executive David Weinkove said: “Our automated methods allow us to run many experiments remotely. This investment allows us to work at full speed while staying Covid-safe in our new lab at NETPark, Sedgefield.

“We are really happy to employ new people at this difficult time for the local economy.’’

Magnitude Biosciences is a Durham University spin-out founded in 2018 from the joint efforts of Dr David Weinkove and Dr Christopher Saunter.

The technology platform uses invertebrates (nematode worms)

as a time and cost-efficient alternative to mouse studies for early preclinical drug development and fundamental academic research.

The worms coupled with imaging technology offer research services in the fields of ageing and neurodegenerative diseases like Alzheimer’s.

They also facilitates research into how gut bacteria affects health.

Magnitude Bioscience’s services can speed up drug discovery for pharmacy and biotech companies.

Dr Tim Hammond, director of commercialisation and economic Development at Durham University, and project lead for Northern Accelerator, said: “We’ve supported Magnitude Biosciences from a seed of an idea in an innovative academic’s mind, through to the formation of a promising company and their recent move to a new base at NETPark.

“It’s fantastic to hear they have secured government funding to grow their workforce and capabilities during a challenging time when many labs are running at reduced capacity."

Alex Buchan from Northstar Ventures Capital added: “Magnitude has

demonstrated high agility and resilience during the pandemic and has proven to be a fast growing business in trying times. Our investment will consolidate its position as a rising contract research services provider to the UK’s biotech sector.’’

Fore more information visit magnitudebiosciences.com