Magnitude Biosciences Secures €1.5 Million in Funding
Magnitude Biosciences, a Durham-based contract research organization, has successfully raised €1.5 million in a recent funding round. The company specializes in providing C. elegans-based research services, focusing on areas such as ageing, neurodegeneration, and metabolic health. This funding round was led by Northstar Ventures, with additional participation from Maven’s regional funds.
Investment Details
The funding round, which took place on September 15, 2026, is set to bolster the company's efforts in scaling its AI-powered drug discovery platform, VivoScan. This technology aims to expedite the process of testing potential treatments in living organisms, thereby enhancing the efficiency of drug development.
Use of Funds
According to Dr. Fozia Saleem, CEO of Magnitude Biosciences, the investment will primarily be directed towards expanding the capabilities of VivoScan. "Our ambition is to become the first company to provide a platform to screen millions of compounds in a whole organism," she stated. This strategic move is expected to significantly increase the speed and scale of drug discovery processes.
Future Prospects
With this new influx of capital, Magnitude Biosciences is poised to bring its innovative platform to a broader market, potentially transforming the landscape of drug development. The funding also unlocked an additional €253,000 grant from Innovate UK, further supporting the company's growth initiatives.