Magnitude Biosciences has received £250k in funding to help grow its workforce and facilities.

The Durham University spin-out which recently moved into new premises at NETPark, has received funding from the government’s Coronavirus Future Fund. And current investors in Magnitude Biosciences, Saker Capital and North East Innovation Fund run by Northstar Ventures, have matched the government funds, bringing the total to £250k.

The funds will be used to grow the company’s workforce and facilities at NETPark.

David Weinkove,  chief executive of Magnitude Biosciences, commented: “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.’’

Sean Nicolson from Saker Capital said: “Since its formation Magnitude has expanded the range of services offered and now supports drug discovery in the anti-ageing and neurodegenerative disease fields as well as environmental toxicity testing.

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.’’

During it’s formation, Magnitude Biosciences benefitted from Northern Accelerator’s Executives into Business programme, bringing on board John O’Brien as Chief Operating Offier.