MIP Diagnostics secures £7.3M investment following achievement of critical milestones
MIP Diagnostics, a UK nanotechnology business has secured an increased investment on its previous round of funding, totalling £7.3 million. The joint investment comes from Downing Ventures, Mercia Asset Management, Calculus Capital and BGF, along with an original angel investor.
Bedfordshire based MIP Diagnostics is the market leader in Molecularly Imprinted Polymer (MIP) technology. The business has developed and patented a novel design and development process to make nanoMIPs; nano-scale molecularly imprinted polymers that act as synthetic antibodies. They are ideally positioned for use in diagnostic devices such as biosensors and other next generation IVD tests. nanoMIPs offer significant differentiators over traditional antibodies, namely due to their extremely robust nature coupled with best-in-class sensitivity and selectivity. They are exceptionally stable in harsh conditions and fluctuating temperatures, enabling reliable, nextgeneration testing in various clinical settings and global environments.
Following the first tranche of investment in June 2020, MIP Diagnostics has completed its second tranche, which was oversubscribed by an impressive 112%. By rapidly achieving strategic milestones, developing its technology, securing commercial agreements with blue chip customers, and building excitement in the industry, the joint investment has now reached £7.3 million.
Stephane Argivier, CEO at MIP Diagnostics, said: “We are delighted that our investors have emphatically and unanimously backed our vision to become leaders in next generation affinity reagents following the achievement of the key milestones we set together 18 months ago. We will continue to bring highly talented and experienced people to the business at all levels to accelerate our growth. This will be delivered by completing the industrialisation of our technology in targeted applications and bringing exciting new products to market to address unmet needs with high performance customer-centric solutions, which in turn will drive market adoption.”
Jim Reid, Chairman at MIP Diagnostics said of the investment, “When all of a company’s major investors increase their positions in the company, in a round which was highly oversubscribed, you know you are doing something right. At MIP Diagnostics, we have not only delivered on our plans but developed a world-class team and a clear vision for the future. The business is taking the next steps to become the industry leader in novel affinity reagents which will transform the diagnostic industry.”
Will Brooks, Investment Director at Downing Ventures, remarked: “Downing is pleased to follow on our investment in MIP Diagnostics. We see the potential and scope for molecularly imprinted polymers in the testing and diagnostic industries only growing, and the technology at MIP is leading the field.”
About MiP Diagnostics:
MIP Diagnostics is a technology leader in the field of Molecularly Imprinted Polymers (MIPs). The business has developed a novel, proprietary design and development process to make nanoMIPs; nanostructured polymer particles typically containing a single binding site for the target of choice. NanoMIPs are opening the door to a more diverse range of commercial applications, namely as a viable alternative to antibodies within the IVD sector, offering high performance, robust characteristics and a reliable, ethical supply.
02 Mar 2022