MIP Diagnostics, an East Midlands, UK-based synthetic antibody company, secured £1.5m in Series A funding.
Backers included Mercia Fund Managers and a number of private investors including Andrew Fisher and David Evans.
The company intends to use the funds to expand its team, set up new production facilities in Colworth Park, Bedfordshire, double its current five-strong team with four additional laboratory staff and a business development manager, and develop its own products to sell under licence.
Led by CEO Dr Adrian Kinkaid, MIP Diagnostics is a life sciences company which develops ‘nanostructured molecularly imprinted polymers’ (nanoMIPs), which can be used to replace antibodies in a wide range of applications, from vaccines, medical research and diagnostics to oil and gas, food and environmental testing.
It is a spin-out from the University of Leicester.