Mercia Fund Management provides $400,000 in follow-on funding to Leicester University spinout MIP Diagnostics as it completes set milestones and sets up its sales pipeline.
MIP Diagnostics, a Leicester University spinout creation plastic antibodies, has raised £300,000 ($400,000) in follow-on funding from Mercia Fund Management.
Mercia Fund Management is wholly owned by technology investor Mercia Technology. While Mercia Technology focuses on later stage investments, Mercia Fund Management focuses on early-stage investments.
MIP, established in 2015, provides an alternative to traditional antibodies that are created from polymers and used in drug-discovery and point-of-care diagnostics. These traditional antibodies can be unreliable due to their fragility and how they biodegrade.
MIP’s plastic antibodies do not biodegrade and can be made faster than the traditional alternative.
The follow-on funding is a result of the company completing key milestones and the creation of an initial sales pipeline.
The funding will be used by MIP to raise awareness of its product and push its fee-for-service business strategy.
Adrian Kinkaid, chief executive of MIP Diagnostics, said: “We are pleased to receive further investment from Mercia which, alongside the Technology Transfer Team at the Leicester University, has been a great support as we expand operations and secure initial customers.”
Nicola Broughton, head of technology transfer at Mercia, said: “There is significant value to be unlocked from replacement antibody products in a variety of markets and the company has the ability to build a range of proprietary products that it can sell and then licence to bring in higher revenues and, ultimately, a larger exit value.”
