MIP Diagnostics has received additional cash from Mercia Fund Management, which has backed the Leicester spinout since 2015.

MIP Diagnostics, a UK-based polymer antibodies developer based on University of Leicester research, received £300,000 ($390,000) of follow-on funding from enterprise investment scheme Mercia Fund Management on Wednesday.

Founded in 2015, the spinout produces molecular imprinted polymers (MIPs) used in the diagnostic, pharmaceutical, biotechnology and chemical research sectors. MIPs are able to mimic biological antibodies but are more stable and non-biodegradable.

MIPs are also more cost-effective, can be made in days rather than months and have a longer shelf-life.

The money will be used for working growth capital.

The spinout has also appointed Jim Reid as its chairman. He previously held positions at companies such as pharmaceutical firm Organon and was chairman of molecular diagnostic products manufacturer Lumora, a spinout of Cambridge University sold to healthcare company Roche in 2015.

Mercia first invested in MIP Diagnostics in 2015, supplying £182,000. The fund returned in July 2016 to invest a further £300,000.

Sharon Spencer, director of commercialisation at University of Leicester, said: “The university is delighted by the progress of MIP Diagnostics as it continues to build on the research of professor Sergey Piletsky and colleagues here in Leicester.

“We are grateful for Mercia’s support of the company and are confident that Jim’s involvement will accelerate MIP Diagnostics’ growth in its chosen markets.”