The University of Leicester spinout will put the funding towards recruitment and moving its synthetic antibody operation into larger premises.

MIP Diagnostics, a UK-based synthetic antibody developer spinout from University of Leicester, has closed a £1.5m ($2m) series A round that included Mercia Fund Managers, a unit of investment firm Mercia Technologies. Assorted angel investors, including Andrew Fisher and David Evans, also backed the round. Founded in 2015, MIP is developing polymer-based alternatives to antibodies called nanostructured molecularly imprinted polymers (nanoMIPs) for medical purposes including vaccines, research and diagnostics, as well as in industries such as oil and gas, food or environmental testing. The polymers are intended to be easier to assemble and more cost-effective than natural antibodies, which can be fragile and prone to biodegradation. MIP has so far produced nanoMIPs for third-party clients, such as pharmaceutical and biotech companies, but it now plans to launch two of its own polymers to generate extra cash flow. The first will be used in blood tests to diagnose heart attacks, while the other will be used in bioprocessing. The money will allow MIP to relocate from offices at University of Leicester’s Fielding Johnson Building to a larger facility in Bedfordshire, England. MIP also plans to double its headcount to 10 by adding four laboratory staff and a business development manager. Mercia has backed MIP Diagnostics previously, having injected $390,000 in follow-on funding in June 2017. The VC unit, which had operated as Enterprise Ventures until Mercia acquired it, also invested $400,000 in 2016 and $280,000 in 2015. Adrian Kinkaid, chief executive of MIP Diagnostics, said: “Our technology has proven to be highly effective in a range of applications and with diverse targets from small molecules to viruses. “This investment enables us to respond to the growing demand by increasing headcount and moving to new laboratories.”

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