Leicester spin-out continues to grow
MIP Diagnostics Ltd, a Midlands-based life sciences start-up that develops 'plastic antibodies' for a variety of applications has received £300,000 of follow-on funding from Mercia Fund Management for working capital growth.
Mercia first invested in MIP Diagnostics, a spin-out from our University, in March 2015 and since then it has continued to grow and has secured significant blue-chip partnership deals.
MIP Diagnostic’s technology provides Molecular Imprinted Polymers (MIPs) to the diagnostic, pharmaceutical, biotechnology and chemical research industries. MIPs mimic biological antibodies, but as they are not biologically derived, they are non-biodegradable and are more stable. They are also more cost effective, quicker to manufacture and more robust, offering a much longer shelf-life.
To further support its plans for expansion, MIP Diagnostics has appointed Jim Reid as chair to provide valuable commercial expertise. Jim has extensive experience in the diagnostics marketplace and is world-renowned in the life sciences sector. He was the winner of the Ernst & Young Entrepreneur of the Year for Science and Technology for both Scotland and the UK in 2005, and he has previously worked for blue-chip organisations including Organon, Roche and Trinity Biotech.
Dr Sharon Spencer, Director of Commercialisation at our University, 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.”