Mercia is pleased to announce completion of a second tranche investment round of £4.3million into existing direct investment portfolio company, MIP Diagnostics Limited, a UK-based nanotechnology business.
As part of this round Mercia invested £1.1million from its own balance sheet, alongside existing syndicate investors including the Business Growth Fund, Downing Ventures and Calculus Capital. This funding round has increased Mercia’s fully diluted direct investment stake to 10.1%.
Based in Bedfordshire, MIP Diagnostics is a market leader in Molecularly Imprinted Polymer (“MIP”) technology. The business has developed and patented a novel design and development process to make nano-scale molecularly imprinted polymers (“nanoMIPs”), that act as synthetic antibodies for use in diagnostic devices, such as biosensors and other next-generation in vitro diagnostic tests. nanoMIPs offer significant differentiators over traditional antibodies due to their robust nature, coupled with best-in-class sensitivity and selectivity, as well as reduced cost of production.
Mark Payton, CEO of Mercia Asset Management, said: “As a founding investor in this University of Leicester spinout, Mercia remains a proactive supporter of MIP Diagnostics in its rapid growth journey. This latest oversubscribed funding round is testament to the exciting potential of its nanoMIPs platform technology, to drive the acceleration of discovery in Life Sciences and bring next-generation products to market faster and more cost-effectively. We look forward to continuing to work with MIP Diagnostics as they expand their talented team and move towards the industrialisation of their technology.”