BGF provides follow-on funding to MIP Diagnostics

MIP Diagnostics, a UK nanotechnology business has secured increased investment of its previous round of funding, totalling £7.3 million. The joint investment comes from a consortium of investors, including BGF, Mercia Asset Management, Calculus Capital and Downing Ventures along with an original angel investor.

Bedfordshire based MIP Diagnostics is the market leader in Molecularly Imprinted Polymer (MIP) technology. The business has developed and patented a novel design and development process to make nanoMIPs; nano-scale molecularly imprinted polymers that act as synthetic antibodies. They are ideally positioned for use in diagnostic devices such as biosensors and other next generation IVD tests.

nanoMIPs offer significant differentiators over traditional antibodies, namely due to their extremely robust nature coupled with best-in-class sensitivity and selectivity. They are exceptionally stable in harsh conditions and fluctuating temperatures, enabling reliable, next generation testing in various clinical settings and global environments.

Following the first tranche of investment in June 2020, MIP Diagnostics has now completed its second tranche, which was oversubscribed by an impressive 112%. By rapidly achieving strategic milestones, developing its technology, securing commercial agreements with blue chip customers, and building excitement in the industry, the joint investment has now reached £7.3 million.

Stephane Argivier, CEO at MIP Diagnostics said of the investment, “We are delighted that our investors have emphatically and unanimously backed our vision to become leaders in next generation affinity reagents following the achievement of the key milestones we set together 18 months ago. We will continue to bring highly talented and experienced people to the business at all levels to accelerate our growth. This will be delivered by completing the industrialisation of our technology in targeted applications and bringing exciting new products to market to address unmet needs with high performance customer-centric solutions, which in turn will drive market adoption.”

Jim Reid, Chairman at MIP Diagnostics said of the investment, “When all of a company’s major investors increase their positions in the company, in a round which was highly oversubscribed, you know you are doing something right. At MIP Diagnostics we have not only delivered on our plans but developed a world class team and a clear vision for the future which will see the business take the next steps to becoming the industry leader in novel affinity reagents which will tranform the diagnostic industry.”

Nathan Heath, investor at BGF said, “We are delighted to be providing additional funding to MIP Diagnostics.  The opportunity for nanoMIP technology within the affinity reagent landscape is immense and we are very excited by the milestones MIP Diagnostics is achieving to get this into market.”