MIP Diagnostics launches synthetic antibody solution for high sensitivity COVID-19 rapid testing

BGF portfolio company, MIP Diagnostics Ltd. this week announced the launch of its COVID-19 nanoMIP for diagnostic sensors, a synthetic alternative to antibodies that offers ultra-high sensitivity for the next wave of COVID-19 antigen detecting devices.

UK businesses and organisations are working hard to tackle COVID-19, and MIP Diagnostics is no exception. The business has been able to ramp up its development pipeline and fast-track the production of a high sensitivity antibody alternative thanks to the work of its scientists and the backing of its investors.

The Bedfordshire-based nanotechnology business completed a £5.1m funding round in July 2020 to fast-track the roll-out of its proprietary technology. The co-investment came from Mercia Asset Management, a founding investor and the largest shareholder in the company and was led by BGF (£2m), Downing Ventures (£1.4m) and Calculus Capital.

The new solution launched this week, will enable sensor developers to offer high performance devices for care homes, schools, and hospitals in the continual fight against coronavirus.

Stephane Argivier, Managing Director at MIP Diagnostics Ltd. said of the launch: “We are extremely excited to introduce a solution that will drive improvements to COVID-19 rapid test sensitivity. As the industry has learned, it is extremely important that accurate testing results during the full lifecycle of the infection are achieved, and high sensitivity COVID-19 sensors will enable this.”

He added: “Since securing investment last year, MIP Diagnostics has fast-tracked several product developments, including its COVID-19 reagents. Through a laboratory expansion and significant growth in headcount, the business has successfully developed a solution to improving the sensitivity challenges of rapid COVID-19 tests. A new wave of high sensitivity sensors will support the country in its return to normality, and we are extremely excited about the COVID-19 projects we are currently involved in coming to fruition.”

The global market for antibodies and antibody alternatives is growing rapidly (value is c.£85bn) and has been accelerated by the current COVID19 pandemic, creating a sizeable demand for MIP Diagnostics to apply its innovative approach and depth of expertise within the IVD and life sciences industry.

Nathan Heath, investor at BGF, commented: “This is an exciting development in the rapidly scaling diagnostics industry. MIP Diagnostics is at the heart of global innovation in this field and we’re proud to be investing in a business that is working tirelessly to improve healthcare through innovation.”

The MIP Diagnostics Ltd. COVID-19 nanoMIP samples are now available for diagnostic sensor developers to test.

For more information, please visit https://www.mip-dx.com/