Richard Fuller, Conservative MP for North East Bedfordshire met with Sharnbrook based MIP Diagnostics
to discuss the business’ growth since receiving venture capital funding of £5.1 million during the first wave of the COVID-19 pandemic.
Despite the current logistical challenges of a nationwide lockdown, Richard Fuller ‘virtually’ met with the MIP Diagnostics team to discuss the recent VC funding that completed in July 2021, and the impact it’s had on the business over the past 9 months. MIP Diagnostics, based at Colworth Park in Sharnbrook, specialise in the development and manufacture of nanoscale molecularly imprinted polymers (MIPs), also described as ‘synthetic antibodies’. They are critical materials used in point-of-care diagnostic assays and sensors, such as those deployed for rapid diagnosis of COVID-19 as well as other medical conditions.
Stephane Argivier, CEO at MIP Diagnostics explained, ‘The £5.1M investment from Mercia, BGF, Downing and Calculus has enabled us to accelerate our technology development and invest in our facilities. Over the past 9 months we have expanded our labs and offices, and doubled our headcount. We are now working with multi-national blue-chip clients to enhance their diagnostic capabilities and bring next generation assays to market while also developing a COVID-19 nanoMIP to support the high demand for regular, rapid testing.’
Richard Fuller was keen to discuss the UK governments current and future initiatives to support businesses during the early growth phases, including regional investment and international trade programmes. Alan Thomson, CSO at MIP Diagnostics emphasised the importance of early stage funding, ‘Innovative ideas must be assessed on their individual merit and potential impact in their fields. Early stage funding enables new technologies to be quickly verified, and enables start-ups to map out the route to commercial success. Government support really is essential at this stage for many business in the UK.’
Following the session, Richard Fuller, Bedfordshire MP said, “I had a very informative meeting with the team at MIP Diagnostics at Colworth Park in Sharnbrook and learned about their impressive Molecularly Imprinted Polymers (MIPs) which, amongst other applications, are being used to assist with coronavirus rapid tests.” He added, “It is so encouraging to meet another highly entrepreneurial and leading edge business based in Bedfordshire making important contributions to the UK’s science and technology sector.”
With ambitious growth plans for the next 3-5 years, MIP Diagnostics looks set to flourish in 2021 and beyond.