MIP Diagnostics, a University of Leicester spin-out, said the investment will fund the expansion to its team, set up of new production facilities, and the development of internal products to sell under licence.

The group is developing ‘nanostructured molecularly imprinted polymers' (nanoMIPs), which it says can be used to replace antibodies in a wide range of applications.

"Our technology has proven to be highly effective in a range of applications and with diverse targets from small molecules to viruses," said chief executive Dr Adrian Kinkaid.

"This investment enables us to respond to the growing demand by increasing headcount and moving to new laboratories. I am particularly pleased that we can now start to develop our own high-performance MIPs to meet the needs of recognized high-value markets. These assets will be licensed to our partners in due course."

The Series A funding round was supported by Mercia Fund Managers and a stream of private investors, including Andrew Fisher and David Evans, the group noted.

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