8th Feb 2023 13:30
(Alliance News) - Mercia Asset Management PLC on Wednesday said portfolio company MIP Discovery Ltd has secured "significant" grant funding from the Bill & Melinda Gates Foundation for its work on its detection reagents.
Mercia Asset Management is a Warwickshire, England-based specialist asset manager. Its investee, MIP Discovery, is a Bedford, England-based nanotechology firm focused on molecularly imprinted polymers.
In addition to holding 20% via its managed funds, Mercia holds a fully diluted direct investment stake in MIP of 10%.
Mercia said the funding from the Bill & Melinda Gates foundation would be used to support MIP's detection reagents project, designed to enable low-cost, high-volume diagnostic tests for low and middle-income countries during endemic or pandemic outbreaks.
"We are excited by the continued progress being seen at MIP. Attracting funding from the Bill & Melinda Gates Foundation is testament to the significant potential of MIP's platform technology to solve critical diagnostic challenges and deliver solutions that meaningfully improve healthcare outcomes, in the parts of the world that most need help," said Mercia Chief Executive Officer Mark Payton.
Mercia shares were trading 1.5% lower at 32.00 pence each in London on Wednesday morning.
By Holly Beveridge; Alliance News reporter
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