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Shoosmiths advises syndicate on investment into Bedfordshire nanotechnology business, MIP Diagnostics

The corporate team at UK law firm Shoosmiths has advised a syndicate of venture capital investors on a £5.1million investment into a nanotechnology company which plans to scale-up production of synthetic polymer alternatives to antibodies known as Molecularly Imprinted Polymers (MIPs).

The company’s nanoMIP format can withstand harsh chemicals, extremes of temperature and pH and, unlike real antibodies, is very stable and has a long shelf life without refrigeration. It is suitable for a range of applications including diagnostics, healthcare and bioprocessing, and the company is evaluating an innovative application for a COVID-19 diagnostic.

The transaction involved Shoosmiths advising institutional investors BGF and Downing Capital in respect of a new investment as well as advising Mercia Asset Management and Calculus Capital, existing institutional investors in the company, in respect of their further investment.

The Shoosmiths team included corporate partner Sanjeev Sharma, principal associate Michal Freeman-Shor and senior associate Adam Leszczynski and tax advice was given by tax partner Tom Wilde and principal associate Chris Moakes.

Shoosmiths’ Sanjeev Sharma, said: “It is encouraging to see that, despite the current economic uncertainties, we are seeing plenty of activity from venture capital investors. This transaction was important to the team as it meant acting for all four investors who are existing clients of the firm. We are delighted to have assisted them complete this exciting investment within the life sciences industry and hope that the investment will assist in allowing MIP Diagnostics reach their next phase of growth.”

Matt Pierce from Downing and James Syrotiuk from BGF commented: “The team at Shoosmiths have been second-to-none, acting quickly and diligently whilst balancing the requirements of all investors in this round. We are incredibly proud to be involved in such a cutting-edge company which looks set to scale-up its product in a market worth an estimated $85 billion and growing.”

Disclaimer

This information is for educational purposes only and does not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information given.

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