UMIP Premier Fund seals first deal

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MTI Partners has made its first investment from its UMIP Premier Fund, established to invest in University of Manchester spinout companies. The fund has invested £1m into medical diagnostics company Myconostica Ltd in the third close of a $10.8m funding round.

Myconostica previously received £1m funding from listed corporation Amphion Innovations in 2006 and a further £570,000 in 2007. The first private equity funding round was held in April 2008, raising $7.7m and included US-based Nexus Medical Partners and French Innoven Partenaires.

The funding will support the launch of Myconostica's first two products: A real-time molecular diagnostic, simultaneously testing for both Aspergillus and Pneumocystis; and a fungal DNA extraction system.

Myconostica Ltd is based in Manchester and specialises in rapid and specific tests for life-threatening fungal infections. The company was founded by David Denning, professor of Medicine and Medical Mycology and its first product will be launched in 2008. Dr David Holbrook, leader of MedTech at MTI, will join Myconostica's board. Jerel Whittingham is interim chief executive of the company. (Page 24).