Innovation community news – October
Published on 24 October 2024
Image: ©Oxitec Limited. All Rights Reserved.
News and announcements from Milton Park based companies:
- Oxitec project wins Gates Foundation investment
- TreQ secure £3.8 million in funding
- Arctoris in partnership with Isomorphic Labs
- Physiomics’ record year for new contracts
- Tokamak Energy launches TE Magnetics
- Eden Research reports 65% revenue growth
Oxitec project wins Gates Foundation investment
Milton Park-based Oxitec, a leading developer of biological solutions to control pests that transmit disease, has launched Sparks, a new commercial platform aimed at speeding up the global rollout of Wolbachia replacement technology.
This technology, which effectively reduces the capacity of mosquitoes to spread dengue, has gained significant backing through a multi-million-dollar investment from the Gates Foundation.
Grey Frandsen, Chief Executive Officer of Oxitec commented: “Oxitec is pursuing the end of vector-borne diseases in our lifetime. To achieve that, we’ve built the leading global platform capable of scaling core Oxitec solutions and a wide range of other impactful biological solutions to save lives and livelihoods.”
TreQ secure £3.8 million in funding
The new Milton Park occupier, TreQ, has secured £3.8 million in funding. The UK quantum start-up will use the investment to accelerate the development of its open-architecture, scalable quantum computer systems.
Mandy Birch, PE, President of TreQ, said: “Having served alongside the British military and worked here in quantum, I know the incredible talent in the UK’s tech and defence community.”
“The UK is rapidly commercialising quantum: this aligns with our vision and desire to combine strengths among allies to fully realise quantum computing’s potential.”
The platform will use Oxitec’s expertise in research, manufacturing and global partnerships to expand supply at scale.
Arctoris in partnership with Isomorphic Labs
Arctoris, a Milton Park-based Clinical Research Organisation known for its unique laboratory and data science platform, Ulyssess, has announced a strategic partnership with Alphabet’s AI drug discovery company, Isomorphic Labs.
The partnership will support a variety of research initiatives, using cutting-edge AI methods for rational drug design, advancing Isomorphic Labs’ mission to develop new life-changing treatments for patients.
As part of the partnership, Miles Congreve, Chief Scientific Officer of Isomorphic Labs, will join the advancing drug discovery company’s Scientific Advisory Board.
Tom Fleming, Chief Executive Officer of Arctoris commented: “It’s a pleasure and privilege to partner alongside the extraordinary Isomorphic Labs as they progress their mission to reimagine the entire drug discovery process.”
New contracts deliver record year for Physiomics
Leading mathematical modelling and data science company Physiomics, has reported a record year for the value of new contracts, securing deals worth over £1.1m. The Milton Park-based company also reported a record level of contracted revenue of over £500k to be taken forward into the following year.
Dr Peter Sargent, Chief Executive Officer of Physiomics commented: “The impact of the company’s strategic review has already resulted in key performance metrics hitting record levels, enabling us to start the financial year ending 30 June 2025 with more than £500k of contracted revenue and good momentum across our key initiatives.”
Tokamak Energy launches TE Magnetics
Tokamak Energy, a Milton Park-based fusion energy company, has launched a new business division called TE Magnetics, to focus on the industrial deployment of high temperature superconducting (HTS) magnet technology.
HTS magnets enable powerful and efficient magnetic fields for a wide range of applications that will drive scientific discoveries, improve medical diagnostics and contribute to advancements in the defence industry. It can also enhance the efficiency and power density of renewable energy devices, including wind turbines and has the potential to provide grid stabilisation through energy storage.
Warrick Matthews, Chief Executive Officer of Tokamak Energy said: “TE Magnetics will commercialise our transformative fusion magnet technology and take it into new markets.
“Launching this new business division allows us to focus on our core mission of delivering clean, secure and affordable fusion energy, while supporting our strategy for rapid growth across complementary markets.”
Eden Research reports 65% revenue growth
Focused on sustainable biopesticides for global crop protection, animal health and consumer products, Milton Park-based Eden Research has announced a strong 65% growth in revenue, reaching £1.9m for the first half of 2024, with product sales making up £1.7m. The company suggest that there are numerous growth opportunities ahead, with Eden Research’s chairman Lykele van der Broek stating the potential for the company was “huge”.
Milton Park based companies up for awards
This year, two Milton Park-based companies, Grey Wolf Therapeutics and Adaptimmune, are in the running for the award for ‘Best Established Biotech Company’ at the 16th Annual OBN Awards due to take place in London on 20 November. Find out more here.
