- Mologic to receive c. £1 million in funding to develop a point of care COVID-19 diagnostic test and to initiate research for a novel vaccine candidate
- The funding comes as Government pledges £46 million to fight the disease
- Boris Johnson visited Mologic’s Bedfordshire laboratories to mark the occasion
London 12 March 2020 – Foresight Group LLP (Foresight), a leading independent infrastructure and private equity investment manager, is pleased to announce that portfolio company, Mologic was visited by Prime Minister Boris Johnson on Friday 6th March to mark a government pledge of £46 million to fight COVID-19.
Mologic, a pioneering developer of diagnostic technologies, is to receive c. £1 million in funding from the Department of International Development and the Wellcome Trust to support research into a COVID-19 diagnostic test, with the aim of providing a low cost, point of care or in home solution to enable diagnosis of COVID-19 within minutes.
Mologic has been at the forefront of point of care diagnostics since being established in 2003. Foresight led a £4 million investment round into Bedford-based, Mologic in 2018, alongside co-investor Calculus Capital.
Commenting on the visit James Livingston, Partner at Foresight and Director at Mologic said: “We’re proud that Mologic’s pioneering work in the field of infectious disease diagnostics has been recognised as evidenced by Prime Minister Boris Johnson’s visit last week. Since our initial investment, Mologic has gone from strength to strength and we’re pleased to see the government acknowledging the company’s expertise, especially in the light of the current epidemic. We expect Mologic can play a constructive role in providing access to high-quality diagnostic tests for all, no matter where they live.”
For more information contact:
Citigate Dewe Rogerson:
Patricia De Bidegain firstname.lastname@example.org |+44 (0)20 7025 6482
Foresight Group: Ben Thompson email@example.com | +44 (0)20 3667 8155
About Foresight Group LLP ("Foresight”):
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 35 years.
Foresight has £4.7 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs) and Inheritance Tax Solutions using Business Relief (BR).
Foresight’s Private Equity team, comprising 28 investment professionals, pursues four discrete but complementary investment styles: venture, impact, growth and replacement capital through its growing regional office network.
Foresight was named ‘Fund Manager of the Year’ at the PLC Awards 2018, ‘Generalist VCT of the Year’ at the Investment Week Tax Efficiency Awards 2018/19 and was a finalist in the 2018 Unquote British Private Equity Awards as Venture and Growth Capital House of the Year. In 2017, Foresight was voted ‘Best VCT Investment Manager’ at the Growth Investor Awards, having been previously awarded ‘VCT House of the Year’ at the 2016 Unquote British Private Equity awards.
Foresight has an office in London with regional UK offices in Cambridge, Manchester, Nottingham, Milton Keynes, Leicester, Edinburgh and Guernsey and international offices in Sydney, Rome, Madrid and Seoul.