# NU/1246-7 MAGNITUDE BIOSCIENCES Commercialisation of university research through provision of management skills to assist in successful spin-out company creation

> Contract award record from UK public-sector procurement sources.

## Key facts

- Public buyer: [Newcastle University](/buyers/newcastle-university/contract-awards)
- Contract winner: Durham Enterprise Associates Ltd
- Award value: £18,750
- Tender value: £18,750
- Award date: 31 January 2018
- Published: 13 February 2018
- Contract start: 1 February 2018
- Contract end: 31 December 2018
- Stage: awarded
- Procurement category: services
- Notice ID: b46fe5c7-e12c-4408-88b1-d3c07521f366-197841
- OCID: ocds-b5fd17-40a24fb0-386a-41fd-9566-7e4930b97131

## Description

Magnitude Biosciences intends to be a significant player in the current world-wide endeavor to understand aging and assist companies and academic researchers create new drugs and food additives that promote healthspan \(healthspan is the active period of a lifetime\)\. This research field is receiving very significant attention from the investor community\. Ageing Research, however, faces a significant practical challenge because to properly assess the impact of a compound on aging and healthspan, very large test populations are required to capture the inherent variability of aging in that population\. An initial investment will enable Magnitude Biosciences to engage with the market to secure a first sale\. This achievement would provide the case for a more substantial investment to scale up to a sustainable business\. A CEO is therefore required to win the first investment, ensure that all commercial aspects of the business model and company structure are dealt with, and a second round of expansion funding is secured\. Examples of specific tasks for the CEO \(not in any particular order\) are: • Review the existing business ambitions\. • Raise investment to fund general business administration, new staff and secure a first sale • Formulate a sustainable Business Plan for expansion to an off-campus facility\. • Manage sales contracts and customer contacts

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## Source

[View the original notice on Contracts Finder](https://www.contractsfinder.service.gov.uk/Notice/b46fe5c7-e12c-4408-88b1-d3c07521f366-197841)