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First investment from UMIP Premier Fund (UPF) - £1m invested in Myconostica

For immediate release

22 May 2008

MTI Partners, the technology venture capital investor, and The University of Manchester today announce the first investment from their recently launched UMIP Premier Fund (‘UPF’).

UPF was established in April 2008 to invest in University of Manchester spin out companies. With funding from a broad range of UK and European institutional and supranational investors, including EIF (European Investment Fund), the Fund has initial backing of €42 million (£32 million).

UPF has invested £1m into Myconostica Ltd - a Manchester UK-based medical diagnostics company which specialises in rapid and highly specific tests for life-threatening fungal infections. Myconostica’s tests detect the two most common causes of fungal pneumonia, which account for over 95% of cases, in less than 4 hours. Fungal pneumonia is the leading cause of infectious death in leukaemia and after bone marrow transplantation and is the most common first manifestation of AIDS.

The total capital raised in this financing will support the launch of Myconostica’s first two products. The first product is the world’s first real-time molecular diagnostic simultaneously testing for both Aspergillus and Pneumocystis. The second product is a fungal DNA extraction system.

This is UPF’s first investment and it joins the existing investors, principally Nexus Medical Partners (Boston, US), Innoven Partenaires (Paris), Medicis Ventures (Munich) and the lead investor from the first round, Amphion Innovations (UK/US).

Dr David Holbrook, who leads the healthcare practice at MTI, manager of the UPF fund, will join the Myconostica Board with immediate effect. David’s investment, industry and clinical experience will further strengthen the expertise available on the Myconostica Board as the company expands and moves to commercial maturity. He commented: “We are delighted to be making UPF's first investment in Myconostica Limited. This is an exemplar of the type of high quality, market-focused spin-out company for which the University of Manchester is rightly renowned”.

Jerel Whittingham, Chief Executive Officer of Myconostica commented on the completion of the third and final close of the funding round:

“We have succeeded in attracting leading international investors in the sector who know we can only succeed commercially by making a real difference medically. At such a difficult time in financial markets, Myconostica’s success in this oversubscribed fund-raising is a tremendous endorsement of both our rapid progress to date and of our commercial prospects”.


For further information please contact:


Dr David Holbrook, General Partner + 44 (0) 1923 250 244


Robin Hepburn +44 (0) 20 7796 9999

Myconostica Ltd

Jerel Whittingham, CEO, (Manchester) +44 (0)7779 095604
+44 (0)161 998 7239

Dr. John Thornback, Chief Operations Officer +44 (0)7968 726573

About The UMIP Premier Fund (“UPF”)

UPF invests in businesses emerging from The University of Manchester’s “5-star” rated academic departments. The University’s technology transfer company, UMIP, undertakes the stringent business selection of the investments and the fund is managed by the UK’s leading technology investment manager, MTI Partners.

The Fund will primarily make late-seed stage investments, in a total of 15 - 20 companies, initially in the £250k - £750k range, with both the intention and capacity to provide follow-on investment up to £3m.

About Myconostica Ltd.

Myconostica is a medical diagnostics company, spun out of The University of Manchester in 2006 specializing in molecular diagnostic tests for life-threatening invasive fungal infections. Myconostica has its Head Office and laboratories in South Manchester, and has strong links to the University Hospital South Manchester and the Regional Mycology Laboratory in Manchester. A facility in South Carolina in the United States is currently being put in place. Founded by David Denning, Professor of Medicine and Medical Mycology, Myconostica has a strong pipeline of products, the first of which will be launched in 2008.

Myconostica is a partner company of Amphion Innovations. (AIM: AMP-L).

Publisher Contact Information:

Myconostica Ltd.
+44 (0)7779 095604

Company profile of Myconostica Ltd.
Past press releases of Myconostica Ltd..


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