U of Manchester, Funding & Diagnostics for fungal lung infections

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Manchester evening news

Myconostica raises another £1mBen Rooth 27/ 5/2008A BIOTECH business spun out of the University of Manchester today announced that it has now raised more than £5m to fund the launch of its first products.Myconostica is developing tests to diagnose life-threatening respiratory infections, including aspergillus, a common airborne fungus.The company - which was founded by Prof Denning - has just raised a further £1m from the UMIP Premier Fund, taking the total raised in recent months to £5.4m. The companyis currently in the process of building a new facility in South Carolina.Investment fund Amphion Innovations has a 25 per cent stake in Myconostica, and boss said: "With the close of this successful financing, we look forward to bringing Myconostica's innovative products to market."Myconostica has also announced that Dr Holbrook - who is a manager of the UMIP Premier Fund - will be joining its board. Get trade secrets for amazing burgers. Watch "Cooking with Tyler Florence" on AOL Food.