Following on from its investment into Econic Technologies, Imperial Innovations Group has made a diagnostics investment.

Oxford-based Abingdon Health was set up by Chris Hand in 2008, alongside Brett Pollard, to commercialise a portfolio of clinical diagnostics technologies.

On the back of the £2 million deal, Abingdon Health is set to take a 50.1 per cent stake in Molecular Vision, and will also invest in other projects in its portfolio including those from its joint venture with the University of Birmingham, Bioscience Ventures.

The £2 million investment means Imperial Innovations will hold a 28.6 per cent stake in Abingdon Health, and retain a 36.4 per cent interest in Molecular Vision.

Hand comments, ‘This is an important step in our strategy of creating a fully functional, specialist diagnostics business.

‘Early detection is critical for improved treatment outcomes and there is a real need for simple, faster and more accurate point of care tests.’

With its portfolio of products, and new investment, Hand says that Abingdon Health is ‘well placed’ to take a share of what he says is an $11.2 billion global immunodiagnostics market.

Prior to founding Abingdon Health, Hand was CEO of Cozart Bioscience, a business that was sold for £65 million to Concateno in 2007. He was then non-executive director of the company, under its new control, until its subsequent re-sale to Inverness Medical Innovations for £147 million in 2009.

Following the transaction, Rebecca Todd, director of Healthcare Ventures at Imperial Innovations, will take a seat on the board of Abingdon Health.

Susan Searle, CEO of Imperial Innovations, adds, ‘This is a great opportunity to combine the strength of Molecular Vision’s diagnostics platform which originated from research at Imperial College London, with the technologies developed by Abingdon Health.’