Abingdon Health inks £2 million investment

AIM-listed Imperial Innovations Group has led a funding round into Abingdon Health alongside other private investors.

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.’

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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