- April 16, 2012
Abingdon Health, a specialist medical diagnostics company announces that it has received £3 million of equity investment in a funding round led by Imperial Innovations Group plc (AIM: IVO, 'Innovations'), a leading technology commercialisation and investment group. The company will use the funds to acquire a controlling 50.1% interest in Imperial's portfolio company Molecular Vision, as well as investing in other projects in its portfolio including those from its joint venture with the University of Birmingham, Bioscience Ventures Ltd.
Molecular Vision is developing a low-cost, lab-quality, point of care diagnostic test called BioLED, which will complement Abingdon's existing technologies. BioLED is a miniaturised , easy-to-use, disposable device that can simultaneously test for multiple disease markers using numerous single methods in the same device. Currently focused on areas of high disease burden such as kidney function or cardiovascular disease, the device has the potential to be used across a wide spectrum of healthcare and other applications where disposable, quantitative, simple to use on-site analysis is required.
In November 2010, Abingdon launched a joint venture with the University of Birmingham, Bioscience Ventures Limited ("Bioscience Ventures"), to commercialise intellectual property developed at the University. Bioscience Ventures is developing new diagnostic tools for conditions where there is currently unmet need in markets such as oncology, genetic diseases and platform technologies with applications in many areas including infectious diseases, drug testing and veterinary. It currently has the following companies within its portfolio:
- Serascience Ltd - developing fast, accurate point of care tests to aid the diagnosis of myeloma and related conditions;
- Linear Diagnostics Ltd - focused on the development of a platform technology based on linear dichroism which is currently being applied to the multiplexed detection of infectious disease agents in sepsis
- Alta Bioscience Ltd - manufactures and sells speciality chemicals such as peptides and oligonucleotides and performs amino-acid analysis and protein sequencing for the pharmaceutical industry, food industry and academia;
- Bioscience Ventures is also working on a new urine test for the diagnosis of adrenal cancer
"This is an important step towards our strategy of creating a fully functional, specialist diagnostics business. Early detection is critical for improved treatment outcomes and there is a significant need for simple, faster and more accurate point of care tests. Working with some of the world's leading experts we are developing disruptive technologies and are well placed to take a share of the US$11.2bn global immunodiagnostics market. Imperial Innovations' wealth of knowledge and expertise will be increasingly valuable as we accelerate the commercialisation of our novel technologies."
Susan Searle, Chief Executive Officer, Imperial Innovations, said:
"We are pleased to back a proven entrepreneur and are confident this portfolio approach, combining complementary technologies to form competetive diagnostic products represents the optimum route to market."
Abingdon was founded in 2008 by CEO Chris Hand, Chris Yates and Dr Brett Pollard, ex Head of Life Science Research at Numis and equity analyst at Seymour-Pierce and Deutsche Bank, to commercialise a portfolio of novel clinical diagnostics technologies. Chris Hand, who is also the CEO of Molecular Vision, is the ex founder and CEO of Cozart Bioscience Ltd, which sold for £65 million to Concateno plc in 2007 and non-executive director of Concateno plc until its sale to Inverness Medical Innovations (IMA) for £147 million in 2009.
Imperial Innovations has invested £2 million in this round alongside £1.02 million from private investors including the founding directors. Following the investment, Imperial Innovations will hold a 28.6% stake in Abingdon Health and will retain a 36.4% stake in Molecular Vision. Rebecca Todd, Director Healthcare Ventures at Imperial Innovations, will have a seat on the Board of Abingdon Health.
Abingdon Health – www.abingdon-health.com
Abingdon Health is a specialist medical diagnostics company based in Oxford with facilities in London and Birmingham. The Company works with the world‟s best scientists to acquire, develop and distribute state-of-the art diagnostic tools and services. Their mission is to create a global, diversified healthcare business through both selective acquisition and the development of patent protected, clinically relevant diagnostic products.
About Bioscience Ventures
Bioscience Ventures is a joint venture between Abingdon Health and the University of Birmingham which was established in November 2010 to develop new diagnostic tools for conditions where there are currently unmet needs in the market such as various forms of cancer, genetic related diseases and platform technologies with applications in many areas of medicine including infectious. Operating from the University‟s campus in Edgbaston, and through its established trading subsidiary company, Alta Bioscience Ltd, Bioscience Ventures additionally provides a variety of services such as analysis and synthesis of DNA, protein and other biochemicals to clients both on and off campus in the pharmaceutical and food industries. By being sector specific Bioscience Ventures will be able to add value to the development and commercialisation process of medical diagnostic products.
Sources : http://www.molecularvision.co.uk