Abingdon Health moves to creating integrated diagnostics company 

Abingdon Health, has raised £3 million of equity investment in a funding round led by Imperial Innovations Group plc. 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, poc diagnostic test called BioLED, 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 and cardiovascular disease, the device has the potential to be used across a wide spectrum of healthcare. 

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.

Chris Hand, CEO Abingdon Health said:
“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 competitive diagnostic products represents the optimum route to market”.