Abingdon Health Ltd (“Abingdon” or “the Company”), a specialist medical diagnostics company, today announces the closure of a £3 million investment round led by Imperial Innovations.
The fundraising will allow the Company to accelerate the execution of its strategic plan and specifically the development and launch of a series of rapid immunoassay tests focused on the haematology oncology market.
This investment follows the commercial launch of the Seralite®‐ FLC device in March 2015, the world’s first rapid diagnostic device in multiple myeloma. Developed initially through Abingdon Health’s joint venture with the University of Birmingham, Seralite®‐ FLC allows for the quantitative measurement of kappa (K) and lambda (λ) immunoglobulin free light chains (FLCs) in serum as an aid to the diagnosis and management of multiple myeloma. The assay uses monoclonal antibodies and provides an accurate picture of disease status in 10 minutes. Using a simple to use, portable, rapid test, clinicians are able to monitor patients in “real time” supporting faster decision‐making.
In conjunction with the investment round, Abingdon is also pleased to announce the appointment of Chris Yates as CEO. Chris Yates was previously CFO of AIM‐listed Immunodiagnostic Systems Holdings PLC and AIM‐listed Cozart plc. Chris co‐founded Abingdon in 2007 alongside Chris Hand and has been a Non‐Executive Director of Abingdon for the past 3 years. Dr Chris Hand was appointed Chairman of Abingdon in April 2015 and will continue to play an instrumental role in company’s expansion.
Dr Chris Hand commented: “We are delighted by the support of Imperial Innovations and other existing investors in the £3m fundraising. This investment will allow the Company to accelerate the development and launch of its pipeline of rapid testing products focused on haematology oncology.
In addition, I am very pleased to welcome Chris Yates as CEO of Abingdon to lead the executive team through the next phases of growth of the Company”.
Chris Yates commented: “It is an exciting time to be joining Abingdon following the recent launch of the Seralite®‐FLC rapid test. I am looking forward to working with Chris and the team to drive the Company forward.”
Further details: Chris Hand: +44 (0) 1904 406082 Chris Yates: +44 (0) 1904 406082
About Abingdon Health Ltd
Abingdon Health Ltd is a UK based in vitro diagnostic group focused on developing a range of rapid testing products in the area of haematology oncology. The Company launched its first rapid testing product in March 2015, Seralite®– FLC, the world’s first rapid diagnostic device in multiple myeloma, and is in the process of launching a range of complementary rapid tests.
The Company’s core expertise lies in the development, manufacturing and commercialisation of rapid lateral flow immunoassay diagnostics and reader systems. To support its strategic plan Abingdon is currently developing a multiplexed immunoassay rapid testing system based on fully disposable medical diagnostics for the rapid testing market. This device uses organic light emitting diodes (OLEDS) and organic photodetectors (OPDs) for versatile and quantitative optical detection in a portable and disposable format.