Abingdon Health Ltd (“Abingdon” or “the company”), the specialist rapid diagnostic technology company, is pleased to announce the acquisition of 100% of the shares of Molecular Vision Limited. The acquisition represents a further development in Abingdon Health’s strategy to create a leading technology-based diagnostic company and increases Abingdon’s stake in the company from the previously held 55%.
Molecular Vision, originally a spin-out from Imperial College London, is an optical detection company that has developed a patent-protected platform technology, utilising organic light emitting diodes (oLEDs) and organic photodetectors (oPDs), for versatile and quantitative optical detection in a portable and disposable format.
Molecular Vision’s commercialisation efforts are focused on developing low-cost, lab-quality, fully disposable medical diagnostics for the point-of-care market. These devices can simultaneously test for multiple disease markers on the same device.
This acquisition strengthens Abingdon Health’s position in rapid diagnostic testing. Since Abingdon Health’s formation in 2008 the company has completed a series of selective acquisition and licensing transactions, as well as the creation of Bioscience Ventures, a medical diagnostics development company formed as a joint venture with the University of Birmingham. These activities have brought together intellectual property, diagnostic platforms, manufacturing and created a sales and marketing structure. The company continues to look at new opportunities to grow the business and welcomes collaborations with academia and industry.
Dr Chris Hand, Chief Executive Officer of Abingdon Health, commented: “The combination of the patented plastic electronics-based optical detection technology from Molecular Vision, and the immunodiagnostics expertise within Abingdon Health considerably strengthens our offering. We are optimistic about the continuing commercialisation of the oLED/oPD technology. I am also pleased that Oliver Hofmann, PhD, MBA will remain as a director and consultant to Molecular Vision and that co-founder of Molecular Vision, Professor Donal Bradley, CBE, FRS, FInstP, FIET, FRSA, Vice-Provost (Research) of Imperial College London, Director of the Centre for Plastic Electronics, and Lee-Lucas Professor of Experimental Physics will remain as a consultant”