Abingdon Health, a London, UK-based specialist medical diagnostics company, has raised £3m in funding.
The round was led by Imperial Innovations Group plc (AIM: IVO), with participation from other private investors.
The company intends to use the funding to take a controlling 50.1% interest in 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.
Founded in 2008 by Dr Brett Pollard, the former Head of Life Science research at Numis, and Dr Chris Hand, who is also interim CEO of Molecular Vision, Abingdon Health commercializes a portfolio of novel clinical diagnostics technologies. Molecular Vision is developing disposable diagnostic devices for medical testing, which currently focus on areas of high disease burden such as kidney function and cardiovascular disease, and have the potential to be used across a wide spectrum of healthcare and other applications where simple, on-site analysis is required.
Following the investment, Imperial 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 take a place on the board of Abingdon Health.