Imperial Innovations Group plc has led a £3.0 million investment in portfolio company Abingdon Health Ltd alongside existing investors. Innovations committed £2.5m to the round and now holds a 33.7% stake in the Company.
In conjunction with the investment round, Abingdon Health has appointed Chris Yates as CEO. Chris was previously CFO of AIM-listed Immunodiagnostic Systems Holdings PLC and AIM-listed Cozart plc.
Abingdon Health Ltd is a UK based in vitro diagnostic group. This investment follows the commercial launch of Abingdon Health’s Seralite®- FLC device, which is the world’s first rapid diagnostic device in multiple myeloma, in March 2015.
The Seralite®- FLC allows for the quantitative measurement of kappa and lambda immunoglobulin free light chains (FLCs) in serum as an aid to the diagnosis and management of multiple myeloma. The assay 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.
Chris Yates co-founded Abingdon Health in 2007 alongside Dr Chris Hand and has been a non-executive director of Abingdon Health for the past three years. Dr Chris Hand was appointed Chairman of Abingdon Health in April 2015 and will continue to play an instrumental role in its expansion.
Dr Jonathan Tobin, Healthcare Ventures, Imperial Innovations commented: “Abingdon Health has made great progress in the development of its rapid diagnostic tests as demonstrated by the recent commercial launch of the Seralite®- FLC device, which is now being marketed across the UK and Europe.
“We are therefore delighted to lead this funding round, which will enable the Company to accelerate the development and launch of a series of rapid immunoassay tests focused on the haematology oncology market.
”We also welcome the appointment of Chris Yates as CEO. He brings considerable industry and commercial expertise to lead the Company through the next phase of growth.”