Abingdon Health, a UK-based healthcare firm, has secured a £3m ($4.7m) venture round led by Imperial Innovations.
Imperial College London’s tech transfer unit invested £2.5m of the total amount, and now has a 33.7% stake in Abingdon. To date, the firm has raised £8.1m in venture backing.
Abingdon is developing disease diagnostic kits, and launched the world’s first rapid diagnostic device for multiple myeloma, Seralite, earlier in the year.
Along with the funding, Abingdon has appointed Chris Yates, formerly the chief financial officer for AIM-listed firms Immunodiagnostic Systems and Cozart, as its new CEO.
Jonathan Tobin, Healthcare Ventures, Imperial Innovations, said: “Abingdon Health has made great progress in the development of its rapid diagnostic tests as demonstrated by the recent commercial launch of the Seralite 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.”
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