Abingdon will use the money to buy 50.1% of Molecular Vision, another Imperial Innovations portfolio company, as well as for other projects, including those from its Bioscience Ventures joint venture with the University of Birmingham.

Imperial Innovations Group, a UK-listed university venturing firm spun out from Imperial College, London, has invested two-thirds of a £3m ($4.7m) round for Abingdon Health, a local medical diagnostics company, to help it buy a peer.

Abingdon will buy 50.1% of Molecular Vision, another Imperial Innovations portfolio company, as well as use the money for other projects, including those from its Bioscience Ventures joint venture with the University of Birmingham.

A spinout of Imperial College in 2001, Molecular Vision is developing a diagnostic test for kidney function and cardiovascular disease called BioLED, which will complement Abingdon‟s existing technologies. Molecular Vision has issued equity to Imperial Innovations and Switzerland-based life sciences investor Acrongenomics in return for £2.17m and gained nearly £3m in non-dilutive funding from government bodies. 

Bioscience Ventures is developing diagnostic tools for conditions such as oncology, genetic diseases and platform technologies with applications in infectious diseases, drug testing and veterinary and has one wholly owned subsidiary, Alta Bioscience, which provides speciality chemicals, reagents and services to the life science sector.

Chris Hand, Chris Yates and Brett Pollard founded Abingdon in 2008. Hand is both chief executive (CEO) of Abingdon and Molecular Vision and was the ex-founder and CEO of Cozart Bioscience, which sold for £65m to Concateno in 2007 and non-executive director of Concateno until its sale to Inverness Medical Innovations for £147m in 2009.

Imperial Innovations has invested £2m in Abingdon alongside £1.02m from private investors, including the founder directors. Following the investment, Imperial Innovations will hold a 28.6% stake in Abingdon, with Rebecca Todd, director of healthcare ventures at Imperial Innovations, on its board and will retain 36.4% stake in Molecular Vision.

Susan Searle, CEO of Imperial Innovations, said: "We are pleased to back a proven entrepreneur and are confident this portfolio approach, combining complementary technologies to form competitive diagnostic products represents the optimum route to market."