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…

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