Birmingham spin-out Serascience is acquired by Abingdon Health.
Serascience, a medical diagnostics company spun-out of Birmingham University, has been acquired by Abingdon Health.
Serascience was set up in April 2011 through Bioscience Ventures, itself a joint venture between Abingdon and Birmingham. Abingdon has raised £2.1m ($3.35m) from its shareholders as part of the acquisition.
Serascience is based on research with revolves around antibodies of the cancer myeloma and related conditions. It is currently working on putting its first product, Seralite, on the market. The device is a near-patient diagnostic tool for multiple occurrences of myeloma.
Chris Hand, chief executive of Abingdon Health, said: “The company has made strong progress in its strategy to create a fully integrated, specialist diagnostics business. The acquisition of Serascience is the latest success in this strategy. Early detection is critical for improved treatment outcomes, there is an increasing demand for fast, accurate diagnostic tests and we are in a strong position to take advantage of the multiple opportunities within the $11.2bn global immunodiagnostics market.”
