30 Jun 2015 07:00
RNS REACH
30 June 2015
Imperial Innovations Group plc
Innovations leads £3 million investment in Abingdon Health
Imperial Innovations Group plc (AIM: IVO; 'the Group', 'Innovations') has led a £3.0 million investment in portfolio company Abingdon Health Ltd ('the Company') 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."
For further information contact:
Imperial Innovations Group plc | 020 3053 8834 |
Russ Cummings, Chief Executive Officer Jon Davies, Director of Communications
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Instinctif Partners | 020 7457 2020 |
Adrian Duffield/Melanie Toyne-Sewell
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J.P. Morgan Cazenove (Nominated Adviser) | 020 7742 4000 |
Michael Wentworth Stanley/Alec Pratt
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Cenkos Securities | 020 7397 8900 |
Christopher Golden |
Notes to editors
About Imperial Innovations - www.imperialinnovations.co.uk
Imperial Innovations Group plc creates, builds and invests in pioneering technologies developed from the academic research within the 'Golden Triangle' broadly bounded by London, Cambridge and Oxford, which is home to the UK's four leading research-intensive universities.
This area is home to many new technology companies through its proximity to the academic communities of Imperial College London, the University of Cambridge, the University of Oxford and University College London, as well as other leading research institutions.
Imperial College London, the University of Cambridge, the University of Oxford and University College London collectively have research income of £1.4 billion per annum and are ranked as four of the top ten Universities in the world (source: QS World University Rankings 2014/15).
Innovations supports scientists and entrepreneurs in the commercialisation of their ideas through the licensing of intellectual property, by leading the formation of new companies, providing facilities in the early stages, providing investment and encouraging co-investment to accelerate development, providing operational expertise and recruiting high-calibre management teams. It also runs an incubator in London that is the initial home for many of its technology spin-outs.
Since admission of its shares to trading on AIM in 2006, Innovations has raised more than £346.0 million of equity from investors, which has enabled it to invest in some of the most exciting spin-outs to come out of UK academic research. In addition, the Group has a £30.0 million loan facility from the European Investment Bank (EIB) for investment in biotech and therapeutics businesses.
During the period from admission on AIM up until 31 January 2015, Innovations has invested a total of £198.3 million across its portfolio companies, which have raised collectively investment of £926.8 million rising to £1.0 billion including post period end investments and commitments.
About Abingdon Health Ltd - www.abingdonhealth.com
Abingdon Health Ltd is a UK based in vitro diagnostic group focused on developing a range of rapid testing products in the area of hematology oncology. The Company launched its first rapid testing product in March 2015, Seralite® - FLC, the world's first rapid diagnostic device in multiple myeloma, and is in the process of launching a range of complementary rapid tests.
The Company's core expertise lies in the development, manufacturing and commercialisation of rapid lateral flow immunoassay diagnostics and reader systems. To support its strategic plan Abingdon Health is currently developing a multiplexed immunoassay rapid testing system based on fully disposable medical diagnostics for the rapid testing market. This device uses organic light emitting diodes (OLEDS) and organic photodetectors (OPDs) for versatile and quantitative optical detection in a portable and disposable format.