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York based diagnostics specialist recieves £3m investment

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01 Jul 2015

Imperial Innovations Group has led a £3m investment in Abingdon Health, a York based business specialising in rapid diagnostics, alongside other investors.

Imperial Innovations, an investor in technology businesses, committed £2.5m and now holds a 33.7 per cent stake in Abingdon Health, which offers a portfolio of products and services to the rapid diagnostic, healthcare, research, food and agriculture, and defence industries worldwide.

This investment follows the commercial launch of the Seralite®‐ FLC device in March 2015, the world’s first rapid diagnostic device in multiple myeloma and will allow the company to accelerate the execution of its strategic plan and specifically the development and launch of a series of rapid immunoassay tests focused on the haematology oncology market.

In conjunction with the investment, Abingdon Health has appointed Chris Yates, who co-founded the Abingdon Health in 2007 alongside Dr Chris Hand, as chief executive. Hand was appointed chairman in April 2015 and will continue to play an "instrumental role" in the company's expansion.

Imperial Innovations' Dr Jonathan Tobin 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-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."