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13 December 2017

Abingdon adds $1.5m

Existing shareholders have provided additional funding to Abingdon Health, which is developing a test for multiple myeloma.

Author: Thierry Heles, editor

Abingdon Health, a UK-based medical device maker based on research at University of Birmingham, raised £1.1m ($1.5m) from current shareholders in the company.

While the company did not further clarify the identity of the investors, its existing backers include Touchstone Innovations, the commercialisation firm spun out of Imperial College London that was acquired by its peer IP Group last month.

Abingdon has developed Seralite, a rapid test for the diagnosis and management of patients suffering from a type of bone marrow cancer known as multiple myeloma. The test offers results within 10 minutes, enabling the near-real-time monitoring of patients.

The company will use the investment as working capital and to drive further expansion efforts.

Abingdon previously secured a total of £8.1m in funding, most recently closing a £3m funding round in 2015 led by Touchstone Innovations with a £2.5m commitment.

Chris Yates, chief executive of Abingdon Health, said: “We are delighted to secure this funding and we thank our shareholders for their continued support.

“At Abingdon, we have created a growing immunodiagnostics-based rapid-test company and this additional investment will allow us to continue to develop and sell our portfolio of products and services.”

James Wilkie, chief executive of University of Birmingham Enterprise, said: “Abingdon Health has grown rapidly.  Since the launch of Seralite, which is now available in 70 countries, the company has passed several significant milestones and is now poised for further expansion in 2018.”

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