Law firm advises manufacturer on investment in emerging med tech company
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Shakespeare Martineau’s Birmingham office has supported engineering and manufacturing company Avingtrans with its £2.5m participation in a £12.9m fund raise by emerging medtech leader Adaptix.
In return for the investment and post the closing of the fund raise, Avingtrans – which designs, manufactures and supplies critical components, modules and systems to the energy, medical and industrial sectors – will own approximately 5.9% of the total issued share capital of Adaptix, which focuses on transforming radiology by allowing low-cost, low-dose 3D portable imaging.
The collaboration aims to develop a disruptive business offering, which will bring together low-cost MRI, X-ray and, potentially, ultrasound in a solution that can address a significant proportion of all medical and veterinary imaging procedures – giving enhanced diagnostic capability, initially for orthopaedic imaging.
Shakespeare Martineau acted on behalf of Avingtrans – marking its 16th transaction for the business over the past 13 years.
Corporate partner Keith Spedding said: “We’re delighted to have worked with our long-standing client Avingtrans once again. For more than a decade, we’ve seen the firm implement and progress its strategy and we’ve been able to support this with our international, corporate and medtech expertise.
“Working together, Avingtrans and Adaptix will be able to create a broader and stronger offering to customers than what they can deliver alone. I’m looking forward to seeing the collaboration develop over the coming years.”
The target markets for the collaboration include around 28,000 US sites focused on minor injuries (urgent care) and private orthopaedic practices (private practices and ambulatory surgical centres).
Steve McQuillan, CEO of Avingtrans, said: “As fellow travellers on parallel disruptive medical imaging paths, we believe that working together will deliver cost and market synergies for both businesses to enhance potential shareholder value through better quality and flexible multi-modal imaging, improving the end customer experience.”