Expanding diagnostics company secures £1.5m investment
A York-based diagnostics company is targeting further growth after securing a £1.5m investment from NPIF – Mercia Equity Finance.
Abingdon Health specialises in ‘point of care’ tests, to diagnose disease in humans, animals and plants and to measure drugs, hormones and other biomarkers in a range of sample types.
These single use devices allow testing to be carried out on site, in the field or at home and the results are interpreted by eye or using smartphone apps and reader devices.
Abingdon develops and manufactures tests for clients worldwide in the healthcare, veterinary, food and agriculture sectors, with over 50% of its output going to export markets.
The business will use the funding to invest in new equipment and processes at its headquarters at the National Agri-Food Innovation Campus in York.
Founded by the CEO Chris Yates and Dr Chris Hand, the chairman, Abingdon employs around 40 people and also has laboratories in Birmingham.
NPIF – Mercia Equity Finance is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
Mark Wilcockson, senior manager at British Business Bank, said: “This NPIF funding will support Abington Health to invest in both new equipment and premises, to further develop its unique product offering and worldwide client base. I look forward to seeing this company grow in the coming months, with the aid of NPIF investment.”
Chris Yates, CEO of Abingdon, added: “Rapid diagnostic testing offers significant benefits over conventional laboratory tests. We help companies migrate from the laboratory and carry out testing closer to the patient, or in the field or farm. This funding will help us move towards our vision of being a leading innovator in the sector.”
Mark Wyatt and Jonathan Sharp from Mercia Fund Managers worked on the investment.
Sharp, investment manager, said: “Rapid diagnostic testing is a fast-growing global market. Abingdon Health has positioned itself as an expert in the field, with a full range of products and services. The investment will help it to manage its growing order book and take advantage of opportunities worldwide.”
CMS provided legal advice to Mercia while Bristows advised the company.