Abingdon Health seals £1.1m to fund growth

Abingdon Health Seralite device going into ADxLR5 Reader System

Abingdon Health seals £1.1m to fund growth

York-headquartered Abingdon Health Ltd has announced the completion of a £1.1m funding round, which has been raised from current shareholders.

The funding will be applied to working capital and will be used for the continued extension of the company’s lateral flow device product set and associated reader systems.

Abingdon’s lateral flow device products include Seralite, a rapid test for the diagnosis and management of patients with multiple myeloma.

Based on technology originally developed at the University of Birmingham, Seralite – FLC (free light chain) launched two years ago as the world’s first rapid diagnostic device in multiple myeloma. 

The test provides results within 10 minutes rather than days or weeks and enables clinicians to monitor patients in real time, supporting faster decision making. 

In quarter three of 2017, three separate studies were published validating the benefits of Seralight, with a total sample size of more than 5,700 patients. 

Abingdon has also recently entered into a co-marketing agreement with Innova Biosciences Ltd, a SYGNIS company, making the company Innova’s preferred supplier for lateral flow contract manufacturing. 

A separate agreement with Skannex results in Abingdon being Skannex’s preferred partner for lateral flow development and manufacturing.  

Abingdon CEO, Chris Yates, 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”.

University of Birmingham Enterprise CEO, Dr James Wilkie, added: “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.”

Based at the National Innovation Campus in York, Abingdon develops and manufactures lateral flow assays and readers, specialising in the area of multiple myeloma.

The medical firm also develops and manufactures services for customers looking to develop new assays or looking to transfer existing laboratory-based assays to a lateral flow format.