A company producing the world's first device for the diagnosis and management of multiple myeloma - developed at a West Midlands university - has announced the completion of a £1.1m funding round, raised from current shareholders.
Abingdon Health Ltd has raised the funding, to be applied to working capital and used for the continued extension of the company’s lateral flow device product set and associated reader systems.
The company's 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) was launched two years ago as a unique rapid diagnostic device in multiple myeloma.
Multiple myeloma is a blood cancer related to lymphoma and leukaemia. Myeloma often affects many places in the body, which is why it is called multiple myeloma, and commonly affected areas include the spine, skull, pelvis and ribs. Multiple myeloma can be difficult to diagnose because it is an uncommon type of cancer which initially has few or no symptoms.
TheSeralite® test provides multiple myeloma results within 10 minutes rather than days or weeks, and enables clinicians to monitor patients in real time, supporting faster decision making. In 2017, three separate studies were published validating the benefits of Seralight® in a total sample size of more than 5,700 patients.
CEO of University of Birmingham Enterprise, Dr James Wilkie, 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.”
Chris Yates, CEO at Abingdon Health Ltd, commented: “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."