Abingdon Health is a UK-based diagnostics group focused on developing, manufacturing and commercialising immunoassay tests and reader systems. Abingdon develops rapid tests itself and on behalf of third parties (contract services).
How was the deal introduced?
Chris Yates, CEO, was invited to one of Mercia’s NED networking events hosted in Leeds. One of our Platform Team was aware that the company was looking for investment and facilitated an introduction to the Investment Manager.
What did the company plan to use the initial funds for?
The company is using Mercia’s investment to fund the operational development required to support the growth in its contract services business. The company has seen strong growth in contract development and expects to be able to transfer three new tests from an R&D phase to a commercialised, contract manufacturing phase during 2019.
Funding will be used specifically to increase headcount in the operational team and to expand the company’s York production facility to allow fulfilment of these manufacturing contracts as well as bolstering the company's sales function.
What progress has the company made since the first investment?
The company has secured an additional four rapid test development contracts in the first four months of 2019, including a sizeable contract with a large pharmaceutical company in the fast-growing area of personalised medicine and company diagnostics. The Company is expanding production operations at its site in York to service increasing manufacturing volumes. Mercia is also offering further operational support as the business continues to plan for the growth of its operations.
The Mercia Effect
What have we been able to do for this company as a result of our involvement?
Mercia’s Investment Director introduced a potential NED who is a well-known industry veteran, and the team are delighted to be securing his services. In addition, Mercia introduced a new business development director with significant industry knowledge, enabling the company to resource for additional growth.