Business
Investment in emerging medtech leader, Adaptix
Investment in emerging medtech leader, Adaptix.
About this update from Avingtrans Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8164O\n Avingtrans PLC\n 13 October 2021\n \n \n \n 13 October 2021\n \n Avingtrans Plc\n \n \n (\"Avingtrans\", the \"Company\", or the \"Group\")\n \n \n Avingtrans completes minority £2.5m investment in emerging medtech leader, Adaptix\n \n \n Avingtrans PLC (AIM: AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, is pleased to announce its £2.5m participation in a £12.9m fund raise by emerging medtech leader, Adaptix Ltd (\"Adaptix\"), based in Oxford, UK.\n \n Adaptix's focus is on transforming radiology, by allowing low-cost, low-dose 3D portable imaging. It has developed a number of novel technologies and imaging approaches in relation to Digital Tomosynthesis (\"DT\"). At the core of Adaptix's technology is the 'Flat Panel X-ray Source' (FPS) which consists of a monoblock containing an array of individually controlled X-ray emitters combined with a high-voltage power supply.\n \n In its latest round of funding, Adaptix is raising up to a total of £12.9m of new funds, including £2.5m in cash from Avingtrans. In return for the investment, Avingtrans will own approximately 5.9% of the total issued share capital of Adaptix, post the closing of the fund raise.\n \n Avingtrans, through its majority owned-subsidiary Magnetica (\"MNA\"), intends to collaborate with Adaptix, to develop a disruptive business offering. This offering will bring together low-cost 3D imaging in the form of MNA's Cryogen-free MRI and Adaptix's DT, to allow fusing of the image data, giving enhanced low-cost diagnostic capability, initially for orthopaedic imaging. The target markets include some 28,000 US sites focused on minor injuries (urgent care) and private orthopaedic practices (private practices and ambulatory surgical centres). \n The purpose of the collaboration is to create a broader offering to customers than is delivered by each business alone and ultimately to bring together low-cost 3D MRI, X-ray and potentially ultrasound, in a solution which can address a significant proportion of all medical and veterinary imaging procedures.\n In the year to 31 March 2020, Adaptix made a loss after tax of £0.8m.\n \n Steve McQuillan, CEO of Avingtrans, commented\n : \"We are exc...