Avingtrans, which designs, manufactures, and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, has invested £2.5 million in a £12.9 million fund raise by emerging Oxford-based medtech firm, Adaptix.
Adaptix’s focus is on transforming radiology by allowing low-cost, low-dose 3D portable imaging. It has developed several 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.
In return for its investment, Avingtrans will own approximately 5.9% of the total issued share capital of Adaptix, post the closing of the fund raise.
Avingtrans intends to collaborate with Adaptix through its majority owned-subsidiary Magnetica to develop a disruptive business offering. This will bring together low-cost 3D imaging - in the form of Magnetica’s Cryogen-free MRI and Adaptix’s DT - to allow fusing of image data, creating an enhanced, low-cost diagnostic capability, initially for orthopaedic imaging.
The collaboration will ultimately bring together low-cost 3D MRI, X-ray and potentially ultrasound, creating a solution that can address a significant proportion of all medical and veterinary imaging procedures, with target markets including some 28,000 US sites focused on minor injuries (urgent care) and private orthopaedic practices (private practices and ambulatory surgical centres).
Mark Evans, CEO of Adaptix, said: “Our vision is to offer multi-modal 3D imaging to under-served medical markets in major economies focussed on extremity imaging, which will be driven by a ‘pay-per-Study’ business model. Our competitive advantage will be facilitated by: the low cost of the equipment, protected and enabled by proprietary technology; equipment that does not need high-cost rooms and installation; and portability that enables equipment to be cheaply redeployed and therefore, facilitates new service models. We believe that by working with Avingtrans and Magnetica, we will be able to deliver a unique proposition to the medical imaging market.”
Steve McQuillan, CEO of Avingtrans, added: “We are excited by the prospect of Magnetica working with the team at Adaptix, to our mutual benefit. As fellow travellers on parallel disruptive medical imaging paths, we believe that working together will deliver cost and market synergies for both businesses to enhance potential shareholder value, through better quality and flexible multi-modal imaging, enhancing the end customer experience.”
