Avingtrans completes minority £2.5m investment in emerging Oxford medtech Adaptix

Adaptix

Emerging Oxford-based medtech company Adaptix has secured £2.5 million investment from Huntingdon-based Avingtrans, which designs, manufactures and supplies critical components and systems to the energy, medical and industrial sectors.

Avingtrans £2.5m participation was part of a £12.9m fund raise by Adaptix plc.

Adaptix is transforming radiology by bringing to market an addressable Flat Panel X-ray Source (FPS) with a multitude of individually addressable emitters with integrated power supply (known as a ‘monoblock’) – essentially it says it is ‘digitizing’ the source to complete the digitization of the imaging system.

Its patent-protected technology enables fast 3D imaging from a stationary source at a significantly lower dose than CT. The FPS is designed to allow 3D image formation by means of Digital Tomosynthesis using existing generations of Detectors and Workstations, allowing a system price point similar to that of current 2D systems.

Adaptix was founded by experts in radiation production, medical devices and bringing technology out of the lab and into the clinic. Our team includes hardware, software, business, project and product leaders backed by internationally recognised experts

In its latest round of funding, Adaptix is raising up to a total of £12.9m of new funds, including £2.5m from Avingtrans.  In return for the investment, Avingtrans will own approximately 5.9 per cent of the total issued share capital of Adaptix, post the closing of the fund raise.

Avingtrans, through its majority owned-subsidiary Magnetica, 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).

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.

Steve McQuillan, CEO of Avingtrans, said“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.”

Mark Evans, CEO of Adaptix, added: “Our vision is to offer multi-modal 3D imaging to under-served medical markets in major economies focused 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.”