TIDMAVG
RNS Number : 8164O
Avingtrans PLC
13 October 2021
13 October 2021
Avingtrans Plc
("Avingtrans", the "Company", or the "Group")
Avingtrans completes minority GBP2.5m investment in emerging
medtech leader, Adaptix
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 GBP2.5m participation in a GBP12.9m fund raise by
emerging medtech leader, Adaptix Ltd ("Adaptix"), based in Oxford,
UK.
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.
In its latest round of funding, Adaptix is raising up to a total
of GBP12.9m of new funds, including GBP2.5m 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.
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).
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.
In the year to 31 March 2020, Adaptix made a loss after tax of
GBP0.8m.
Steve McQuillan, CEO of Avingtrans, commented : "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, said: " 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."
Enquiries:
Avingtrans plc 01354 692391
Roger McDowell, Chairman
Steve McQuillan, Chief Executive Officer
Stephen King, Chief Financial Officer
Singer Capital Markets (Nominated Adviser
and broker) 020 7496 3000
Shaun Dobson/Alex Bond (Corporate Finance)
Rachel Hayes (Corporate Broking)
IFC Advisory Ltd
Graham Herring
Tim Metcalfe
Zach Cohen 020 3934 6630
About Avingtrans plc
Avingtrans designs, manufactures and supplies original
equipment, systems and associated aftermarket services to the
energy, medical and industrial markets worldwide.
Business units:
Hayward Tyler - Luton & East Kilbride, UK and USA, China and
India
Specialises in the design, manufacture and servicing of performance-critical
motors and pumps for challenging environments.
Energy Steel, Inc - Rochester Hills, Michigan, USA
Provider of custom fabrications for the nuclear industry, specialising
in: OEM parts obsolescence; custom fabrications; engineering
design solutions; product refurbishment; on-site technical
support.
Stainless Metalcraft Ltd - Chatteris, UK and Chengdu, China
Provider of safety-critical equipment for the energy, medical,
science and research communities, worldwide, specialising in
precision pressure and vacuum vessels and associated fabrications,
sub-assemblies and systems.
Booth Industries - Bolton, UK
Designs, manufactures, installs and services doors and walls
which can be tailored to be: blast &explosion proof; fireproof;
acoustically shielded; high security/safety; or combinations
of the above
Ormandy Group, Bradford, UK
Design, manufacturers and servicing of off-site plant, heat
exchangers and other HVAC (heating, ventilation and air conditioning)
products
Composite Products Ltd - Buckingham, UK
Centre for composite technology, parts and assemblies, serving
customers in industrial markets.
Magnetica Ltd - Brisbane, Australia
Magnetica Limited specialises in the development of next generation
MRI technologies, including dedicated extremity MRI systems
and MRI system components. Magnetica has successfully built
and tested a compact, integrated 3 Tesla orthopaedic MRI system,
demonstrating clinical-quality imaging. Commercialisation of
this system (and others) is on-going. Magnetica's structure
now includes two other business units:
Scientific Magnetics - Abingdon, UK
Designs and manufactures superconducting magnet systems and
associated cryogenics for a variety of markets including MRI
and provides services for Nuclear Magnetic Resonance instruments.
Tecmag Inc, Houston, USA
Designs, manufactures and installs instrumentation, including
consoles, system upgrades, and probes, mainly for Magnetic
Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR)
systems.
About Adaptix:
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 we are 'digitizing' the
source to complete the digitization of the imaging system. Our
patent-protected technology enables fast 3D imaging from a
stationary source at a significantly lower dose than CT.
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
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