Avingtrans Plc has completed a £2.7 million deal for Oxford MedTech Adaptix.
Adaptix has developed a patent-protected technology that allows low-cost, low-dose 3D imaging as an alternative to 2D X-ray. The main image shows a bearded dragon captured using the tech.
In 2021, Avingtrans invested £4m in Adaptix for an 11.9% stake in the business.
Since that time, Adaptix has made successful progress towards its 3D X-ray technology, with over 28 patent families and over 300 patents filed to date.
Most recently, Adaptix was awarded 510k clearance for its novel orthopaedic product by the US FDA in March 2023.
Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.
“The board believes that the potential acquisition will give the group a market leading position in novel imaging products, as applied to veterinary and orthopaedic imaging at the point of care, notably when considered in parallel with the group’s existing interest in novel MRI products, via Magnetica,” stated Avingtrans.
Avingtrans has supported Adaptix over the past few months through a £1.1m loan facility and has agreed to adopt debt facilities of £2.1m, in addition to repaying a renegotiated sum to various debt and creditors of £2.2m on behalf of Adaptix.
In December 2022 Steve McQuillan, CEO of Avingtrans PLC, was appointed non-executive chair at Adaptix with a view to finding a replacement this year ahead of a potential exit in 2024.