York-based diagnostics company Abingdon Health is aiming for further growth, including boosting its overseas trade, after securing a £1.5m funding package from npif – Mercia Equity Finance.

Specialising in ‘point of care’ tests, diagnosing diseases in humans, animals and plants and measuring drugs, hormones and other biomarkers across a range of sample types, over 50% of the firm’s output is currently targeted at export markets. The company develops and manufactures tests for global clients in the healthcare, veterinary, food and agriculture sectors.

The single use devices developed by the firm allow testing to be carried out on site, in the field or at home, with results interpreted by eye or through smartphone apps and reader devices.

The business will use the funds to invest in new equipment and processes for its York headquarters, part of the National Agri-Food Innovation Campus.

Mark Wilcockson, senior manager at British Business Bank, said: “This npif funding will support Abington Health to invest in both new equipment and premises, to further develop its unique product offering and worldwide client base. I look forward to seeing this company grow in the coming months, with the aid of npif investment.”

Founded by CEO Chris Yates and chairman Dr Chris Hand, Abingdon has around 40 members of staff and also has laboratories in Birmingham.

Chris Yates, CEO of Abingdon, added: “Rapid diagnostic testing offers significant benefits over conventional laboratory tests. We help companies migrate from the laboratory and carry out testing closer to the patient, or in the field or farm. This funding will help us move towards our vision of being a leading innovator in the sector.”

Jonathan Sharp, investment manager for Mercia Fund Managers, said: “Rapid diagnostic testing is a fast-growing global market. Abingdon Health has positioned itself as an expert in the field, with a full range of products and services. The investment will help it to manage its growing order book and take advantage of opportunities worldwide.”

npif – Mercia Equity Finance is controlled by Mercia Fund Managers and is a part of the Northern Powerhouse Investment Fund.