A DIAGNOSTICS company based near York is set for growth after securing a £1.5million investment.

The funding, from NPIF - Mercia Equity Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund, will allow Abingdon Health to fulfil new contract wins and invest in new equipment and processes at its headquarters at the National Agri-Food Innovation Campus in Sand Hutton.

Abingdon specialises in ‘point of care’ tests, to diagnose disease in humans, animals and plants and to measure drugs, hormones and other biomarkers in a range of sample types.

These single use devices, similar to a pregnancy test, allow testing to be carried out on site, in the field or at home and the results are easy to interpret by eye or using smartphone apps and reader devices, Abingdon says.

It also says point of care tests allow more rapid diagnosis and monitoring than traditional laboratory tests.

The company develops and manufactures tests for clients worldwide in the healthcare, veterinary, food and agriculture sectors, with more than 50 per cent of its output going to export markets. Founded by the CEO Chris Yates and Dr Chris Hand, the chairman, the company employs around 40 people and also has laboratories in Birmingham.

A series of acquisitions in recent years have extended its capabilities and in addition to providing test development services and high-volume contract manufacturing, it offers its own range of tests, reader devices and other products.

Mr Yates said: “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 at 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.”