Avingtrans increases investment in Adaptix

Avingtrans is pleased to announce that it has increased its shareholding in the emerging Medtech 3D X-ray business, Adaptix Limited (“Adaptix”), by another 150,000 shares, for a total consideration of £1.5m. Avingtrans now owns 400,000 Adaptix shares, representing 11.9% of the current issued share capital.

In the year to 31 March 2021, Adaptix made a loss after tax of approximately £1.1m. Further details on Adaptix can be found in the announcement released by the Company on 13 October 2021.

Steve McQuillan, CEO of Avingtrans commented: “The objective of the further investment in Adaptix is a vote of confidence in their strategy and in our strategy for Magnetica. The product launch plans of Magnetica and Adaptix are convergent, enabling the two businesses to mutually benefit by co-ordinating their approaches to market.”

Mark Evans, CEO of Adaptix, added: “We recognise that the success of Adaptix and Magnetica will be augmented by working more closely together, to bring about a transformation in diagnostic imaging. The funds will be deployed by Adaptix in developing commercial distribution for its Vet and Orthopaedic products, which will subsequently be used to distribute Magnetica’s MRI products also. It’s an exciting time for both businesses and the initial market response to the launch of the Adaptix system has been very encouraging”