TIDMAVG
Avingtrans PLC
30 January 2023
30 January 2023
Avingtrans Plc
("Avingtrans" or the "Group")
Adaptix secures 510(k) clearance from FDA
Avingtrans PLC (AIM: AVG), which designs, manufactures and
supplies critical components, modules, systems and associated
services to the energy, medical and industrial sectors, announces
that medical imaging technology associate company Adaptix Limited
(Adaptix) has received 510(k) clearance from the U.S. Food and Drug
Administration for its first orthopaedic medical imaging
product.
In 2021, Avingtrans invested GBP4m in Adaptix, for an 11.9%
stake in the business and in December 2022 announced a further
investment of GBP2m by means of a Convertible Loan.
The Board of Adaptix has made the following announcement:
Adaptix, based at Oxford University Science Park, has received
510(k) clearance for its first medical imaging product. The first
Adaptix medical product is a Digital Tomosynthesis Orthopaedic
imaging system. It is a portable, low-dose imaging system capable
of delivering fast, lower-cost, X-ray imaging at the point of
patient care. Developed specifically to offer 3D X-ray imaging of
hands, elbows and feet at a fraction of the radiation dose and
per-study price of traditional CT systems, the system provides
clinicians with clearer images than 2D X-ray systems, offering
advantages in terms of fewer acquisitions, accelerated patient
workflow and enhanced diagnostic accuracy.
Adaptix is already serving veterinary and industrial
(Non-Destructive Evaluation) markets using its novel and
patent-protected technologies. Receiving the 510(k) clearance is
important as it is the first step in Adaptix delivering its mission
to transform radiology through provision of innovative
truly-portable 3D imaging technologies into healthcare
providers.
Mark Evans, CEO of Adaptix, commented:
"We are delighted to receive the 510(k) clearance which allows
this innovative technology, and our first medical product, to be
marketed in the world's largest healthcare market. The team are
energized by achieving this milestone, and we look forward to
delivering enhanced orthopaedic DT imaging systems; a dental DT
imaging system; and a chest DT imaging system for Intensive Care
and Emergency Department use. We see a future where 3D travels to
the patient at the point-of-care throughout hospitals, clinics and
primary care transforming patient pathways, improving patient
experience, and reducing the cost of care delivery."
Enquiries:
Avingtrans plc
Roger McDowell, Chairman
Steve McQuillan, Chief Executive Officer
Stephen King, Chief Financial Officer 01354 692391
Singer Capital Markets (Nominated Adviser
and Broker)
Shaun Dobson
Alex Bond
Oliver Platts 02074 963000
IFC Advisory (Financial PR)
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
Energy Steel, part of the Engineered Pumps and Motors Division of
Avingtrans plc, has been serving the nuclear power industry since
1982 with capabilities in equipment fabrication, material supply,
precision machining, engineering, and repair services. Through strategic
OEM partnerships, it also provides solutions for obsolete nuclear
components and support for the most complex projects.
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, manufactures 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.
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