TIDMABDX

RNS Number : 6783L

Abingdon Health PLC

17 May 2022

Abingdon Health plc

("Abingdon" or the "Company")

Significant contract signed to manufacture lateral flow device components

Initial phase worth a minimum of GBP2.7 million for the first year

York, U.K. 17 May 2022: Abingdon Health plc (AIM: ABDX), a leading international developer and manufacturer of high quality and effective rapid tests, announces that it has signed a significant contract with a European customer for the manufacture of lateral flow device (LFD) components for a COVID-19 antigen test.

The contract is for an initial period of 12 months with an option to extend and will commence with the primary production of the key biochemical-sprayed nitrocellulose component of the LFD. There is also an option to expand to other aspects of device manufacture including production and lamination of other membrane components and ultimately production of complete foiled devices.

The contract is with a European customer with the initial phase worth a minimum of GBP2.7m (based on minimum specified monthly order quantities and pricing at current GBP/USD exchange rates) for the first year. All raw materials required for production will be provided by the customer. There will be an initial technical transfer process, paid for by the customer, which is anticipated to take approximately two months.

Abingdon continues to make commercial progress in other areas and will update the market in due course.

Chris Yates, CEO of Abingdon Health plc, commented: "We are pleased to have signed this contract with our European partner. The contract highlights the strengths of Abingdon's flexibility in being able to offer a range of first-class contract services across primary and secondary production. We continue to make commercial progress in other areas and look forward to updating the market in due course."

Enquiries:

 
 Abingdon Health plc                                                www.abingdonhealth.com/investors/ 
 Chris Yates, Chief Executive Officer                                                 Via Walbrook PR 
 Melanie Ross , Chief Financial Officer 
 Dr Chris Hand, Non-Executive Chairman 
 
 Singer Capital Markets (Sole Broker and                                     Tel: +44 (0)20 7496 3000 
  Nominated Adviser) 
 Peter Steel, Alex Bond (Corporate Finance) 
 Tom Salvesen (Corporate Broking) 
 
 Walbrook PR Limited                              Tel: +44 (0)20 7933 8780 or abingdon@walbrookpr.com 
 Paul McManus / Phillip                                    Mob: +44 (0)7980 541 893 / +44 (0)7867 984 
  Marriage                                                                                        082 
 Alice Woodings                                                              Mob: +44 (0)7407 804 654

About Abingdon Health plc

Abingdon Health is a world leading developer and manufacturer of high-quality rapid tests across all industry sectors, including healthcare and COVID-19. Abingdon is the partner of choice for a growing global customer base and takes projects from initial concept through to routine and large-scale manufacturing and has also developed and marketed its own labelled tests.

The Company offers product development, regulatory support, technology transfer and manufacturing services for customers looking to develop new assays or transfer existing laboratory-based assays to a lateral flow format. Abingdon Health aims to support the increase in need for rapid results across many industries and locations and produces lateral flow tests in areas such as infectious disease, clinical testing including companion diagnostics, animal health and environmental testing. Faster access to results allows for rapid decision making, targeted intervention and can support better outcomes. This ability has a significant role to play in improving life across the world. To support this aim Abingdon Health has also developed AppDx(R) , a customisable image capturing technology that transforms a smartphone into a self-sufficient, standalone lateral-flow reader.

Founded in 2008, Abingdon Health is headquartered in York, England.

For more information visit: www.abingdonhealth.com

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

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May 17, 2022 02:00 ET (06:00 GMT)

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