Abingdon Health PLC Settlement agreement signed with the DHSC (4557Q)
28 June 2022 - 7:38PM
UK Regulatory
TIDMABDX
RNS Number : 4557Q
Abingdon Health PLC
28 June 2022
Abingdon Health plc
("Abingdon" or "the Company")
Settlement agreement signed with the Department for Health and
Social Care
York, U.K. 28 June 2022: Abingdon Health plc (AIM: ABDX), a
leading international developer and manufacturer of high quality
and effective rapid tests, notes recent bulletin board speculation
and the rise in its share price.
The Company confirms that it has reached a settlement agreement
with the Department for Health and Social Care ("DHSC") on the
outstanding invoices payable by DHSC for lateral flow tests and
component stock .
The Company notes that the settlement agreement only technically
completes as and when the cash payment referred to below is
received.
The settlement agreement is in full and final settlement of the
outstanding debt of GBP8.9m (excluding interest) and comprises:
i) A contractually required cash payment of GBP6.3m from DHSC to
Abingdon, which is required to be paid to the Company on or before
22 July 2022; GBP1.5m of this cash payment will be held under
charge until the outcome of the judicial review is known; and
ii) transfer to the Company of ownership of the outstanding
component stock that it had procured on behalf of DHSC in 2020/1;
and
iii) joint-ownership, alongside DHSC, of the intellectual
property of the AbC-19(TM) COVID-19 antibody test; and
iv) a lower royalty payable to DHSC on sales of the AbC-19(TM)
COVID-19 antibody test, with this royalty time limited to one year
from the date of the settlement agreement.
The monies received from DHSC, once received, will provide
additional working capital and be deployed to help fund the
Company's various growth initiatives underway.
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 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
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
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END
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