TIDMABDX
Abingdon Health PLC
07 September 2023
Abingdon Health plc
("Abingdon Health" or "the Company")
Partnership with Morrama to accelerate the development of
sustainable plastic free lateral flow devices
York, U.K. 7 September 2023: Abingdon Health plc (AIM: ABDX),
announces a partnership with leading designer Morrama Ltd
("Morrama"), a UK-based certified B-Corp design agency, to
accelerate the development of plastic free lateral flow
housings.
As part of the agreement, both Abingdon Health and Morrama will
invest in a new company, Eco-Flo Innovations Ltd, that will focus
on developing sustainable product design solutions for the lateral
flow market. As part of the agreement Morrama will assign the
intellectual property and know-how of their novel Eco-Flo material
into Eco-Flo Innovations Ltd.
Abingdon Health and Morrama intend to make their first
plastic-free, compostable cassette ("Eco-Flo") available to
customers within the next 12 months. The brand-new plastic free
cassette will be manufactured in the UK and will utilise renewable
plant fibre moulding technology that reduces CO(2) emissions by 80%
compared to the equivalent single-use plastic. The initial design
will look to offer a straight swap from traditional plastic
cassettes, breaking down any barrier for companies looking to
reduce the impact of their assays and reduce the plastic use across
the full test kit by 62%. In addition, the Eco-Flo Innovations team
are already exploring ways to remove or switch out the remaining
plastic content in tests as well as other aspects of lateral flow
product design such as product packaging.
Lateral flow tests use became mainstream during the COVID-19
pandemic and have been vital part of diagnostics for decades, from
pregnancy to plant health. In this period there has been limited
change to test kit design and materials since their conception, but
with the global push to minimise the environmental impact of
single-use products, there is a pressing need to implement more
environmentally sustainable solutions. It is estimated there are
over two billion lateral flow immunoassays manufactured annually
and the lateral flow market is set to grow from $43 billion in 2022
to $72bn by 2024 . Given the scale of the market and its growth
there is an increased need to consider the environmental impact of
lateral flow tests. It is estimated that ther e are 25,000 tonnes
of plastic produced globally for rapid testing every year, with an
average test containing 10-15g of single-use virgin plastic.
The Board notes that the investment in Eco-Flo Innovations Ltd
will have no material impact on the Company's cash position.
Chris Yates, CEO of Abingdon Health plc, said: "We are delighted
to be partnering with Morrama to support the development of
innovative, environmentally friendlier components and packing
solutions for the lateral flow industry. Alongside Jo and the team
at Morrama, we are keen to lead this change and provide our
customers with viable sustainable alternatives to the traditional
materials currently used."
Jo Barnard, Founder and Creative Director at Morrama added, "The
development of Eco-Flo represents a vital step forward in reducing
the environmental impacts of lateral flow testing and we are
incredibly excited to have Abingdon Health on board to accelerate
this development and bring their years of expertise into the
project. This could offer a simpler, more accessible, and more
sustainable option, designed with people and the planet in
mind."
Enquiries
Abingdon Health plc www.abingdonhealth.com/investors/
Chris Yates, Chief Executive Officer Via Walbrook PR
Melanie Ross, Chief Financial Officer
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 Marriage Mob: +44 (0)7980 541 893 / +44 (0)7867
Alice Woodings 984 082
+44 (0)7407 804 654
About Abingdon Health plc
Abingdon Health is a leading lateral flow contract development
and manufacturing organisation ("CDMO") offering its services to an
international customer base across industry sectors that include
clinical, animal health, plant health, and environmental testing.
Abingdon Health has the internal capabilities to take projects from
initial concept through to routine and large-scale manufacturing;
from "idea to commercial success."
The Company's CDMO division 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.
Abingdon Health's Abingdon Simply Test (R) range of self-tests
is an ecommerce platform that offers a range of self-tests to
empowers consumers to manage their own health and wellbeing. The
Abingdon Simply Test (R) ecommerce site offers consumers a range of
information to support them in making informed decisions on the
tests available. In addition, the site provides Abingdon's contract
services customers with a potential route to market for self-tests.
The Abingdon Simply Test (R) range is also sold through
international distributors and through other channels in the UK and
Ireland such as pharmacy chains.
Founded in 2008, Abingdon Health is headquartered in York,
England.
For more information visit: www.abingdonhealth.com
About Morrama Ltd.
Morrama is an award-winning design and innovation consultancy
founded in 2015. The team works with startups and established
businesses looking for a fast-paced design process; combining user
experience, manufacturing feasibility and sustainability
considerations to create beautiful products and experiences. With a
track record in designing products that have helped start
successful businesses, Morrama underpins its creative process with
a strong sense of storytelling to create simple, elegant products
that resonate with the user. https://www.morrama.com/
This announcement contains inside information for the purposes
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END
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