TIDMDVRG
RNS Number : 1617N
Deepverge PLC
30 May 2022
30 May 2022
DeepVerge PLC
("DeepVerge" or "the Company" or "the Group")
DeepVerge and Abingdon Health sign Testing Services Framework
Agreement
Development of new Lateral Flow Test range
DeepVerge plc (AIM: DVRG), announces that Innovenn UK Limited
("Innovenn") has signed a Testing Services Framework Agreement
("Agreement") with Abingdon Health plc ("Abingdon") for development
and manufacture by Abingdon of a range of Lateral Flow Tests
("LFT") for the Modern Water, Labskin and Skin Trust Medical
divisions of the Group. This follows on from the Memorandum of
Understanding, announced in the RNS of 29 March 2022.
The Agreement provides for development of a range of LFT units
over the next 12 months in the following areas of interest:
1. Traceable Polymer System (i.e. field test kits) offer
operational insight for the use of polymers as dispersants in
cooling water and as traceable scale inhibitors for oil and gas
that require methods to measure the excess polymer added as a
treatment to each system. The new LFT units enable a greater
understanding of the water chemistry and the ability to optimise
treatment levels, and may ultimately prevent over/underdosing.
2. Sulfate Reducing Bacteria (SRB) optimisation. Used by
corrosion engineers to determine the presence of SRB, the current
kit format uses multiple sample preparation steps and a
colour-change end point. The conversion of this test to LFT
accelerates the results by reducing the number of steps compared to
tests currently on the market. The SRB business is currently worth
in excess of $100k to Modern Water and this easy to use upgrade
expands the reach into wider corrosion test markets.
3. 1.7 billion of the world population does not have access to
drinkable water [i] . The increasing regulatory support and
legislation for high standard maintenance of food and beverage
products, pharmaceuticals and other industries, are further
increasing the applications of chemically tested water.
Environmental LFT tests will include acrylamide, microcystins,
algae in the second phase of development.
4. Detecting PFAS - "Forever Chemicals" (Per- and
Polyfluoroalkyl Substances) is an exciting new area of interest.
PFAS has been added to the US Environmental Protection Agency
drinking water treatability database [ii] which creates the need to
make informed decisions about the level of PFAS in drinking water.
This creates a very large opportunity for LFT single use testing in
private homes, hospitals, hotels, pubs, restaurants and food and
beverage manufacturing.
5. Wellness tests for Skin Trust Club will include Vitamin D,
Cortisol, Menopause, Kidney and Liver function with the potential
to extend the test service and product offering, including
supplements.
DeepVerge will fund the costs of the projects being undertaken
under the Agreement. Abingdon will be exclusive developer and
manufacturer of the products subsequently transferred into
manufacturing.
The Agreement is effective from 27 May 2022 and remains in force
for an initial period of one year. The Agreement shall
automatically be renewed for successive one year increments unless
either party requests, at least ninety days prior to the
anniversary date, that the Agreement not be renewed.
Gerard Brandon, CEO of DeepVerge plc, commented:
"With a strong reputation now cemented for delivering
innovartive real-tme test solutions to aid the prevention of the
spread of a range of diseases, we are now focused on upgrading our
offering through the conversion of existing multi-step field tests
to single-use Lateral Flow Test. This range of new LFT's has the
potential to generate multiple revenue streams throughout Modern
Water's 60+ country distribution network and Skin Trust Club's
rapidly growing club members in the UK, Ireland and the US. Added
to the growing list of products and services the LFT range of tests
is expected to contribute to Group revenues in early 2023."
Chris Yates, CEO of Abingdon Health plc, commented:
"We are pleased to have signed this commercial agreement with
DeepVerge. This strategic partnership will allow both companies to
build a long-term collaboration to enable DeepVerge to leverage
Abingdon's lateral flow development and manufacturing engine to
launch a range of innovative tests into its core markets. This
agreement underlines Abingdon's reputation as a knowledge leader
and expert in the rapidly-growing lateral flow testing market"
What is a lateral flow immunoassay?
A lateral flow test, or immunoassay is a simple to use
diagnostic device used to confirm the presence or absence of a
target analyte, such as pathogens or biomarkers in humans or
animals, or contaminants in water supplies, foodstuffs, or animal
feeds. The most commonly known type of lateral flow rapid test
strip is the pregnancy test or testing the presence of the COVID-19
virus.
What are PFAS?
Per and Polyfluoroalkyl Substances (PFAS) have been nicknamed
'forever chemicals' as they don't breakdown, leading to
bio-accumulation in our environment and in the human body over
time. These compounds are man-made and were developed in the 1940s.
Their useful properties include being non-stick and water
resistant.
According to the Nordic council of Ministers [iii] , the cost of
inaction regarding PFAS in the environment and for human health has
been estimated at EUR50 - EUR82 billion Euro per year, for all
European Economic Area. With the known health issues the
accumulation of PFAS causes, government bodies around the world
[iv] are increasing their commitment to address this issue.
Although there are more countries implementing regulation for the
monitoring of PFAS, there is still the need for real-time data of
these compounds in wastewater treatment facilities. Remote
analytical testing will help improve the monitoring and remediation
of PFAS, for this more portable and accessible detection methods
are required.
Growing Consumer Interest in Water Safety and Quality
The rising number of waterborne disease outbreaks, adulteration
cases, and toxicity have increased the threat to water safety.
According to the Centers for Disease Control and Prevention (CDCP),
diseases spread through water affect over 7 million people in the
United States every year. In addition, waterborne diseases are
responsible for many different types of illnesses, including
respiratory illnesses, neurological illnesses, skin problems,
gastrointestinal illnesses, and bloodstream infections. Also,
people are infected by waterborne germs not just when they drink
water but also when they breathe in contaminated water droplets or
when water gets in their ears or nose. With the increasing
incidences of diseases and awareness about waterborne diseases
across the world, the current water safety testing market is
shifting toward rapid microbiological tests. Growing consumer
interest in water quality has propelled high technological
advancements, thereby driving the water safety testing market in
both developing and developed countries. Enhanced surveillance and
detection methods have also contributed to the growth of water
safety testing scenarios, specifically in developed economies.
+44 (0) 7340 055
DeepVerge plc Gerard Brandon, CEO 648
SPARK Advisory Partners Limited Neil Baldwin/Andrew +44 (0) 113 370
(Nominated Adviser) Emmott 8974
--------------------- -----------------
Turner Pope Investments (TPI) Andy Thacker/James +44 (0) 20 3657
Limited (Broker) Pope 0050
--------------------- -----------------
Market Abuse Regulation (MAR) Disclosure
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
About DeepVerge plc (www.deepverge.com)
DeepVerge is an environmental and life science group of
companies that develops and applies AI and IoT technology to
analytical instruments for the analysis and identification of
bacteria, virus and toxins; Utilising artificial intelligent data
analytics to scientifically prove the impact of skincare product
claims on skin
About Abingdon Health (www.abingdonhealth.com)
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.
[i]
https://www.mordorintelligence.com/industry-reports/water-testing-market
[ii]
https://www.waterworld.com/drinking-water/treatment/press-release/14203633/epa-adds-new-pfas-to-its-drinking-water-treatability-database
[iii]
https://norden.diva-portal.org/smash/record.jsf?pid=diva2%3A1295959&dswid=-5995
[iv]
https://www.waterworld.com/drinking-water/treatment/press-release/14203633/epa-adds-new-pfas-to-its-drinking-water-treatability-database
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