Significant contract signed to manufacture lateral flow device components
Initial phase worth a minimum of £2.7 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 £2.7m (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.”
Abingdon Health plc
Chris Yates, Chief Executive Officer
Via Walbrook PR
Melanie Ross , Chief Financial Officer
Dr Chris Hand, Non-Executive Chairman
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