Purchase of 10m Abingdon Health Simply Test COVID-19 antigen tests; subject to Taiwan FDA approval of test
Supply agreement between Abingdon Health and Taiwanese Arise Corporation confirmed
York, U.K. 6 June 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 supply agreement (the “Agreement”) with Taiwanese Arise Corporation (“Arise”) for 10 million Abingdon Simply Test COVID-19 antigen tests (“Abingdon Simply Test”).
Arise was established in 1971 and is a company incorporated in Taiwan with business activities in Taiwan, Japan, Singapore and other Asian countries.
Abingdon will be launching, in calendar Q3 2022, a new e-commerce site, which will feature a range of lateral flow self-tests and professional-use tests under the Abingdon Simply Test brand. The COVID-19 test is one of these Abingdon Simply Tests.
Following execution of this Agreement the Company will receive a purchase order for 10 million tests. The purchase order will be subject to the Abingdon Simply Test receiving Taiwan Emergency Use Authorization (“EUA”). Once EUA is achieved Arise will issue Abingdon Health an irrevocable and confirmed revolving letter of credit for full payment of each shipment under this Agreement. The EUA process is underway but Abingdon Health does not have visibility on the timing for the completion of the EUA application review process. Abingdon Health will confirm to investors as soon as the Company is informed that the process has concluded. The Abingdon Simply Test is being provided by Abingdon Health in collaboration with a manufacturing partner.
As part of the supply agreement Arise Biotech also have an option to purchase a further 20 million Abingdon Simply Tests. Due to commercial confidentiality the purchase price of the tests is not being disclosed but Abingdon Health confirms that this is a material contract subject to EUA as described above.
Chris Yates, CEO of Abingdon Health plc, commented: “We are delighted to have secured such a significant agreement with Arise Biotech for the supply of Abingdon Simply Test COVID-19 tests for Taiwan. We must be clear with investors that fulfilment of this order depends on the successful completion of the Taiwan EUA application process, and we will update investors as soon as we can on this.”
Samuel Chou, Chairman of Arise Corporation, commented: “We are greatly blessed with the opportunity to work with Abingdon Health, on our mission for global equitable access to diagnostics. May this project be yet another testimony of God’s grace.”
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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