ABCAM Plc AxioMx technology milestones accelerated (8022O)
November 10 2016 - 2:00AM
UK Regulatory
TIDMABC
RNS Number : 8022O
ABCAM Plc
10 November 2016
10 November 2016
ABCAM PLC
("Abcam" or "the Company")
Progress ahead of schedule, AxioMx technology milestones
accelerated
Cambridge, UK: Abcam plc (AIM: ABC), a global leader in the
supply of life science research tools, announces that, further to
the acquisition of AxioMx, Inc. ("AxioMx") in November 2015, it has
agreed to accelerate certain performance milestones associated with
the development of the product technology.
As previously announced, the acquisition was structured with an
upfront payment of $20m with certain further performance-based
payments over a five-year period, up to a maximum of $25m subject
to the completion of a number of technical milestones.
The AxioMx and Abcam teams have worked closely together and the
Board is accelerating the payment of the milestones in recognition
of the technical success. Abcam has confidence in the technology
and the acceleration of the milestones enables the teams to focus
on the scale up and commercialisation of new products.
Abcam will pay a total of $10.3m, of which $6.2m will be
satisfied in cash from the Company's existing cash reserves and
$4.1m by the issue of new shares. By accelerating the milestone
payments Abcam will make a total saving of $4.5m from the maximum
amounts payable under these milestones. Additional
performance-based milestone payments may still be paid up to a
maximum of $5.0m.
Alan Hirzel, CEO of Abcam said:
"We are delighted with the technical development progress and to
be able to accelerate the payment of the AxioMx milestone payments.
The scalable in vitro recombinant monoclonal antibody platform has
enhanced Abcam's existing antibody and immunoassay capabilities and
we continue to provide high quality and economically attractive
methods to serve customers in research, diagnostic and drug
discovery laboratories globally."
For further information, please contact:
+ 44 (0) 1223
Abcam 696 000
Alan Hirzel, Chief Executive
Officer
Gavin Wood, Chief Financial Officer
Julia Wilson, Investor Relations
J.P.Morgan Cazenove - Nominated + 44 (0) 20 7742
Advisor & Corporate Broker 4000
James Mitford / Christopher Cargill
+ 44 (0) 20 3727
FTI Consulting 1000
Ben Atwell / Brett Pollard /
Natalie Garland-Collins
##Ends##
Notes for editors:
About Abcam plc
As an innovator in reagents and tools, Abcam's purpose is to
serve life science researchers globally to achieve their mission,
faster. Providing the research and clinical communities with tools
and scientific support, the Company offers highly validated
biological binders and assays to address important targets in
critical biological pathways.
Already a pioneer in data sharing and ecommerce in the life
sciences, Abcam's ambition is to be the most influential company in
life sciences by helping advance global understanding of biology
and causes of disease, which, in turn, will drive new treatments
and improved health. Two-thirds of the world's 750,000 life science
researchers use Abcam's affinity binders, reagents, biomarkers and
assays and the Company's products are mentioned in over 20,000 of
the 56,000 peer-reviewed papers published each year in the life
sciences.
By actively listening to and collaborating with researchers, the
Company continuously advances its portfolio to address their needs.
A transparent programme of customer reviews and datasheets,
combined with an industry-leading validation initiative, gives
researchers increased confidence in their results.
Abcam's twelve locations are located in the world's leading life
science research hubs, enabling local services and multi-language
support. Founded in 1998 and headquartered in Cambridge, UK, the
Company sells to more than 100 countries. Abcam was admitted to AIM
in 2005 (AIM: ABC).
To find out more, please visit www.abcam.com and
www.abcamplc.com
About AxioMx
AxioMx was founded in 2012 by Dr. Michael Weiner and Christopher
McLeod and was acquired by Abcam plc in November 2015. It has
created a powerful and scalable in vitro recombinant monoclonal
antibody technology which complements Abcam's existing antibody and
immunoassay capabilities by targeting attractive and growing
markets that traditional in vivo antibody production methods
struggle to address. In addition to opening new markets, AxioMx's
antibody and binder development capabilities mean that high quality
antibodies can be produced within weeks, which is significantly
faster than in vivo methods.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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