Abingdon Health PLC Supply agreement for Abingdon COVID-19 tests (6886N)
June 06 2022 - 2:02AM
UK Regulatory
TIDMABDX
RNS Number : 6886N
Abingdon Health PLC
06 June 2022
Abingdon Health plc
("Abingdon Health" or the "Company")
Supply agreement for Abingdon Simply Test COVID-19 antigen
tests
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."
Enquiries:
Abingdon Health plc www.abingdonhealth.com/investors/
Chris Yates, Chief Executive Officer Via Walbrook PR
Melanie Ross , Chief Financial Officer
Dr 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 Mob: +44 (0)7980 541 893 / +44 (0)7867 984 082
Marriage
Alice Woodings Mob: +44 (0)7407 804 654
About Abingdon Health plc
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.
For more information visit: www.abingdonhealth.com
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement
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