Abingdon Health shares rise as it wins US lateral flow contract
Abingdon Health PLC shares rose on Monday as it said it has won a new contract with an expected value of around $2 million.
The York, England-based maker of lateral flow diagnostic tests said it has signed a master service agreement with an unnamed US-based company for the development and scale up to manufacture of a ‘semi-quantitative, multiplex lateral flow test system’.
In response, shares in Abingdon Health rose 7.4% to 7.79 pence on Monday afternoon in London.
The agreement covers the feasibility, optimisation, scale-up and technical transfer to manufacturing of the test for multiple analytes, Abingdon Health said.
The project is expected to take around two years via works orders under the agreement, which are anticipated to total $2 million, the firm added.
‘This contract award demonstrates the value of our comprehensive [contract development and manufacturing organisation] platform, and the benefit of our dual sites in USA and UK. It also illustrates the power and flexibility of lateral flow testing,’ said Executive Chair Chris Hand.
‘The expertise and experience of Abingdon scientists and the full end-to-end CDMO service offering continues to resonate well with current and potential clients.’
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