Design freeze completion & strategic partnership

Abingdon Health PLC

25 March 2024

 

Abingdon Health plc

("Abingdon" or "the Company")

Four sexually transmitted disease lateral flow self-tests complete design freeze.

Exclusive global manufacturing plus UK and European distribution rights via strategic partnership with USA-based Find Out From Home LLC.

York, U.K. 25 March 2024: Abingdon Health plc (AIM: ABDX), a leading international lateral flow contract development and manufacturing organization (CDMO), announces the completion of 'design freeze' for four sexually transmitted disease self-tests via a CDMO contract (the "Project") on behalf of its customer, Devyn LLC ("Devyn").

Further to the above, Abingdon announces that it has entered into a strategic partnership with Find Out From Home LLC ("Find Out"), a subsidiary of Devyn, via a service for equity agreement (the "Agreement").

Highlights:

·    LFDs for self-test use for HIV, Hepatitis B, Hepatitis C and Syphilis have completed design freeze.

·    Abingdon will continue to provide regulatory and technical transfer CDMO services to Find Out throughout H2-FY24.

·    As part of the strategic partnership agreement, Abingdon will take a significant minority equity stake in Find Out.

·    Following provision by Abingdon of CRO and CDMO services over the past twelve months the initial four products are now at design freeze and ready for transfer to manufacture.

·    Abingdon will be the exclusive manufacturer and regulatory partner for these products.

·    Abingdon will lead distribution of these products in UK and Europe, via current and new routes to market, with rights to provide these products to retailers in own brand format.

Background

Abingdon has been providing CRO and CDMO contract services to Find Out From Home for the past twelve months and four of the five STD lateral flow tests have now reached design freeze stage, with 1 additional test to follow in due course. As part of the strategic partnership Abingdon will provide exclusive CDMO services to Find Out, including becoming exclusive manufacturer and regulatory partner, and will also lead the distribution of these innovative products in Europe.

Target Market

The global sexually transmitted disease testing market size is predicted to grow at a CAGR of over ~6% from 2023 to 2035⁽¹⁾. The market is projected to grow to $145 billion by the end of 2035, up from a revenue of $95 billion in the year 2022. Rising cases of sexually transmitted diseases (STDs) in the young adult population, subsequent unsafe sex, and declining awareness of safe sex among young adults are expected to increase transmission of the disease.

The Agreement

Abingdon has signed an Agreement whereby it will invest, over time, the equivalent of up to £500k in fees due to Abingdon from Find Out as consideration ("Consideration"). In exchange, Abingdon will acquire, pro rata to the Consideration invested, equity ownership in Find Out of up to 23%.

Chris Yates, CEO of Abingdon, will become a director of Find Out upon Abingdon becoming a shareholder.

Find Out is a newly formed entity in which Devyn is currently a 100% shareholder. Find Out has not yet completed a reporting period meaning there are no profits or net assets reported within the entity. Since its incorporation, assets including intellectual property, have been transferred to Find Out from Devyn.

Chris Yates, CEO of Abingdon Health plc, commented: "We are delighted to announce the strategic partnership with Find Out From Home. We have been working with the team at Find Out for the past year and are pleased that the initial set of four STD lateral flow tests have now reached design freeze. We look forward to deepening our partnership with Find Out going forward and ultimately launching these rapid STD tests into the European market. We believe there is a significant unmet need for accurate, user-friendly STD lateral flow tests and this partnership underlines our approach in supporting customers on bringing innovative lateral flow tests from "idea to commercial success".

Yannick Namia, CEO of Find Out From Home LLC., commented:

"Our vision to make testing for STDs easy and affordable to everyone is coming to fruition through our partnership with Abingdon Health. Our first test kits will hit the market in Europe and we plan to deepen this partnership with other markets and other types of test in the future."

(1)   Sexually Transmitted Disease Testing Market revenue to exceed USD 145 Billion by 2033, says Research Nester (yahoo.com)

Enquiries

Abingdon Health plc	www.abingdonhealth.com/investors/
Chris Yates, Chief Executive Officer
Chris Hand, Non-Executive Chairman
Singer Capital Markets (Sole Broker and Nominated Adviser)	Tel: [phone]
Tom Salvesen Peter Steel Alex Bond Jalini Kalaravy

Further Information

About Abingdon Health plc

Abingdon Health is a leading lateral flow contract development and manufacturing organisation (CDMO) offering its services to an international customer base across industry sectors that include clinical, animal health, plant health, and environmental testing. Abingdon Health has the internal capabilities to take projects from initial concept through to routine and large-scale manufacturing; from "idea to commercial success."

The Company's CDMO division 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. 

Abingdon Health's Abingdon Simply Test range of self-tests is an ecommerce platform that offers a range of self-tests to empowers consumers to manage their own health and wellbeing. The Abingdon Simply Test ecommerce site offers consumers a range of information to support them in making informed decisions on the tests available. In addition, the site provides Abingdon's contract services customers with a potential route to market for self-tests. The Abingdon Simply Test range is also sold through international distributors and through other channels in the UK and Ireland such as pharmacy chains.

Founded in 2008, Abingdon Health is headquartered in York, England.

For more information visit: www.abingdonhealth.com

 

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