Supply agreement for Abingdon COVID-19 tests

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 Nominated Adviser)			Tel: [phone]
Peter Steel, Alex Bond (Corporate Finance)
Tom Salvesen (Corporate Broking)
Walbrook PR Limited		Tel: [phone] or  [e-mail]
Paul McManus / Phillip Marriage	Mob: [phone]
Alice Woodings	Mob: [phone]

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^®, 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 via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 

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