REG - Abingdon Health PLC - Design freeze completion & strategic partnership

Abingdon HealthAnnouncement

25/03/2024 07:00

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RNS Number : 9783H  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)
(https://finance.yahoo.com/news/sexually-transmitted-disease-testing-market-110000522.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAABjeZ-mK51eQuxMK_1Tm68JXgL7IlSd_i30OebNcu5KdOehrF9j2ekqdeST8v35CPnp_VmeS7odaieELvclDg5R_hL3jy2dTRW_5coz14IuIfr1Mg51WP1m_5ab7gJ1eRSdWV0JuZajyegeHqtGhHC7p9VDVIM0rz0IGiKEN3FAk)

 

Enquiries

 

 Abingdon Health plc                                         www.abingdonhealth.com/investors/ (http://www.abingdonhealth.com/investors/)
 Chris Yates, Chief Executive Officer
 Chris Hand, Non-Executive Chairman

 Singer Capital Markets (Sole Broker and Nominated Adviser)  Tel: +44 (0)20 7496 3000
 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
(http://www.abingdonsimplytest.com) 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
(http://www.abingdonhealth.com/)

 

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