REG - Abingdon Health PLC - Opening of US commercial office and laboratory

Abingdon HealthAnnouncement

15/10/2024 07:00

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RNS Number : 1345I  Abingdon Health PLC  15 October 2024

 

 

Abingdon Health plc

("Abingdon" or the "Group")

 

Opening of US commercial office and laboratory

 

York, U.K. 15 October 2024: Abingdon Health plc (AIM: ABDX), a leading
international medical device contract development and manufacturing
organisation (CDMO), announces it has signed a lease to open a commercial
office and laboratory in Madison, Wisconsin, USA. The site will commence
operations in October 2024 and is expected to become fully operational in
early 2025. This US footprint will enable Abingdon to provide additional CDMO
support to its broadening international customer base and be closer to large
customers in North America.

 

The USA is the largest medical device market in the world, comprising over 40%
of the global medtech market and containing over 6,500 medtech companies(1).
Abingdon has built a portfolio of valued US customers across its various
service solutions and the Board believes there is a timely and significant
opportunity to expand its US customer base. A number of potential US customers
have requested CDMO services to be delivered / supported from the USA. This is
in part linked to a continued drive towards onshoring in the US, but also a
prerequisite for projects that form part of US-based tender awards or qualify
for US grant funding. The Board believes that the new US site, as well as
building the Group's capabilities in the US, will expand the number of
possible commercial opportunities available. Circa 30% of Abingdon's revenues
in the last financial year were derived from the United States.

 

The Group's newly incorporated wholly owned subsidiary, Abingdon Health USA
Inc, will operate from the University Research Park in Madison, Dane County,
Wisconsin. Madison and the surrounding area and state have long been regarded
a healthcare and life sciences centre in the US.  In fact, in July 2024, US
Senator Tammy Baldwin announced that Wisconsin was selected as one of 12
national Tech Hub applicants awarded a Phase 2 Implementation Grant under the
U.S. Economic Development Administration's (EDA) Regional Technology and
Innovation Hubs (Tech Hubs) program(2), to support the state in growing its
personalized medicine and biohealth technology industry. In addition,
Wisconsin offers Abingdon additional ample opportunities in the veterinary and
agricultural sectors, both traditional areas of strength for the Group.

 

As previously disclosed on 8 October 2024 in the Final Results announcement;
in order to support the next phase of Abingdon's growth, the Board announced
the following management changes:

 

-    Dr Chris Hand will move to Executive Chairman and lead Abingdon's
operations with immediate effect.

-    Chris Yates, CEO, will lead Abingdon's USA expansion and global
commercial activities in the UK, Europe, US and other territories.

 

Abingdon is in the process of recruiting a Chief Financial Officer and will
further strengthen its Board by adding an additional independent Non-Executive
Director.

 

These hires will bring Abingdon in line with QCA Corporate Governance Code
recommendations on Board composition. The Group will update on these new
appointments in due course.

 

Chris Yates, CEO of Abingdon Health plc, commented:

"I'm looking forward to driving Abingdon's worldwide commercial activities
and, in particular, expanding our customer base in the US, the largest
med-tech market globally. Our laboratory site in the US will mean we can offer
US customers the opportunity to buy their services in the US; this is a first
step for Abingdon to provide a broader CDMO proposition from within the US
market. I'd like to thank Chris Hand for his flexibility in moving to an
Executive role to support these changes. His experience and expertise will be
invaluable in maintaining full business continuity, scaling our operations,
and facilitating this expansion into the US."

 

Chris Hand, Executive Chairman of Abingdon Health plc, commented:

"Expansion into the USA is a key step in the Group's growth plans, and I am
pleased that Chris Yates has accepted the challenge to lead the establishment
of Abingdon's US base in Madison, WI; oversee our US operations; and manage
our global commercial activities. We have a strong operational team at
Abingdon, and I am delighted to take on an expanded executive role to
facilitate Chris Yates' ability to focus on our US expansion and global sales
growth."

 

Lisa Johnson, CEO of BioForward Wisconsin, commented:

"On behalf of the biohealth community in Wisconsin, we welcome Abingdon Health
to Madison. Abingdon Health is a leader in lateral flow diagnostic technology
with a unique, end-to-end value proposition for its customers. As a
publicly-traded UK company with a global presence, their decision to open a US
office here in Wisconsin provides yet more evidence of our state's growing
stature in personalized medicine and biohealth technologies. We look forward
to Abingdon Health complementing and strengthening our biohealth
ecosystem, and bringing more economic impact and jobs to Wisconsin."
 

 

Notes

(1)https://www.advamed.org/medical-device-industry-facts
(https://www.advamed.org/medical-device-industry-facts)

(2)
https://www.eda.gov/funding/programs/regional-technology-and-innovation-hubs
(https://www.eda.gov/funding/programs/regional-technology-and-innovation-hubs)

 

Enquiries

 

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

 Zeus Capital (Sole Broker and Nominated Adviser)                           Tel: +44 (0) 20 7220 1666
 Chris Fielding / Isaac Hooper (Corporate Finance)
 Fraser Marshall (Corporate Broking)

 Walbrook PR (Media & Investor Relations      Tel: +44 (0)20 7933 8780 or abingdon@walbrookpr.com
                                              (mailto:abingdon@walbrookpr.com)
 Paul McManus / Alice Woodings                Mob: +44 (0)7980 541 893 / +44 (0)7407 804 654
 Phillip Marriage                             +44 (0)7867 984 082

 

 

About Abingdon Health plc

Abingdon Health is a leading med-tech contract service provider offering its
services to an international customer base.

 

The Group's CDMO division (https://www.abingdonhealth.com/services/) offers
lateral flow 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's
CDMO division has the internal capabilities to take lateral flow projects, in
areas such as infectious disease and clinical testing, including companion
diagnostics, animal health and environmental testing, from initial concept
through to routine and large-scale manufacturing; from "idea to commercial
success".

 

Abingdon's regulatory services companies, Compliance Solutions (Life Sciences)
(https://cslifesciences.com) and IVDeology (https://www.ivdeology.co.uk) ,
provide a broad range of regulatory services to the in vitro diagnostic and
wider medical device industry, to support customers in bringing products to
market across a range of territories including the USA, EU and the UK. Our
consultancy services range from design, implementation and maintenance of
quality management systems, preparation of technical files for regulatory
approvals, part-time and interim management support, auditing both internal
and external, management reviews and presentations, training and mentoring.

 

Abingdon Health's Abingdon Simply Test range of self-tests is an e-commerce
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) e-commerce 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/)

 

About BioForward Wisconsin

Founded in 1987 as the Wisconsin Biotechnology Association, BioForward was
formed as a partnership among leaders in Wisconsin's emerging biotechnology
industry. The Association joined forces in 2002 with medical device
manufacturers and became the Wisconsin Biotechnology and Medical Device
Association and later rebranded in 2009 as BioForward. Over time, membership
has grown to include key industry sectors across a broad cross-section of
biohealth specialties, with several key initiatives being put in place to
support members, strengthen the industry, and build the community.

 

For more information visit: www.bioforward.org (http://www.bioforward.org)

 

 

 

 

 

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