Abingdon Health secures $2m contract with US-based client

(Sharecast News) - Abingdon Health announced on Monday that it has secured a contract worth about $2m to develop and scale up a new multiplex lateral flow diagnostic test for a US-based client. The AIM-traded diagnostics company said it had signed a master service agreement covering feasibility, optimisation, scale-up and technical transfer to manufacturing of a semi-quantitative multiplex test system capable of detecting multiple analytes.

It said the project, which would run over approximately 24 months, would be conducted at Abingdon's Madison, Wisconsin facility.

The company said the deal reflected the strength of its contract development and manufacturing (CDMO) platform, designed to support customers from concept through to commercial production.

It added that the expansion of its US manufacturing capacity in Madison - accelerated following a recent £3.2m fundraise - was enabling it to meet increasing demand from American clients while drawing on its broader regulatory and technical expertise in York.

"This contract award demonstrates the value of our comprehensive CDMO platform, and the benefit of our dual sites in USA and UK," said executive chairman Dr Chris Hand.

"It also illustrates the power and flexibility of lateral flow testing."

Dr Hand said the ability to measure multiple analytes semi-quantitatively, in a single test system, illustrated the utility of lateral flow testing "beyond the more widely known" single parameter qualitative devices.

"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."

At 1537 GMT, shares in Abingdon Health were up 13.21% at 8.21p.

Reporting by Josh White for Sharecast.com.