Abingdon Health: York-based test manufacturer announces new contract for £1.9m
York-based medical test manufacturer Abingdon Health has announced that it has secured a new contract worth around $2.5m (£1.9m).
The company said it had signed an agreement with an unnamed pharmaceutical firm for the development and regulatory approval of a lateral flow test.
Abingdon described the unnamed firm as a “leading global pharmaceutical company”.
Dr Chris Hand, executive chairman of Abingdon Health plc, said: "This contract award demonstrates the value of our comprehensive Contract Development and Manufacturing Organisation platform. This win reflects strong customer confidence in our integrated approach.”
The agreement will cover the manufacturing of the completed product, alongside regulatory support. Abingdon said the project is expected to take approximately 24 months.
The latest announcement comes after June saw Abingdon announce that it had entered a partnership to develop a new lateral flow test for avian flu.
Abingdon said at the time that it had entered a co-development, manufacturing and commercialisation agreement with Okos Diagnostics B.V, a Netherlands-based diagnostic company specialising in lateral flow technologies.
The agreement will see Abingdon and Okos collaborate to adapt Okos' prototype avian flu lateral flow test for applications in both animal and human health.
The partnership will initially focus on bovine health testing via milk samples and human health applications via nasal pharyngeal fluid.
Prior to the announcement, the state of Wisconsin, USA, had already announced that it would begin the testing of cows’ milk for avian flu, in a move Abingdon said indicated the “rapidly increasing” market for its new test.
Late last year, Abingdon also announced that It had signed a lease to open a new commercial office and laboratory in Wisconsin to support its ongoing growth plans.
The firm said that the move would allow it to “provide additional support to its broadening international customer base and be closer to large customers in North America”.
The US is the largest medical device market in the world, making up over 40 per cent of the global medtech market and containing around 6,500 medtech firms.
In its most recent interim results, Abingdon Health posted a pre-tax loss of £2.6m for the six months ending December 31, up from a loss of £1.2m in the same period the year prior.
The firm said it now expects to break even next year, adding that it had the foundations in place to build a “sustainably profitable company”.
Abingdon also posted revenue of £3.1m for the period, a 28 per cent uplift from the final six months of 2023.