Abingdon Health (“Abingdon”) is pleased to confirm the completion of an equity funding round led by Chris Hand (Chairman) and Chris Yates (CEO), alongside a number of existing equity investors. The investment will support the ongoing growth of the Group’s lateral flow activities.
The Group’s contract services business has continued to expand in supporting customers across the healthcare, veterinary, agri-food and environmental sectors with their lateral flow assay, reader development and manufacturing projects. Abingdon also develops its own lateral flow products in areas of significant unmet need. The first of Abingdon’s internally developed products, Seralite®, a test for the diagnosis and monitoring of patients with the blood cancer multiple myeloma, is now distributed by French multinational Sebia SA in over 70 countries worldwide.
The lateral flow market size is approximately $5.5bn per annum and projected to grow at a compound annual growth rate of 8.2% per annum (2017-2022: Source: MarketsandMarkets.com). The key growth drivers include technological improvements allowing for improved lateral flow performance, increased acceptance of point-of-care testing as an alternative to laboratory-based testing, as well as sector specific drivers, such as an ageing global population and a high prevalence of infectious disease in clinical markets.
Dr. Chris Hand, Chairman of Abingdon Health, commented:
“We are delighted to complete this refinancing of Abingdon to provide additional growth capital for the business, while also simplifying the Group’s balance sheet. I would like to thank all of our investors and shareholders for their support during this process.
“We are excited to execute on our focused growth plan within the lateral flow market. We will continue to work closely with our contract customers to support their development and manufacturing needs. Furthermore, our internal development activities are targeting opportunities for lateral flow tests and readers in areas of significant unmet need.”
Abingdon Health’s mission is to improve life through innovation in rapid testing.
We pursue this mission using our rapid testing expertise to support our customers taking their projects through development and into high-throughput automated manufacturing. We focus on operational excellence to provide our customer with efficient, effective, automated and scalable development and manufacturing to support their ambitious plans and objectives.
Abingdon Health is headquartered in York, UK, with sites in both York, Doncaster and Birmingham.