York, U.K. 7 September 2023:
Abingdon Health plc (AIM: ABDX), announces a partnership with leading designer Morrama Ltd (“Morrama”), a UK-based certified B-Corp design agency, to accelerate the development of plastic free lateral flow housings.
As part of the agreement, both Abingdon Health and Morrama will invest in a new company, Eco-Flo Innovations Ltd, that will focus on developing sustainable product design solutions for the lateral flow market. As part of the agreement Morrama will assign the intellectual property and know-how of their novel Eco-Flo material into Eco-Flo Innovations Ltd.
Abingdon Health and Morrama intend to make their first plastic-free, compostable cassette (“Eco-Flo”) available to customers within the next 12 months. The brand-new plastic free cassette will be manufactured in the UK and will utilise renewable plant fibre moulding technology that reduces CO2 emissions by 80% compared to the equivalent single-use plastic. The initial design will look to offer a straight swap from traditional plastic cassettes, breaking down any barrier for companies looking to reduce the impact of their assays and reduce the plastic use across the full test kit by 62%. In addition, the Eco-Flo Innovations team are already exploring ways to remove or switch out the remaining plastic content in tests as well as other aspects of lateral flow product design such as product packaging.
Lateral flow tests use became mainstream during the COVID-19 pandemic and have been vital part of diagnostics for decades, from pregnancy to plant health. In this period there has been limited change to test kit design and materials since their conception, but with the global push to minimise the environmental impact of single-use products, there is a pressing need to implement more environmentally sustainable solutions. It is estimated there are over two billion lateral flow immunoassays manufactured annually and the lateral flow market is set to grow from $43 billion in 2022 to $72bn by 2024. Given the scale of the market and its growth there is an increased need to consider the environmental impact of lateral flow tests. It is estimated that there are 25,000 tonnes of plastic produced globally for rapid testing every year, with an average test containing 10-15g of single-use virgin plastic.
The Board notes that the investment in Eco-Flo Innovations Ltd will have no material impact on the Company’s cash position.
Chris Yates, CEO of Abingdon Health plc, said: “We are delighted to be partnering with Morrama to support the development of innovative, environmentally friendlier components and packing solutions for the lateral flow industry. Alongside Jo and the team at Morrama, we are keen to lead this change and provide our customers with viable sustainable alternatives to the traditional materials currently used.”
Jo Barnard, Founder and Creative Director at Morrama added, “The development of Eco-Flo represents a vital step forward in reducing the environmental impacts of lateral flow testing and we are incredibly excited to have Abingdon Health on board to accelerate this development and bring their years of expertise into the project. This could offer a simpler, more accessible, and more sustainable option, designed with people and the planet in mind.”
Abingdon Health plc Via Walbrook PR
Chris Yates, Chief Executive Officer
Melanie Ross, Chief Financial Officer
Chris Hand, Non-Executive Chairman
Singer Capital Markets (Sole Broker and Nominated Adviser) Tel: +44 (0)20 7496 3000
Peter Steel, Alex Bond (Corporate Finance)
Tom Salvesen (Corporate Broking)
Walbrook PR Limited Tel: +44 (0)20 7933 8780 or [email protected]
Paul McManus / Phillip Marriage +44 (0)7980 541 893 / +44 (0)7867 984 082
Alice Woodings Mob: +44 (0)7407 804 654
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® 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
About Morrama Ltd.
Morrama is an award-winning design and innovation consultancy founded in 2015. The team works with startups and established businesses looking for a fast-paced design process; combining user experience, manufacturing feasibility and sustainability considerations to create beautiful products and experiences. With a track record in designing products that have helped start successful businesses, Morrama underpins its creative process with a strong sense of storytelling to create simple, elegant products that resonate with the user. https://www.morrama.com/
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.