ADMISSION TO TRADING ON AIM & FIRST DAY DEALINGS

RNS Number : 6282I

Abingdon Health PLC

15 December 2020

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT

15 December 2020

ABINGDON HEALTH PLC

("Abingdon Health" or the "Company")

ADMISSION TO TRADING ON AIM AND FIRST DAY OF DEALINGS

Abingdon Health plc, a lateral flow diagnostics company providing contract service solutions to a global client base in the healthcare sector and other industries, is pleased to announce the admission of its entire issued and to be issued ordinary share capital to trading on the AIM market of the London Stock Exchange ("Admission"). Dealings in the ordinary shares of the Company will commence today at 8.00 a.m. under the ticker "ABDX" and the ISIN "GB00BLF79J41".

The Company has successfully raised £22 million (before expenses) by way of a placing of 22,916,666 ordinary shares of 0.025 pence each ("Ordinary Shares") with institutional investors at a price of 96.0 pence per Ordinary Share (the "Placing Price"). Abingdon Health's market capitalisation at the Placing Price on admission will be approximately £92 million. N+1 Singer is acting as Sole Broker and Nominated Adviser in relation to Admission.

The Company's admission document is available to view on its website at: www.abingdonhealth.com

Chris Yates, Chief Executive Officer of Abingdon Health, commented: "We are pleased to have achieved this important milestone and to be making our debut on the AIM market of the London Stock Exchange today.  The money raised will, amongst other things, enable us to scale up our manufacturing in order to meet the demand for our AbC-19^TM rapid lateral-flow test and allow us to further establish our global commercial and operational footprint.  I would personally like to thank our new and existing investors for their support, and our dedicated staff for their hard work and diligence.  We are looking forward to this next exciting chapter in Abingdon Health's development."

Mark Wyatt, Investment Director for Mercia*, said: "It has been a pleasure working with the experienced team at Abingdon Health and seeing them delivering on a very focused and ambitious business proposition.  Abingdon Health is a good example of the sort of business that the Northern Powerhouse Investment Fund is looking to support, and it is great to see Abingdon Health showcasing the strong research and development and manufacturing capabilities available in the North of England.  We are delighted that the future potential of the company is being supported by the wider investment community and we look forward to watching the Company flourish during its next phase of growth."

Ken Cooper, MD of the British Business Bank said : "With £500m of funding to back ambitious companies across the North, NPIF is committed to supporting companies like Abingdon Health on their growth journey. This is an excellent example of an NPIF investee business growing in value, while driving innovation and employment opportunities in the region. The Company's AIM listing is a vote of confidence in its future growth plans and we wish Chris and the team every success in the future."

* Mercia will hold 18.9% of the Company's voting rights on Admission.

Enquiries:

Abingdon Heath plc
Chris Yates	Chief Executive Officer	Via Consilium
Chris Hand	Non-Executive Chairman
Scott Page	Finance Director
N+1 Singer	Sole Broker and Nominated Adviser	Tel: [phone]
Shaun Dobson
Peter Steel
Alex Bond
James Fischer
Consilium	Financial PR	Tel: [phone]
Matthew Neal		[e-mail]
Mary-Jane Elliot  Lindsey Neville

Department of Health and Social Care (DHSC) framework agreement

As disclosed in the Company's Admission Document, the DHSC framework agreement covers the manufacture of up to an initial 10 million antibody tests (with scope to extend by a further 5 million) by the UK Rapid Test Consortium, of which the Company is the lead partner. The agreement contains certain termination rights in favour of the DHSC as disclosed on page 34 of the Admission Document. 

About Abingdon Health plc

Established in 2008, Abingdon Health is a lateral flow diagnostics company providing contract service solutions to a global client base in the healthcare sector and other industries. Services offered by the Company to its clients including product development, regulatory support, technology transfer and commercial manufacturing.

The Company has developed and is manufacturing the AbC-19^TM Rapid Test, an antibody test for Covid-19 indicating whether a person is generating IgG antibodies to the spike protein of the SARS-CoV-2 virus. The Company is also working on the transfer of customers' Covid-19 antigen tests to manufacture, and is also manufacturing a component of a rapid PCR (polymerase chain reaction) test.  The Company also produces lateral flow tests covering non-Covid-19 applications in areas such as infectious disease, oncology, animal health and environmental testing.

The Company's main country of operation is the United Kingdom.

For more information visit www.abingdonhealth.com

 

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