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(Sharecast News) - Abingdon Health said five contract development projects are already underway at its newly opened Madison, Wisconsin facilities on Monday, as it accelerated its US expansion and prepares to add high-throughput manufacturing capacity.
The AIM-traded lateral flow diagnostics specialist launched its US contract development and manufacturing organisation (CDMO) operations in April, and had since signed agreements covering areas including pharmaceutical monitoring, veterinary testing, infectious disease diagnostics for animals and humans, and feasibility work on novel nanoparticles with a leading US university.
All projects were being run from Madison with support from Abingdon's UK sites.
The company said the wins highlighted growing demand for its end-to-end CDMO platform, which it said offered clients the ability to take an idea "through to commercial success" and provided optionality for manufacturing in both the US and UK.
Phase two of the Madison expansion would see the installation of high-throughput equipment replicating UK facilities, enabling customers to scale production under identical conditions on either side of the Atlantic.
"These contract awards validate our decision to expand our CDMO operations into the US and we anticipate further expansion in Madison, Wisconsin, as projects and products move through the development cycle," said Dr Chris Hand, executive chairman of Abingdon Health.
"It is pleasing to see our US customers recognise the value of our comprehensive CDMO platform.
"We deliver end-to-end diagnostic solutions from initial concept through to market launch, and these contract wins illustrate strong confidence in our approach from US-based clients."
At 1412 BST, shares in Abingdon Health were up 11.43% at 5.85p.
Reporting by Josh White for Sharecast.com.
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