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(Sharecast News) - Rapid tests developer Abingdon Health has secured a new ¬2.0m contract with a leading European biotech firm for the continued development and regulatory approval of a companion diagnostic lateral flow point-of-care test.
Following the successful completion of the feasibility stage of the development process, the AIM-listed group has now signed a Master Service Agreement which covers the optimisation, scale-up, technical transfer and manufacturing of the completed product alongside comprehensive regulatory support.
Abingdon Health said on Thursday that most of the project and associated revenue will fall into FY26 and said the contract win underlines the strength of its contract development and manufacturing organisation offering.
Executive chairman Dr Chris Hand said: "Our approach is to offer customers a complete diagnostic solution; from concept to commercial success and we are pleased to see this resonating well with customers as evidenced by this contract win. Our expertise in companion diagnostics product development is increasingly a major differentiator.
"In this contract, we are fully managing the companion diagnostic development process alongside our client's therapeutic drug development process, which adds significant complexity."
As of 1125 BST, Abingdon shares were up 8.38% at 7.04p.
Reporting by Iain Gilbert at Sharecast.com
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