Listed bio science firm helps roll out a million Covid-19 test sets
Bio Science business Abingdon Health is forecasting revenues of about £7.7m, (H1 2019/20: £1.5m) in its trading update for the six months ended 31 December 2020.
The York and Doncaster-based company says second quarter revenue will be significantly ahead of the first quarter, highlighting growth in activity in line with new product approvals and increased levels of manufacturing capacity.
In December, the company announced its IPO on the AIM market of the London Stock Exchange, raising £22m (before expenses). The cash position as of 31 December 2020 was £16.4m.
Along with UK-RTC consortium partners, Abingdon has now completed the delivery of an order of one million AbC-19 anti-spike IgG devices to the Department of Health and Social Care (DHSC) on 8 January 2021.
This Covid-19 rapid antibody test was approved for professional use in the UK and EU last summer. The company is continuing to manufacture the test in anticipation of additional orders.
Further to its IPO, Abingdon is continuing to invest further in its automated manufacturing capacity and is planning to expand both its York and Doncaster sites.
Chris Yates, chief executive officer of Abingdon Health, said: “As a result of ongoing investment in our facilities and the monies raised at our recent IPO, we will see our automated capacity increase significantly in the second half and into the next financial year, and we look forward to working with our customers to support their exciting growth plans.
“The AbC-19TM Rapid Test is an IgG neutralising antibody test and therefore we expect it will have a key role to play in mitigating the future impact of the pandemic.
“The company is currently working closely with commercial and academic partners to build the data set(s) around the use-case for the AbC-19TM Rapid Test alongside vaccines and as an indicator of neutralising antibody production post infection.”
Yates will be one of the speakers at the latest webinar arranged by TheBusinessDesk.com in partnership with the Northern Powerhouses Investment Fund (NPIF) this coming Thursday morning – 28 January.
Alongside the trading update the firm has also confirmed the appointment of Melanie Ross to the board as chief financial officer, with finance director Scott Page stepping down from the board and appointed company secretary.
Ross is a highly experienced executive with a strong track record of process and business improvement, alongside broad experience in managing rapidly growing businesses, fund raisings, acquisitions, and corporate governance.
Most recently she was group finance director at GVO-B1, and prior to that served as chief financial officer and chief operating officer at AIM-listed Surgical Innovations Group where she was instrumental in leading the company to profitability.
Ross said: “Having seen the way the company has responded to the Covid-19 pandemic and its growth in 2020, I’m highly excited to be joining Abingdon Health at this time.
“To be part of the development and roll-out the AbC-19TM Rapid Test for antibodies to Covid-19, a powerful diagnostic tool for these times, as well as a portfolio of other Covid-19 and non-Covid-19 lateral flow services in areas such as infectious disease, oncology, and animal health, is something I am relishing.”
