Abingdon Health plc:

IPO on AIM raising £22 million

Abingdon Health plc 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. Dealings in the ordinary shares of the Company commenced today at 8.00 a.m.

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 with institutional investors at a price of 96.0 pence per Ordinary Share, with a market capitalisation of approximately £92 million.

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-19TM 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.”

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

Singer Capital Markets is acting as Nominated Adviser and Sole Broker to Abingdon Health plc.

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-19TM 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.

Ticker: ABDX
Market Cap: £92 million*
Website: Click here

*As at 15/12/2020