Abingdon shares memorandum hike with Deepverge
By Joe Hoppe
Shares of Abingdon Health PLC rose on Tuesday after it announced it had signed a memorandum of understanding with Deepverge PLC that will lead to a commercial agreement to develop and manufacture a range of lateral flow tests.
Shares at 0728 GMT were up 1.25 pence, or 12% at 12.0 pence.
The British diagnostics company said the deal would lead to a series of wearable tests for Deepverge’s Modern Water, Labskin and Skin Trust Medical divisions. A trade agreement should be signed by the end of April.
Abingdon said Deepverge has distribution channels in more than 60 countries and will enable the potential integration of the two companies’ technology platforms. Abingdon will grant Deepverge a non-exclusive, royalty-based worldwide license to use its technology, and it will pay single-digit percentage royalties on net sales of end products.
“Our UK facilities have a large capacity and we are delighted to be able to play a key role in preventing the spread of a range of diseases at home,” said Abingdon chief executive Chris Yates.
Abingdon said separately on Tuesday that it had signed a memorandum of understanding with Vatic Health Ltd. for a range of lateral flow tests for infectious diseases.
Write to Joe Hoppe at [email protected]