Abingdon Health subsidiary secures significant contract
Lateral flow contract research and manufacturing specialist announced on Wednesday that its subsidiary CS Lifesciences has secured a significant contract worth over £0.5m.
The AIM-traded firm said the agreement, with a major global diagnostics company, involved work on quality management systems and regulatory approvals.
It said the contract would start in March and run for 12 months, generating steady revenue throughout the period.
It marked a key milestone for CS Lifesciences, which Abingdon Health acquired in August to enhance its capabilities in supporting customers across the in-vitro diagnostics (IVD) and medical device sectors.
The board said the acquisition had allowed Abingdon to broaden its service offerings, helping clients navigate compliance requirements and take their products from concept to market success.
"This contract illustrates one aspect of Abingdon's service offering in the medical diagnostic sector and to the wider med-tech industry," said Abingdon chief executive officer Chris Yates.
"Our full CDMO service, offering services to an international customer base, has been enhanced by our recent acquisition of CS Lifesciences, and I congratulate Edwin and the team on this contract win with a major diagnostics company."
At 1315 GMT, shares in Abingdon Health were up 6.25% at 8.5p.
Reporting by Josh White for Sharecast.com.
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