(Sharecast News) - Abingdon Health updated the market on the development of self-tests for sexually transmitted diseases (STDs) on Monday, announcing the completion of the 'design freeze' stage for four key tests in collaboration with Devyn.
The AIM-traded firm said the tests, covering HIV, hepatitis B, hepatitis C and syphilis, were developed under a CDMO contract with Devyn's subsidiary 'Find Out From Home'.
It said the development was part of a broader strategic partnership between Abingdon Health and Find Out, formalised through a service for equity agreement.
Under the agreement, Abingdon would continue to offer regulatory and technical transfer services, and also take a significant minority equity stake in Find Out.
As the exclusive manufacturer and regulatory partner for the products, Abingdon Health said it would lead distribution in the UK and Europe.
The initiative could tap into a growing demand for STD testing, with the global market expected to reach $145bn by 2035, driven by increasing STD cases among young adults and a lack of awareness about safe sex practices.
Abingdon said its chief executive officer Chris Yates would join the board of Find Out, further cementing the strategic alignment between the two entities.
"We are delighted to announce the strategic partnership with Find Out From Home," said chief executive officer Chris Yates.
"We have been working with the team at Find Out for the past year and are pleased that the initial set of four STD lateral flow tests have now reached design freeze."
Yates said the company was looking forward to deepening its partnership with Find Out, and ultimately launching the rapid STD tests into the European market.
"We believe there is a significant unmet need for accurate, user-friendly STD lateral flow tests and this partnership underlines our approach in supporting customers on bringing innovative lateral flow tests from "idea to commercial success."
At 1500 GMT, shares in Abingdon Health were up 8.11% at 10p.
Reporting by Josh White for Sharecast.com.
Abingdon Healt. (ABDX)