Abingdon Health Trading Down 10.0 %

Abingdon Health Plc (LON:ABDX – Get Free Report)’s stock price was down 6.7% on Thursday . The stock traded as low as GBX 9.53 ($0.12) and last traded at GBX 10.03 ($0.13).

LONDON (MarketWatch) — Shares of Abingdon Health Plc (ABDX) fell sharply Thursday after the rapid-test maker said it’s in talks with potential partners for a licensing deal for its Covid-19 lateral flow test in the U.S.

Abingdon shares were recently down 10%, among the worst performers in the FTSE All-Share Index (FTAS) , which was up 0.3%. The stock traded as low as 9.53 pence ($0.12) and last traded at 10.03 pence ($0.13).

The company said it’s had “positive initial discussions” with potential partners, and that it now plans to begin formal negotiations for a licensing deal for the test in the U.S.

The talks come after Abingdon said in March that it had received emergency-use authorization from the Food and Drug Administration for its Covid-19 lateral flow test, which can detect the virus in 15 minutes. The test is already available in the U.K.

Abingdon said Thursday that it also continues to be in discussions with potential partners for licensing deals in other territories.

The company added that it’s also working on developing a new lateral flow test for the Omicron variant of Covid-19, which is expected to be available in the second half of 2022.

Abingdon shares have now lost 86% of their value over the past year, as demand for Covid-19 tests has waned and the company has struggled to find new licensing partners for its products.